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Taxes

state income tax

Most states levy an income tax on their residents that is in addition to the federal income tax. Laws vary from state to state but in most states the state income tax is a tax on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities.

There are nine states that do not have a state income tax—including Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. But New Hampshire levies a tax on capital gains and Washington state recently enacted a tax on extraordinary profits from the sale of financial assets over $250,000.

In Ohio, like most states, there is a state income tax imposed on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities. This is separate from and in addition to the federal income tax. Ohio's state income tax rates vary depending on the level of income earned, and the state uses a graduated rate structure, which means that higher income levels are taxed at higher rates. Taxpayers in Ohio are required to file an annual state income tax return if they earn income above a certain threshold. It's important to note that while Ohio does have a state income tax, it does not levy taxes on the sale of financial assets like Washington, nor does it have a tax on capital gains like New Hampshire.

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Taxes

state income tax

Individual & Family Legal Plan

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Ohio State Code

Ohio State Code

Taxes

state income tax

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