Tag Archives: state income tax
The state of Mississippi has three rates at which it taxes income; for single tax payers the first $5,000 of income is taxable at 3%, from $5,001 to $10,000 is 4% and above $10,001 is 5%. Married couples who file a joint return have the option of determining their tax liability separately and then adding […]
— Read moreThe state of Michigan has a flat tax of 4.25%. What defines residency? To be considered a resident of the state of Michigan you need to maintain a permanent home with in the state for the entire tax year. If you happen to spent a long period of time out of state, for example a […]
— Read moreThe state of Kentucky collects taxes by variable rates, the chat below will help explain some of the income taxed and the amount of tax collect on that income. The first $3,000 in income is taxed at a rate of 2% Income from $3,001 to $4,000 is taxed at a rate of 3% Income from […]
— Read moreIndiana levies a flat tax of 3.4% on all taxpayers’ federal adjusted gross income. Benefits paid by social security are not taxed by the state of Indiana. Retirement Income and exemptions; If you are above the age of 60 and receive a military pension you may exclude up to $5,000 from being taxed. If you […]
— Read moreIllinois has a flat tax of 5% on federal AGI wages. Social Security benefits are not taxed by the state of Illinois. Other Retirement Income and exemptions; If you receive a distribution from a qualified retirement plan, such as a 401(k), IRA, self-employment retirement, traditional IRAs that have been moved to Roth IRAs, U.S. Retirement […]
— Read moreIf you live in Alabama you will be taxed at the following rates: If you file Single, Head of Household or Married Filing Separately, you will be taxed at a rate of 2% on the first $500 of income, 4% on income between $501 and $3,000 and 5% on all taxable income over $3,000. If […]
— Read moreLike many other states in America, Missouri considers anyone who does not reside within the state borders to be a nonresident. A person staying in Missouri can be classified as a nonresident provided they have no permanent place of abode within the state and in fact there permanent residence is located elsewhere. Additionally, the taxpayers […]
— Read moreMissouri assess tax rates to its residents over ten different tax brackets, dependent upon income. The Show-Me-State rates of taxation are: 5 % on the first $1,000 of taxable income. 2 % between $1,001 and $2,000 of taxable income 5 % between $2,001 and $3,000 of taxable income 3 % between $3,001 and $4,000 of […]
— Read moreIf you are a permanent resident of a different state or country, or you resided in Minnesota for less than 183 days, you are considered a nonresident for tax purposes. Minnesota implies a minimum filing requirement, which was $10,000 in 2013. This means that any taxpayer who earns more than the minimum amount is required […]
— Read moreMinnesota assess income tax over four separate tax brackets dependent on filing status. All returns are due by April 15th, unless that day is a weekend or holiday, in which case returns are due on the next business day. The tax rates are as follows: Single: 35 % on the first $24,270 of taxable income. […]
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