South Carolina residents who qualify for the federal income tax credit are also eligible for a similar credit on their state tax return. For fiscal year 2021, South Carolina`s loan represents 83.33% of federal revenue. Here`s how your income is taxed at different rates in South Carolina in the specified tax brackets. When you prepare your return for eFile.com, everything will be calculated for you based on your income. Here you will find South Carolina state income tax classes and rates, standard deduction information, and tax forms by tax year. As you can see, any income over $15,401 for the joint declaration of singles or marriages is taxed at the rate of 7%. How does South Carolina rank? Below, we`ve highlighted a number of tax rates, ranks, and measures that detail South Carolina`s income tax, business tax, sales tax, and property tax systems. Click on the tabs below to learn! Below are links to other important South Carolina tax filing information and other related features (e.g., tax expansion, change, etc.). There are also some adjustments that reduce your taxable income in South Carolina. These include deductions for out-of-state rental or business income, contributions to the SC College Investment Program (or Tuition Reimbursement Program), interest on U.S. bonds (savings bonds, treasury bills, etc.), and Social Security income. Consider using online tax software to file your taxes.
There are -636 days left before tax day on the 16th. April 2020. The IRS will begin accepting tax returns filed online starting in January 2020 — you can start your tax return online for free today with TurboTax. Tax-Rates.org provides easy access to five of the most commonly used income tax forms in South Carolina in downloadable PDF format. All of the tax forms we provide can be found in our South Carolina tax forms library or on the Tax Forms page. South Carolina imposes a state income tax at a maximum marginal tax rate of %, split across tax brackets. Unlike federal income tax, South Carolina state income tax does not offer taxfiler couples expanded tax brackets. Notably, South Carolina has the highest maximum border tax bracket in the United States. You can learn more about how South Carolina`s income tax compares to other states` income tax by visiting our state-specific income tax map. It should take one to three weeks for your refund cheque to be processed after you receive your tax return. By submitting your return electronically and submitting it earlier, you can ensure that your refund cheque is sent as soon as possible.
Income tax deductions are expenses that can be deducted from your gross before-tax income. Using deductions is a great way to reduce your South Carolina income tax and maximize your refund, so be sure to look for deductions you can claim on your federal and South Carolina tax returns. For details on the specific deductions available in South Carolina, see the list of South Carolina income tax deductions. Most retail services and goods are taxable in South Carolina, with the exception of hotels and motels, laundry, electrical services, and communications services (including television and Internet services). While food is generally exempt from statewide sales tax, local tax rates continue to apply to all foods. Cars, boats, planes and other recreational vehicles are subject to a $500 sales tax limit, and no local taxes apply to these purchases. Our income tax calculator calculates your federal, state, and local taxes based on several important inputs: your household income, location, filing status, and number of personal exemptions. In addition, we separately calculate the federal income tax you owe during the 2020-2021 filing period based on Trump`s tax plan. If your state tax revenue is greater than the amount of income tax you owe to the state of South Carolina, you will receive a government income tax refund check to make up the difference. If you want to make a purchase in South Carolina, you must pay state and local sales taxes.
The state sales tax rate is 6%, which is roughly the average for U.S. states. However, South Carolina counties may choose to have a “local options tax” on general sales. The following table shows the local and state sales tax rates for South Carolina`s 46 counties: Capital gains are taxed at two different levels in South Carolina. First, short-term capital gains (realized in less than one year) are considered normal taxable income and are taxed at the rates set out above. For long-term gains, 44% of the “net capital gain” is exempt. The net capital gain is the long-term net gain (more than one year) minus a short-term loss for the taxation year. The state levies a gasoline consumption tax of only 26 cents. This rate is in the middle at the national level, but be aware that it is rising. The state will increase the tax by two cents each year until it reaches 28 cents in July 2022. This higher rate will push South Carolina`s gas slightly above the national average.
South Carolina has a progressive income tax. The state has some of the lowest property and gas taxes in the country. South Carolina`s total sales tax (state and local) ranks in the top 20 in the United States.