Income Tax Rates Nc

The current year 2019 north carolina income tax rate of 5 25 continues the downward trend in rates from a high of 5 8 in 2014.
Income tax rates nc. Top individual income tax rate in north carolina is 5 25 in 2020. Essentially it translates to 8 750 00 per year of tax free income for single north carolina taxpayers and 17 500 00 for those filing jointly. That rate applies to taxable income which is income minus all qualifying deductions and exemptions as well as any contributions to a retirement plan like a 401 k or an ira. North carolina moved to a flat income tax beginning with tax year 2014.
The marginal tax rate in north carolina for 2019 is 5 25. The north carolina tax rate decreased from 5 50 last year 2018 to 5 25 this year 2019. To calculate your north carolina tax liability multiply your north carolina taxable income by 5 25 0 0525. The north carolina income tax has one tax bracket with a maximum marginal income tax of 5 25 as of 2020.
North carolina income taxes. As a married filing jointly couple in north carolina you would be in the 24 tax bracket at the federal level and 5 25 at the state level for a combined tax rate of 29 25. The center square the top marginal income tax rate for residents of north carolina stands at 5 25 percent according to a new study of state individual income tax rates by the tax foundation. Tax rate for tax year 2019.
North carolina income is taxed at a constant rate of 5 25. That means that any additional income would be taxed at 29 25. For tax year 2019 the individual income tax rate is 5 25.