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Reference: Taxes

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Reference: Taxes

April 15, 2014      In Sims 2 Reference By 2 Comments

Sims in the Peninsula State pay the following taxes, every year ending in 5 or 0 (every 5 years):

10% on the total of:  Home Value + Bank Balance (except college fund & retirement*) + Cash 

Deductions:
House Credit:  $1000 (and Sims whose home has a negative balance (mortgage), have the amount they still owe deducted from their total tax owed.  Together with deductions, this can cause them to get a refund instead of owe on taxes, see Refunds, below.)
Child Credit:  $1500 (per child)
College Credit:  $1500
Business Credit:  500 for Rank 1 up to 5500 Rank 10
Farm Credit:  $2000
Married/Joined Credit:  $1500 per couple

Exemptions:
Retired sims are tax exempt, but families who live with them are not.
*Up to $30,000  in savings can be considered to be for retirement, which is not taxable.

Refunds:
If deductions are greater than the total owed, the difference is refunded to the family.

Thanks to many other Sims 2 bloggers, most specifically Sullivan, whose numbers I have copied.

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2 Comments so far:

  1. Carla says:

    I need to start doing taxes again! I haven't done them since I started the rebuild – first because Zaria wasn't around and now because not all my sims are settled in their houses yet. I have five more families to go, so next round, probably.

    What is the college credit?

  2. by Shannon says:

    Hi Carla, the college credit is for parents paying for a child in college. We have that here in the U S. I posted the taxes received and refunds paid in the round 3 summary. http://simdalevalley.blogspot.com/2014/04/round-3-years-604-605.html. I don't have a playable mayor, so I noted the amount collected for later. I just realized I haven't updated the blog header for the new round. Thanks for reading!

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