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Use the capital letter “M” to abbreviate “million” (e.g., 1M for 1 million). Review a few examples of sentences that feature common abbreviations for billion. Review a few examples of sentences that feature common abbreviations for million.

📆 Date: 22-23 Mar, 2025🕛 Time: 8:30-11:30 AM EST📍 Venue: OnlineInstructor: Dheeraj Vaidya, CFA, FRM

Most of the federal money Musk has received has gone to SpaceX, the rocket company, for projects including work for NASA to launch Musk’s Starship with astronauts to the moon. Musk, who spent more than a quarter-billion dollars to help elect Trump, has used an X account devoted to DOGE to highlight what he views as excessive or unnecessary federal contracts. While you can make MM stand for millions of anything, it’s important that the reader knows whether you’re talking about dollars, euros, units shipped, etc. If, say, you use it for both units and dollars in the same document, separate the different categories so your readers don’t get confused.

• Regretfully, until the USA goes metric there’s going to continue to be problem with this.
• Financial and accounting statements historically used a different approach to abbreviating thousand and million.
• Some abbreviations for million options may surprise you, as is also true for some of the other large number abbreviations.
• By effectively utilizing abbreviations like “M” and “MM,” you can convey numerical information quickly, concisely, and accurately.
• What matters is that readers look at the figures and understand the amounts.
• It is commonly used in financial documents, or when discussing budgets, earnings, or other financial data.

What is Number to Million Converter?

• Similarly, if an investor mentions owning 5M shares of a particular stock, they are referring to holding 5 million shares.
• It is commonly used in financial documents, contracts, and communication, especially those regarding large monetary amounts.
• Additionally, MM minimizes errors when working with complex data, enhancing accuracy.
• For the past 52 years, Harold Averkamp (CPA, MBA) hasworked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online.

In various aspects of finance such as budgeting, financial analysis, reporting, and forecasting, the use of MM aids in ensuring accuracy and precision. I generally use retained earnings $___MM, which was, and still is, often used by accountants and economists. Before “k” was adopted as the colloquial way of writing a thousand (i.e. $35k to mean $35,000), it was common to use “M” instead; “M” being the Roman Numeral for 1,000. As a result, “M” simply became shorthand for adding three zeros and thus “MM” became the shorthand for adding six zeros. I have seen million, billion, and trillion abbreviated as M, B, and T respectively.

Beyond Large Number Abbreviations

• In various fields, including finance, business, and statistics, large numbers frequently appear, making it tiresome to repetitively write out the term “million” in reports, articles, or presentations.
• Aside from finance, you may also encounter the use of “M” in various other contexts.
• You might hear something along the lines of “He dropped a couple mil on a new car,” or perhaps “How many mils is that house?
• If you think there’s any possibility of your use of MM being confusing or being misinterpreted, you’re safer writing out the numbers or using “millions.”
• Here, we’ll explore the various application domains and provide insights to help you navigate the world of abbreviations effortlessly.
• Stack Exchange network consists of 183 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.
• In internet record keeping, for instance, CPM is the cost per thousand impressions of an internet ad.

Large enterprises often present their financial statements and other reports with the figures in the millions, i.e., and they use ($ MM). The Number to Million Converter is a simple yet effective tool that converts any numeric Car Dealership Accounting value into its equivalent in millions. Whether you’re dealing with large financial figures, population data, or any other big number, this calculator makes it easy to express numbers in a compact format. By entering any number, the tool quickly divides it by 1,000,000 and provides the result in an easy-to-read format. In accounting speak, a written “MM” means a million, whether the accountant is referring to units, dollars, euros or shares. Rather than writing $400,000,000 or $400 million, the accountant can use the MM abbreviation and write $400MM instead.

Yes, MM is recognized globally in the world of finance and accounting to represent one million. However, it’s important to note that mm meaning it may be less known in areas where the use of Roman numerals is not common and in non-English speaking countries who may use other abbreviations. It also saves space and enhances readability in financial reports, statements, or ledgers where space might be limited. Furthermore, using MM can make a large-scale monetary value easier to quickly grasp, both visually and conceptually, as it simplifies the financial quantities being discussed or presented.

And some states apply their tax rates to taxable income, while others use adjusted gross income. State income tax return deadlines usually mirror the federal deadline in mid-April, but exceptions exist. Residents of Virginia, for example, generally have until May 1 to file their state returns. Check with your state’s tax and revenue authority for further information. And because the price of many tax software packages includes preparation and filing for only one state, filing multiple state income tax returns can mean paying extra. Hawaii has high retirement income taxes compared to other states in the U.S.

State Individual Income Tax Structures

Kentucky’s state and local tax rate is slightly above the national average, resulting in a moderate tax burden for residents. However, the state’s rich cultural heritage and affordable cost of living may Bookkeeping for Painters help ease some of these tax obligations. New Mexico’s state and local tax rate is slightly above the national average, resulting in a moderate tax burden for residents. However, the state’s rich cultural heritage and relatively lower cost of living may help lessen some of these tax obligations. Alabama’s state and local tax rate slightly exceeds the national average, resulting in a moderate tax burden for residents.

A Comparison of State Tax Rates

This is good to remember as we list the states with high-income tax rates, since only part — not all — of your income could be taxed at the highest what are retained earnings rate. However, before we delve into states with the highest income tax rates, let’s briefly review marginal taxes to understand how much you could pay if you reside in a high-income tax state. Eight states, plus Washington, D.C., have the highest income tax rates in the country, making them perhaps less tax-favorable for retirement.

Adjusted gross income (AGI) percentile data by state

However, the state offers a low cost of living, with affordable housing and favorable property tax rates, which may help offset some of these tax obligations for individuals and families. 121, enacted in March 2023, simplified the individual income tax system in Montana and, effective January 1, 2024, reduced the number of tax brackets from seven to two with the top tax rate of 5.9 percent. 6941, Connecticut legislators reduced individual income tax rates for the two lowest brackets, from 3 percent to 2 percent and from average state income tax 5 percent to 4.5 percent, respectively. The reduction will not affect taxpayers with an annual income of $150,000 or above ($300,000 or above for married couples filing a joint return). Some states double their single-filer bracket widths for married filers to avoid imposing a “marriage penalty.” Some states index tax brackets, exemptions, and deductions for inflation, while many others do not. Texas maintains a state and local tax rate above the national average, resulting in a moderate tax burden for residents.

• Oregon’s state and local tax rate slightly exceeds the national average, resulting in a moderate tax burden for residents.
• The table below shows how each state’s individual income tax is structured.
• Residents of Hawaii are burdened by taxes the most, while Alaska residents have the lowest tax burden, a new WalletHub study found.
• Similarly, in Washington, only capital gains income is subject to the state’s income tax.
• Depending on which state you live in, you might be paying more, less, or nothing at all.

Military refers to the armed forces and their role in protecting national security and interests. This category includes metrics such as military spending, troop strength, equipment and technology, and readiness for combat. History is the study of past events and their impact on human societies. This category includes metrics such as historical landmarks, museums, and archaeological sites. Flags are symbolic representations of states, countries, territories, or organizations. This category includes metrics such as flag design, symbolism, and history, and contains many groupings of flags based on their colors.

• Following the tables, we document notable individual income tax changes implemented in 2025.
• The state is currently transitioning to a flat income tax system with a rate of 3.9 percent by 2026.
• Income taxes are just one of the ways that state governments make revenues for operations – think of things like building schools and repairing roads.
• Although the bill allowed for an accelerated schedule of future individual income tax rate reductions, the revenue conditions were not met for 2025, so the rate remains at 5.39 percent this year.
• Hawaii residents pay out around 7.2% of their income in sales and excise taxes every year.
• Other factors such as legal framework, human rights protection, and enforcement capacity are also included.

States with local income taxes in addition to state-level income tax

This page lists state individual income tax rates for all fifty states, including brackets for those filing both as an individual and jointly with a spouse. This data can be downloaded as an Excel file, courtesy of The Tax Foundation . For a visual comparison of state income taxes across the United States, see our state income tax map.

• This category includes metrics such as flag design, symbolism, and history, and contains many groupings of flags based on their colors.
• The choice between these systems reflects the state’s financial strategy and the political environment shaped by public opinion and elected officials.
• California also exacts a 2.5% state penalty on early distributions from retirement plans, annuities, and IRAs.
• However, the state’s rich cultural heritage and affordable cost of living may help ease some of these tax obligations.
• Additionally, each state has different costs of living and public services that might balance out the tax savings.
• Similarly, in Texas, residents enjoy the absence of income tax but struggle with one of the nation’s highest real estate tax rates, accounting for 1.63% of their income.

Payroll

However, the state’s diverse economy and access to urban centers may provide residents with opportunities that help offset some of these tax obligations. Nebraska maintains a state and local tax rate above the national average, resulting in a moderate tax burden for residents. However, the state’s strong sense of community and relatively lower cost of living may help lessen some of these tax obligations for those living there. Washington’s state and local tax rate is below the national average, resulting in a relatively low tax burden for residents.

State Income Tax Rates and Brackets

State income tax rates receive relatively little attention compared with federal income taxes, but they can still put a large dent in your wallet. How large depends on the amount you earn, as well as where you live and work. Here’s how they work and a list of state tax rates across the U.S. Additionally, the state significantly increased its personal exemption (to $12,000 for single taxpayers and $18,500 for married couples filing a joint return). To see how each state compares, GOBankingRates calculated the average amount Americans pay in each state, including both state and federal income taxes, property taxes, sales tax and taxes on gas.

• Economic factors also weigh in; states may lower rates to invigorate growth or increase them during economic downturns.
• The top tax rate in The Gopher State is 9.85% for single filers making more than $198,630 ($330,410 for married filing joint couples).
• Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub.
• Infrastructure refers to the physical structures and facilities necessary for a society to function, including transportation, energy, water, and communication systems.
• Vermont’s state and local tax rate is slightly above the national average, resulting in a moderate tax burden for residents.
• Following the tables, we document notable individual income tax changes implemented in 2024.

Infrastructure refers to the physical structures and facilities necessary for a society to function, including transportation, energy, water, and communication systems. This category includes metrics such as road quality, electricity access, internet penetration, and airport capacity. Culture refers to the shared beliefs, values, customs, behaviors, and artifacts that characterize a group or society. This category includes metrics such as language diversity, cultural heritage sites, artistic and literary achievements, and tourism.