Heads of household get a standard deduction of $18,800. For married couples, the standard deduction is $25,800 total if filing jointly and $12,525 (each) if filing separately. The Minnesota standard deduction for 2022 is $12,900 for single filers. With the exception of the deduction for state and local income taxes, all federal itemized deductions can also be claimed on Minnesota state income tax returns. Taxable income takes into account all applicable deductions and exemptions in Minnesota, these track very closely to federal deductions and exemptions. But these rates apply to taxable income, not gross income. The Minnesota state income tax is based on four tax brackets, with higher marginal rates for higher income earners.Īs mentioned above, those are among the highest state income tax rates in the country. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. However, the impact of those rates will vary greatly depending on a taxpayer’s income level, home value and spending habits.Ī financial advisor can help you understand how these taxes fit into your overall financial goals. The state’s property taxes and sales taxes are likewise above average on a nationwide scale. State income tax rates in the “Land of 10,000 Lakes” are among the highest in the nation, ranging from 5.35% to 9.85%, some of the highest rates in the country. Gas tax: 28.5 cents per gallon for regular gasoline and diesel.Property tax: 1.02% average effective rate.
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