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The federal income tax collected by the IRS applies to all Americans regardless of where you live, ... Mississippi. 2 Brackets: 0% to 4.7% ... State Income Tax Rates for 2024-2025. Show comments.
December 26, 2024 at 12:00 PM. ... Mississippi. Flat Income Tax Rate: 4.7% for filers earning more than $10,000. Standard Deduction (Single): ... No state income tax.
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.
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.
A "mirror" tax is a tax in a U.S. dependency in which the dependency adopts wholesale the U.S. federal income tax code, revising it by substituting the dependency's name for "United States" everywhere, and vice versa. The effect is that residents pay the equivalent of the federal income tax to the dependency, rather than to the U.S. government.
As of August 2024, Mississippi collects personal income tax at a flat rate of 5% for all income over $10,000. [163] The retail sales tax rate in Mississippi is 7%. [164] This rate is applied also to groceries, making it the highest grocery tax in the United States. [165] Tupelo levies a local sales tax of 2.5%. [166]
The individual income tax is expected to generate about $2.1 billion for the state this year, behind an expected $2.9 billion from the sales tax, according to the budget office.
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.