For example, taxpayers can make deductions for child care expenses, college tuition (if it exceeds 25% of Massachusetts adjusted gross income), certain commuter costs, rental payments (50% of rent up to $3,000) and student loan interest payments. Massachusetts does not have a standard deduction, but it allows many of the same itemized deductions as the federal government, as well as some additional ones. State residents who would like to contribute more to the state’s coffers also have the option to pay a higher income tax rate. Unlike with the federal income tax, there are no tax brackets in Massachusetts. That rate applies equally to all taxable income.
The income tax rate in Massachusetts is 5.00%. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
MA TAX TABLES 2020 FREE
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. The statewide sales tax rate of 6.25% is among the 20 lowest in the country (when including the local taxes collected in many other states).Ī financial advisor can help you understand how taxes fit into your overall financial goals. The Massachusetts income tax rate is 5.00%. The most significant taxes in Massachusetts are the sales and income taxes, both of which consist of a flat rate paid by residents statewide. Gas tax: 24 cents per gallon of regular gasoline and dieselīoston Harbor may be the site of the most famous tax protest in history, but today Bay Staters pay taxes on a lot more than tea.
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