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Tax Slabs 2020 for Businesses

by Apr 6, 2020Tax Calender

Tax Brackets for the Year 2020-21 for Businesses

Corporate income taxes are applicable in 44 states. Every state has its own tax bracket. The remaining four states are Nevada, Ohio, Texas, and Washington. They forgo corporate income taxes but instead impose gross receipts taxes on businesses. So the tax bracket you fall in and the tax rate applied on your income can vary on the basis of the state your business is located in.

 

  • Alabama:
Taxable Income Tax rate
More than $0 6.5%

 

  • Alaska:
Taxable Income Tax rate
$0 -$25,000 0.0%
More than $25,000 2.0%
More than $49,000 3.0%
More than $74,000 4.0%
More than $99,000 5.0%
More than $124,000 6.0%
More than $148,000 7.0%
More than $173,000 8.0%
More than $198,000 9.0%
More than $222,000 9.4%

 

  • Arizona:
Taxable Income Tax rate
More than $0 4.9%

 

  • Arkansas:
Taxable Income Tax rate
$0 -$3,000 1.0%
More than $3,000 2.0%
More than $6,000 3.0%
More than $11,000 5.0%
More than $25,000 6.0%
More than $100,000 6.5%

 

  • California:
Taxable Income Tax rate
More than $0 8.84%

 

  • Colorado:
Taxable Income Tax rate
More than $0 4.63%

 

  • Connecticut:
Taxable Income Tax rate
More than $0 7.5%

 

  • Delaware:
Taxable Income Tax rate
More than $0 8.7%

 

  • Florida:
Taxable Income Tax rate
More than $0 4.458%

 

  • Georgia:
Taxable Income Tax rate
More than $0 5.75%

 

  • Hawaii:
Taxable Income Tax rate
$0 – $25,000 4.4%
More than $25,000 5.4%
More than $100,000 6.4%

 

  • Idaho:
Taxable Income Tax rate
More than $0 6.925%

 

  • Illinois:
Taxable Income Tax rate
More than $0 9.5%

 

  • Indiana:
Taxable Income Tax rate
More than $0 5.5%

 

  • Iowa:
Taxable Income Tax rate
$0 – $25,000 6%
More than $25,000 8%
More than $100,000 10%
More than $250,000 12%

 

  • Kansas:
Taxable Income Tax rate
$0 – $50,000 4%
More than $50,000 7%

 

  • Kentucky:
Taxable Income Tax rate
More than $0 5%

 

  • Louisiana:
Taxable Income Tax rate
$0 – $25,000 4%
More than $25,000 5%
More than $50,000 6%
More than $100,000 7%
More than $200,000 8%

 

  • Maine:
Taxable Income Tax rate
$0 – $350,000 3.5%
More than $350,000 7.93%
More than $1,050,000 8.33%
More than $3,500,000 8.93%

 

  • Maryland:
Taxable Income Tax rate
More than $0 8.25%

 

  • Massachusetts:
Taxable Income Tax rate
More than $0 8%

 

  • Michigan:
Taxable Income Tax rate
More than $0 6%

 

  • Minnesota:
Taxable Income Tax rate
More than $0 9.8%

 

  • Mississippi:
Taxable Income Tax rate
$0 – $5,000 3%
More than $5,000 4%
More than $10,000 5%

 

  • Missouri:
Taxable Income Tax rate
More than $0 4%

 

  • Montana:
Taxable Income Tax rate
More than $0 6.75%

 

  • Nebraska:
Taxable Income Tax rate
$0 – $100,000 5.58%
More than $100,000 7.81%

 

  • New Hampshire:
Taxable Income Tax rate
More than $0 7.7%

 

  • New Jersey:
Taxable Income Tax rate
$0 – $50,000 6.5%
More than $50,000 7.5%
More than $100,000 9.0%
More than $1,000,000 10.5%

 

  • New Mexico:
Taxable Income Tax rate
$0 – $500,000 4.8%
More than $500,000 5.9%

 

  • New York:
Taxable Income Tax rate
More than $0 6.5%

 

  • North Carolina:
Taxable Income Tax rate
More than $0 2.5%

 

  • North Dakota:
Taxable Income Tax rate
$0 – $25,000 1.41%
More than $25,000 3.55%
More than $50,000 4.31%

 

  • Oklahoma:
Taxable Income Tax rate
More than $0 6%

 

  • Oregon:
Taxable Income Tax rate
$0 – $1,000,000 6.6%
More than $1,000,000 7.6%

 

  • Pennsylvania:
Taxable Income Tax rate
More than $0 9.99%

 

  • Rhode Island:
Taxable Income Tax rate
More than $0 7%

 

  • South Carolina:
Taxable Income Tax rate
More than $0 5%

 

  • Tennessee:
Taxable Income Tax rate
More than $0 6.5%

 

  • Utah:
Taxable Income Tax rate
More than $0 4.95%

 

  • Vermont:
Taxable Income Tax rate
$0 – $10,000 6%
More than $10,000 7%
More than $25,000 8.5%

 

  • Virginia:
Taxable Income Tax rate
More than $0 6%

 

  • West Virginia:
Taxable Income Tax rate
More than $0 6.5%

 

  • Wisconsin:
Taxable Income Tax rate
More than $0 7.9%

 

  • District of Columbia:
Taxable Income Tax rate
More than $0 8.25%

 

Having a clear idea of your particular tax bracket and the tax rate that is going to be applied on your income plays an important role in helping you understand your financial situation. With these detailed tables for tax slabs for Financial year 2020-21, we have tried to make things simpler for you.

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