State Tax Laws - Mississippi

Personal tax rates fall between 3% and 5%, less a generous exemption of $6,000 if single or $12,000 if a married couple, plus another $1,500 per dependent. In addition, there is a standard deduction amount of $2,300 single or double that for married filing joint. Most retirement income is tax exempt. Sales tax is 7%. There is no functional estate tax in Mississippi.

Corporate tax rates also range from 3% to 5%. It is important to note that if you owe over $200 on corporate tax you are expected to make estimated payments. There also is a franchise tax computed on $2.50 of each $1,000 of capital employed and assessed value of property in your business, with a $25 minimum fee. More tax and business information can be found at: http://www.dor.ms.gov/


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