Income Tax Rates Tennessee
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Top state income tax rates range from a high of 13 3 percent in california to 1 percent in tennessee according to the tax foundation study which was published in february.
Income tax rates tennessee. The hall income tax is being eliminated and the applicable tax rate for each year of the phase out is as follows. Your hall income tax return is due on the 15th day of the fourth month following the end of your fiscal year. The tennessee income tax has one tax bracket with a maximum marginal income tax of 1 00 as of 2020. For the calendar year 2020 tennessee unemployment insurance rates range from 0 1 to 10 with a taxable wage base of up to 7 000 per employee per year.
The first step towards understanding tennessee s tax code is knowing the basics. Compare your take home after tax and estimate your tax return online great for single filers married filing jointly head of household and widower. 2020 tennessee tax tables with 2021 federal income tax rates medicare rate fica and supporting tax and withholdings calculator. The hall income tax will be eliminated by 2022.
The tennessee hall income tax will be eliminated by 2022 and applies only to taxable income from bonds stocks and receivable notes. The state levies a single rate income tax on individuals. How does tennessee rank. Tennessee s income tax rates were last changed one year ago for tax year 2019 and the tax brackets have not been changed since at least 2001.
Tennessee only collects income tax on qualifying investment dividend and interest income. Click the tabs below to explore. 4 of taxable income for tax years beginning january 1 2017 3 of taxable income for tax years beginning january 1 2018 2 of taxable income for tax years beginning january 1 2019. New employers pay a flat rate of 2 7.
Tennessee only taxes investment dividend income. Tennessee hall income tax rate 2019 2020. Tennessee state income tax rate table for the 2019 2020 filing season has one income tax bracket or a flat tn tax rate of 2 for single married filing jointly married filing separately and head of household statuses. Detailed tennessee state income tax rates and brackets are available on this page.
Tennessee s tax on alcoholic beverages is 4 46 per gallon of spirits and 1 27 per gallon of wine. For example if your fiscal year ends on december 31 then your return is due on april 15. Below we have highlighted a number of tax rates ranks and measures detailing tennessee s income tax business tax sales tax and property tax systems. Beer faces both an excise tax of 36 50 per barrel and a wholesale rate of 15 which totals 1 29 per gallon.
Income taxes accounted for 37 percent of state tax revenues in fiscal year 2017 the analysis said. Now this is music to your ears.
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