Welcome to State Taxes Guide
State Taxes Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
An Overview of Ohio State Taxes
from:The state of Ohio, otherwise known as the Buckeye’s State, has continued to phase down its state income taxes rates in 2006. The top rate is now 6.87 percent, down from 7.185 percent in 2005. The across-the-board rate cuts are scheduled to continue until 2009. Here are more details about Ohio State taxes:
1) Personal Income Tax
Ohio collects income taxes from its residents at the following rates:
- 0.681% on the first $5,000 of taxable income
- 1.361% on taxable income between $5,001 and $10,000
- 2.722% on taxable income between $10,001 and $15,000
- 3.403% on taxable income between $15,001 and $20,000
- 4.083% on taxable income between $20,001 and $40,000
- 4.764% on taxable income between $40,001 and $80,000
- 5.444% on taxable income between $80,001 and $100,000
- 6.32% on taxable income between $100,001 and $200,000
- 6.87% on taxable income of $200,001 and above.
Returns of Ohio State taxes are due on April 15, or the next business day if that date falls on a weekend or holiday. Several cities also levy municipal income taxes. Ohio State taxes the income of school districts that is separated from federal, state and municipal income taxes. School district income taxes are collected through employers’ withholding, individual quarterly estimated payments and annual returns. The money is earmarked specifically to support school districts. If you live in a school district that collects an income tax at any time during the tax year, you must file an Ohio Form SD 100.
2) Sales Tax
On July 1, the state sales tax rate was cut from 6 percent to 5.5 percent. Regional transit authorities may also levy sales tax in multiples of 0.25 percent up to a maximum additional tax of 1.5 percent. The total combined rate for state, county and transit authority may not exceed 8.5 percent.
3) Personal and Real Property Taxes
Tangible personal properties used in business are taxed. However, this tax is being phased out and it is scheduled for elimination in 2009. The state's Property Tax Administration Fund was created to cover the costs incurred by the Department of Taxation in administering local property tax programs. The 10 percent property tax rollback on most commercial and industrial real properties was eliminated in 2005. However, the rollback remains for residential and agricultural real properties.
4) Inheritance and Estate Taxes
Ohio has no inheritance tax because the federal tax law totally revoked the federal credit allowed for state death taxes for dates of death occurring on or after January 1, 2005.
Other facts about Ohio State Taxes
The Ohio Department of Taxation offers numerous online options to its residents, including online filing of Ohio State taxes for personal income as well as school district income tax returns. Taxpayers can go online to check the status of their refunds.
Related Articles for State Taxes
State Taxes Specific Links
Free Video Game TV Show!
- Watch GamesWeasel for free gamer reviews, previews, and more!
-- http://www.mevio.com/
Watch Funny Videos!
- Click here to see funny videos, pictures, jokes, commercials, and more funny stuff from Comedy.com.
-- http://www.comedy.com/
The best in life, the best in real estate.
- JustLuxe offers the highest quality for all of your real estate needs.
-- http://www.justluxe.com/
State Taxes News
State leaders not taking tax question lightly this time - SouthCoastToday.com
State leaders not taking tax question lightly this time SouthCoastToday.com, MA - By DAVID KIBBE MASSACHUSETTS — With a 5.3 percent state income tax and a 5 percent state sales tax, Massachusetts ranked 23rd in the country this year in ... Tax-cutting questions appear on ballots next month state taxes |
Mining tax increase touted - Las Vegas Review - Journal
Mining tax increase touted Las Vegas Review - Journal, NV - Members of the audience pointed out that the mining industry contributes only a small fraction in state taxes at a time when gold prices are booming. ... Forum participants: Go for the gold Nevada Assembly speaker conducts budget session in Reno Lawmakers look to public for ideas |
Paterson suggests government send back NY tax money - Newsday
 New York Daily News | Paterson suggests government send back NY tax money Newsday, NY - Instead, the state is facing significant shortfalls, because stock market revenue generates 20 percent of state tax revenue. Paterson also repeated his ... UPDATE 1-NY gov sees deficit hitting $2 bln as taxes slide Gov. not planning layoffs, tax hikes Paterson Says No Tax Increase Next Year. |
Who needs state taxes? - Boston Globe
Who needs state taxes? Boston Globe, United States - ... says abolishing the tax will cripple Massachusetts, hike property taxes, produce massive unemployment, and cut most state programs by 70 percent. ... |
Reimbursements Raise Tax Issues for Palin - Wall Street Journal
 Thaindian.com | Reimbursements Raise Tax Issues for Palin Wall Street Journal - Palin often used that office rather than traveling to the state capital of Juneau, more than 800 miles away. Several tax experts have argued this should be ... Questions Linger About Palin Taxes With Palin’s Returns, Tax Profs Move Back to the Spotlight Palin: The taxman cometh? |