The chart also shows if the state has a flat tax rate, meaning only one rate of tax applies regardless of the wages paid, or alternatively, the highest marginal withholding rate according to the state's latest computer withholding formula.Ĭhanges in tax rates from Decemare highlighted in yellow in the attached PDF. The state supplemental income tax withholding rates currently available for 2022 are shown in the chart below. Note that the flat 37% rate applies even if an employee has submitted a federal Form W-4 claiming exemption from federal income tax withholding. Where allowed, the supplemental rate greatly simplifies income tax withholding calculations on irregular payments such as bonuses, equity compensation and separation pay.Įmployers may optionally use a federal flat rate of income tax federal withholding of 22% on supplemental wages up to $1 million for the year however, a mandatory flat rate of 37% applies to supplemental wages over $1 million. Like the federal supplemental income tax withholding rate, states/territories may also allow for an optional flat percentage of income tax withholding for wages that are in addition to regular pay. To assist you in reviewing your state income tax withholding rates for 2022, below is a chart of the most recent income tax withholding tables published by states and US territories and the supplemental withholding rate if allowed. 2022 state income tax and supplemental withholding rates (preliminary as of January 5, 2022) The Maryland income tax estimator tool is provided by.These numbers are subject to change if new Maryland tax tables are released. Before the official 2023 Maryland income tax brackets are released, the brackets used on this page are an estimate based on the previous year's brackets.Maryland tax return forms are available on the Maryland tax forms page or the Maryland Department of Revenue.Please contact us if any of our Maryland tax data is incorrect or out of date. The Maryland tax brackets on this page were last updated from the Maryland Comptroller of Maryland in 2022.States often adjust their tax brackets on a yearly basis, so make sure to check back later for Maryland's updated tax year 2023 tax brackets! The Maryland tax brackets on this page have been updated for tax year 2022, and are the latest brackets available. Is info on this page missing or out-of-date? Please let us know so we can fix it! Head over to the Federal income tax brackets page to learn about the Federal Income Tax, which applies in all states nationwide.ĭisclaimer: While we do our best to keep this list of Maryland income tax rates up to date and complete, we cannot be held liable for errors or omissions. The Federal income tax also has a standard deduction, personal exemptions, and dependant deductions, though they are different amounts than Maryland's and may have different rules. Likewise, you can take an additional dependent exemption for each qualifying dependent (like a child or family member), who you financially support. The Personal Exemption, which is supported by the Maryland income tax, is an additional deduction you can take if you (and not someone else) are primarily responsible for your own living expenses. The standard deduction, which Maryland has, is a deduction that is available by default to all taxpayers who do not instead choose to file an itemized deduction.Įssentially, it translates to $2,400.00 per year of tax-free income for single Maryland taxpayers, and $4,850.00 for those filing jointly. The current values of these deductions for tax year 2022 are as follows: The three most common deductions encountered by taxpayers are the Maryland Standard Deduction, the Maryland Personal Exemption, and the Maryland Dependent Deduction. In addition to marginal tax brackets, one of the major features of the Maryland income tax is deductions. Remember that Maryland may have very different deduction laws from the Federal Income Tax, so you may have to write a whole new list of deductions for your Maryland income tax return. Qualifying deductions might include an itemized deduction, the Maryland standard deduction, exemptions for dependants, business expenses, etc. When calculating your Maryland income tax, keep in mind that the Maryland state income tax brackets are only applied to your adjusted gross income (AGI) after you have made any qualifying deductions. Keep in mind that this estimator assumes all income is from wages, assumes the standard deduction, and does not account for tax credits.įor a more detailed estimate that takes these factors into account, click "View Detailed Estimate" (this will will redirect to an external website). You can use the income tax estimator to the left to calculate your approximate Maryland and Federal income tax based on the most recent tax brackets.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |