Income Tax Rates By State 2020

The 2002 law established a system by which in any year in which revenue growth exceeded a specified baseline the individual income tax rate.

Income tax rates by state 2020. 2020 top income tax rates by state. Forty three states levy individual income taxes. State income taxes 2020. Florida s corporate income tax rates were set to revert to the 2018 rate of 5 5 percent but legislation was enacted to extend the 2019 rate of 4 458 percent to 2020 and 2021.

For a visual comparison of state income taxes across the united states see our state. Income tax tables and other tax information is sourced from the new york department of taxation and finance. While most states use a marginal bracketed income tax system similar to the federal income tax every state has a completely unique income tax code. 5 as part of a 2018 tax cut package following federal reform georgia lowered its top corporate income tax rate from 6 percent to 5 75 percent and doubled the.

Forty one tax wage and. 2020 state income tax rates details last updated. Top marginal tax rates range from 2 9 in north dakota to 13 3 in california. California applies its highest tax rate to those who earn more than 1 million.

New york s 2020 income tax ranges from 4 to 8 82. State individual income tax rates and brackets for 2020 key findings individual income taxes are a major source of state government revenue accounting for 37 percent of state tax collections in fiscal year fy 2017. This page has the latest new york brackets and tax rates plus a new york income tax calculator. Thursday 05 march 2020 unlike the federal government which has a series of tax brackets that apply to all u s.

This data can be downloaded as an excel file courtesy of the tax foundation. The state supplemental income tax withholding rates currently available for 2020 are shown in the chart below. Choose any state from the list above for detailed state income tax information including 2020 income tax tables state tax deductions and state specific income tax calculators. California tops the list with the highest tax rates in the country its highest tax rate is a full 2 3 more than hawaii the runner up for the highest tax rate.

Massachusetts single rate individual income tax dropped from 5 05 to 5 0 percent for tax year 2020 due to the state meeting revenue targets outlined in a tax trigger law that was enacted in 2002. 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. In fact several states do not even have an income tax but rely on other sources of funds to provide essential services. The chart also shows if the state has a flat tax rate meaning only one rate of tax applies regardless of the wages paid.

Taxpayers state level income tax rates are not standardized.