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A new year means the annual ritual of filing federal and state income-tax returns is upon us. The Internal Revenue Service and the Mississippi Department of Revenue started accepting returns Jan. 29.
State Tax Burdens 2022 % of income. State tax rules vary widely. The tax rate may be fixed for all income levels and taxpayers of a certain type, or it may be graduated. Tax rates may differ for individuals and corporations. Most states conform to federal rules for determining: gross income, timing of recognition of income and deductions,
The North Star State has four tax brackets, adding anywhere between 5.35% to 9.85% in taxes to your bill. But you can deduct all of your Social Security benefits for state tax purposes if your ...
According to the Mississippi Department of Revenue, people with incomes of at least $100,000 a year make up 14% of those who pay state income tax, and their payments bring in 56% of the income tax ...
A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax ; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are ...
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] State sales tax growth was 1.4 percent in 2016 and estimated to be slightly less in 2017. [136]
Mississippi Republican Gov. Tate Reeves said Wednesday that he will continue pushing lawmakers to phase out the state income tax, even with the possibility of federal spending cuts that could ...
The duty of the state auditor is to ensure accountability in the use of funds appropriated by the state legislature by inspecting and reporting on the expenditure of the public funds. [1] Shad White is the incumbent state auditor of Mississippi as of 2022. He assumed office on July 17, 2018. [2]