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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 South Carolina, residents are subject to state income tax in addition to the federal income tax. The state income tax applies to the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities. The tax rates and brackets for individuals are progressive, meaning that the rate increases as income rises. South Carolina's tax system also provides for various deductions, credits, and exemptions that may reduce the overall tax liability for eligible taxpayers. It's important for residents to understand their tax obligations and to file their state income tax returns by the deadline each year to avoid penalties and interest. Unlike the states mentioned that do not have a state income tax, South Carolina does impose this tax, and it is an important part of the state's revenue system.

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Taxes

state income tax

Individual & Family Legal Plan

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South-Carolina State Code

South-Carolina State Code

Taxes

state income tax

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