Page 32 - Keeping Business Records
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States with progressive tax rates
State income tax rates tend to be lower than federal
tax rates. Many range between 1% and 10%. Some
states tax as little as 0% on the first few thousand
dollars of income.
High-tax states top out around 12%, and that’s often
on top of property taxes, sales taxes, utility taxes,
fuel taxes and whatever the taxpayer must send to
the federal government.
As is the case for federal returns, the amount you’ll
pay to your state is also a function of your marital
status, whether you have dependents and whether
you qualify for tax deductions and credits.
Check rates in https://www.nerdwallet.com/article/taxes/state-income-tax-rates
https://lentcpa.com 30
