Q:

Does South Carolina have a state income tax?

A:

Quick Answer

South Carolina does require a state income tax. Anyone who earns income in South Carolina must file a federal return and is also required to file a South Carolina income tax return.

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Full Answer

As of 2014, the state of South Carolina imposes its income tax as graduated rates that range from a minimum rate of 0 percent to a maximum rate of 7 percent. The state income tax is due on April 15. Estimated tax payment may be filed quarterly on April 15, June 15, September 15 and January 15. South Carolina state income tax refunds can be directly deposited into the taxpayer's bank account or mailed to the taxpayer as a prepaid debit card or as a paper check.

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Related Questions

  • Q:

    Does Texas have state income tax?

    A:

    The state of Texas does not have a state income tax. States collect taxes in order to generate revenue to operate. Texas collects the necessary funds from property and sales taxes.

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    How do you calculate personal income tax?

    A:

    Your personal income tax for each year is calculated based on a number of individual factors, including your filing status, income from multiple sources, tax deductions and tax credits, explains Bankrate. You can calculate your income tax with this knowledge and the appropriate IRS forms.

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    What is the federal income tax table?

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    The IRS federal income tax tables show tax brackets and rates for taxpayers in the United States. Tax tables change year by year to reflect changing tax legislation and inflation rates.

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    What is the formula for calculating income tax?

    A:

    The formula for calculating income tax is the product of the total amount of taxable income multiplied by the tax rate, according to the Internal Revenue Service. The formula to account for multiple marginal tax rates requires multiplying the total amount of money earned in each successive bracket by the tax rate and adding the values together.

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