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Understanding Mississippi State Income Tax

Introduction

If you are a resident of Mississippi, it is essential to understand how state income tax works. Mississippi has a state income tax that applies to all residents who earn above a certain threshold. In this article, we will discuss everything you need to know about Mississippi state income tax in 2023.

What is Mississippi State Income Tax?

Mississippi state income tax is a tax levied on the income of Mississippi residents. The tax is calculated by applying a percentage to the taxable income of the individual. The percentage varies depending on the income bracket of the taxpayer.

Who Pays Mississippi State Income Tax?

All residents of Mississippi who earn above a certain threshold are required to pay state income tax. Non-residents who earn income in Mississippi are also required to pay state income tax on that income.

How is Mississippi State Income Tax Calculated?

Mississippi state income tax is calculated by applying a percentage to the taxable income of the individual. The percentage varies depending on the income bracket of the taxpayer. The tax rates range from 3% to 5%.

Mississippi State Income Tax Brackets

Mississippi state income tax brackets are as follows: - For single filers with taxable income up to $5,000, the tax rate is 3%. - For single filers with taxable income between $5,001 and $10,000, the tax rate is 4%. - For single filers with taxable income over $10,000, the tax rate is 5%.

Mississippi State Income Tax Forms

To file your Mississippi state income tax return, you will need to use Form 80-105. This form is used for both resident and non-resident taxpayers. You can file your state income tax return electronically or by mail.

Mississippi State Income Tax Deductions and Credits

Mississippi offers several deductions and credits to help reduce your state income tax liability. Some of the most common deductions and credits include: - Standard deduction: Mississippi offers a standard deduction of $6,300 for single filers and $12,600 for married couples filing jointly. - Itemized deductions: Mississippi allows taxpayers to itemize deductions on their state income tax return. Some of the most common itemized deductions include mortgage interest, charitable contributions, and property taxes. - Child tax credit: Mississippi offers a child tax credit of up to $300 per child for taxpayers who meet certain income requirements. - Earned income tax credit: Mississippi offers an earned income tax credit for low-income taxpayers. The credit is based on the taxpayer's income and family size.

Mississippi State Income Tax Filing Deadline

The deadline to file your Mississippi state income tax return is April 15th. If you are unable to file by the deadline, you can request an extension to file your return. However, any tax owed must still be paid by the original due date to avoid penalties and interest.

Conclusion

In conclusion, understanding Mississippi state income tax is essential for all residents who earn above a certain threshold. By knowing the tax brackets, deductions, and credits available, you can minimize your tax liability and avoid penalties and interest. Be sure to file your state income tax return by the deadline to avoid any unnecessary fees.

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