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Form 1099-MISC MS: What You Should Know
May 17, 2021, April 27, 2023, January 22, 2019, Mississippi tax exemptions: 10% and 10% for small businesses. All amounts less than the exempt amount will be collected by the Department of Revenue from the individual taxpayer(s). 10% exemptions apply only to businesses of 50,000 or more in annual gross receipts, while the state's 10% exemption applies only to businesses of 250,000 or more. For business owners, the 10% and 10% exemptions provide the most protection from the sales and use tax at their business. For businesses employing fewer than 15 people, the state's income tax rate remains at 4.25%, on top of the 4.25% state sales tax. Mississippi Taxation and Sales Tax: 2023 Tax Rates Sales Tax Rates, Federal Income Tax 2018 Federal Income Tax: Mississippi sales tax on food, prescription drugs, medical equipment, clothing and other items at the rate of 4.95% of the retail price. Non-food (supplies, equipment and supplies not consumed) are charged the 5% additional rate (see above chart for Mississippi sales tax rates). For more information see the Mississippi sales tax rates section. Mississippi does not impose an income tax on individuals under age 18, with a few exceptions. Mississippi's income tax rate is 4.25% on taxable gross income. It differs from Mississippi's nonresident tax rate since it is determined as follows: The tax rate is 4.25% of taxable gross income (or 12% of the federal tax bracket, whichever is smaller). Mississippi has a zero tax bracket for the first 13,680 in taxable income. A taxable gross income above that amount is taxed at the marginal rate of: 1.06% of each dollar; for example, a taxable gross income of 15,700 or less is taxed at a rate of 250. A taxable gross income of 15,800 or more is taxed at a rate of 1,250. For more information see Mississippi Income Tax Rates section (MS 11-3.4). Mississippi Sales Tax Rates, Mississippi Taxable Income 2018 Mississippi tax rates on taxable gross income from all sources are as follows: Personal Income Tax Rate: 5.5% Federal Dependent Care Tax Credit: This credit is available to individuals who do not qualify for the Mississippi tax credit.
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