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The economy of Minnesota produced US$472 billion of gross domestic product in 2023. [9] Minnesota headquartered 15 Fortune 500 companies in 2023, the largest of which were UnitedHealth Group (5th) and Target (33rd). [10] The per capita personal income in 2022 was $60,785, ranking ninth in the nation. [11] The median household income in 2023 was ...
Top Marginal State Income Tax Withholding Rate. ... Minnesota, individual, corporate, and franchise, from 1933; ... State individual income tax rates & brackets (2021 ...
Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly.
Minnesota. Single Filer Tax Rates by Bracket. 5.35% > $0. 6.8% > $31,690. 7.85% > $104,090. ... Flat Income Tax Rate: 7% on capital gains income only. Standard Deduction (Single): $250,000.
Minnesota taxes all retirement income using its state income tax rates between 5.35% and 9.85%, ... but Ohio’s 2024–2025 budget removed a state income tax bracket and reduced the top rate, ...
Minnesota has a progressive income tax structure; the four brackets of state income tax rates are 5.35%, 7.05%, 7.85%, and 9.85%. [122] As of 2008 Minnesota was ranked 12th in the nation in per capita total state and local taxes. [123] In 2008 Minnesotans paid 10.2% of their income in state and local taxes; the U.S. average was 9.7%. [123]
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
This is a table of the total federal tax revenue by state, federal district, and territory collected by the U.S. Internal Revenue Service. Gross Collections indicates the total federal tax revenue collected by the IRS from each U.S. state , the District of Columbia , and Puerto Rico .