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The federal income tax in contrast to the north carolina income tax has multiple tax brackets with varied bracket width for single or joint filers.
Income tax rates north carolina. Additional taxable income may come from interest from bank accounts and or dividends and capital. 2020 tax year north carolina income tax forms. North carolina moved to a flat income tax beginning with tax year 2014. North carolina state income tax forms for tax year 2020 jan.
An income tax is levied on the net taxable income of all corporations chartered in north carolina or doing business in north carolina unless they are specifically exempt from tax under g s. The nc tax forms are below. For tax year 2019 all taxpayers pay a flat rate of 5 25. For tax year 2019 the individual income tax rate is 5 25.
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. North carolina s income tax rates were last changed two years ago for tax year 2018 and the tax brackets were previously changed in 2012. To calculate your north carolina tax liability multiply your north carolina taxable income by 5 25 0 0525. Details on how to only prepare and print a north carolina 2020 tax return.
North carolina collects a state income tax at a maximum marginal tax rate of spread across tax brackets. Unlike the federal income tax north carolina s state income tax does not provide couples filing jointly with expanded income tax brackets. 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 s maximum marginal income tax rate is the 1st highest in the united states ranking directly below north carolina s.
Tax rates for north carolina nc. That means that any additional income would be taxed at 29 25. North carolina has a flat income tax rate which applies to both single and joint filers. Net taxable income shall be the same as taxable income as defined in the internal revenue code in effect for the income year for which the returns are to be filed subject to the adjustments.
North carolina income taxes. 6 75 the total of all sales taxes for an area including state county and local taxes income taxes.
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