Geogria has the taxation that is a bit different from other states and the Federal. Here are some basic tax principles that you should know.
??????? Geogria has the taxation that is a bit different from other states and the Federal. Here are some basic tax principles that you should know.
Like other states, Georgia state tax is similar, but there are still some differences. Georgia state has the taxation of corporations, individuals, pass-through entities, payroll, property, sales and use, along with credits and incentives, miscellaneous state taxes, unclaimed property and taxes by city, county and industry. And here are some basic tax principles that you should know.
Personal income tax
Georgia state income tax along with a federal tax is usually withheld from your paycheck as you receive it each pay cycle. While the federal income tax rates are set for each income bracket, GA state income tax rates do not necessarily align with the federal figures.
Georgia collects income taxes from its residents at the following rates: (For single taxpayers)
l??????? 1 percent on the first $750 of taxable income
l??????? 2 percent on taxable income between $751 and $2,250
l??????? 3 percent on taxable income between $2,251 and $3,750
l??????? 4 percent on taxable income between $3,751 and $5,250
l??????? 5 percent on taxable income between $5,251 and $7,000
l??????? 6 percent on taxable income exceeding $7,000
Georgia adds an additional $700 to the standard deduction for taxpayers over the age of 65.
If you are Married Filing Jointly and you and your spouse are over 65, then an additional $1,400 is added to your standard deduction.
Sales and use tax
The Government charges Sales Tax on the purchase of any goods, retail sales, lease and rentals or services at the point of purchase. Prescription drugs, certain medical devices and groceries are exempt from sales and use tax. When the consumer purchases goods from a place out of the state or makes a purchase through the internet, he has to pay use tax even though there is no sales tax in this case. If the same purchase is made in the local store, sales tax is levied. And its rate is 4 percent. A 1 percent Municpal Option Sales tax is collected in Atlanta. Local jurisdictions may impose additional sales taxes.
Personal and real property taxes
Georgia property tax is the tax imposed on owned property such as real estates or automobiles in Georgia. The statutes of Georgia classify property into 10 classes. The classifications of property in Georgia are as follows:
l??????? Agricultural
l??????? Residential
l??????? Residential Transitional
l??????? Commercial
l??????? Industrial
l??????? Preferential
l??????? Environmentally sensitive
l??????? Historic
l??????? Utility
l??????? Conservation Use
There is a formula for calculating property tax of Georgia:
Annual Property = [(40% * FMV) - HE] * MR
where FMV = Fair Market Value of Property
HE = Homestead Exemption
MR = Mill Rate
Homestead exemptions of up to $2,000 are available to persons who own and occupy their home as a primary residence. Certain homeowners who meet income limits and are age 65 and older may claim a $4,000 exemption. Apply for a homestead exemption through the local county tax commissioner if you reside in a home you own by Jan. 1.
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