If you live in Florida and want to calculate your individual income tax amount, you don’t need to bother because there is no individual income tax in Florida, USA. Florida is one of the seven states in the US that is not have personal income tax law. However, there are other state taxes you need to consider when you calculate your income.
Let’s say, you make $75,000 in a year, and you live in Florida, USA. As an individual, you will only be charged by the federal, not by the state. So, you will be taxed nearly $9,500, and your average tax rate will be 12.65%, while your marginal tax rate is 22%.
As we mentioned before, there is no individual income tax in Florida. The taxes are usually collected in areas that concern corporations. We can list the major taxes collected in Florida as follows:
Florida Sales Tax
Florida Sales Tax is a kind of tax that the Florida state charges a 6% tax rate on the sale or rental of goods. There are, of course, some exceptions like groceries and medicine.
In addition to this, counties in Florida are allowed to add Local Sales Taxes on top of the state amount. You can check out the additional sales tax rates by county by visiting the Florida Department of Revenue.
Florida State Tax
Florida State Tax is a kind of tax that Florida does not have.
Florida Corporate Income Tax
In Florida, corporations that do business and earn income, including out-of-state corporations, must file a corporate income tax return (unless they are exempt). The most updated Florida Corporate Income Tax rate is 5.5%.
Florida Property Tax
Florida Property Tax is a kind of tax that is based on market value as of January 1st that year. The state government doesn’t collect any property tax, but local governments collect it because most of the funds of local governments come from property taxes. Florida is also one of the highest states that have a property tax, even though there are many exceptions.