Massachusetts Income Tax Calculator MA Tax Rates 2024

Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Gasoline and diesel taxes in Massachusetts each total 24 cents per gallon. There is state-level exemptions for all type of filers and dependents.

• Boston Harbor may be the site of the most famous tax protest in history, but today Bay Staters pay taxes on a lot more than tea.
• The federal standard deduction for a Head of Household Filer in 2023 is $ 20,800.00.
• Massachusetts offers tax deductions and credits to reduce your tax liability, including a rent and commuter deduction and a tax credit for taking care of a child or other dependent.
• To use our Massachusetts Salary Tax Calculator, all you need to do is enter the necessary details and click on the "Calculate" button.
• This $8,000 income threshold is on a per-person basis, giving married couples the option to file jointly or separately.
• Gasoline and diesel taxes in Massachusetts each total 24 cents per gallon.

Massachusetts State Income Tax Tables in 2023

There are two ways to be considered a full-time resident of Massachusetts. The first is to live in Massachusetts for the massachusetts tax brackets entire tax year, while the second is to maintain a home in Massachusetts and spend more than 183 days of the tax year in the state.

Federal Head of Household Filer Tax Tables

• The due date and payment date for returns and payments is extended for a specified period of time announced by the IRS unless we publicly announce otherwise.
• If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
• An additional 4% tax on income over $1 million was also levied, making the highest tax rate in the state 9%.
• The following tax tables are supported by iCalculator™ US as part of the suite of free tax tools available in the US Tax HUB we provide for Massachusetts.
• All businesses, including those who sell online, are mandated to participate in Massachusetts' tax-free weekend.
• Like many other states, there are additional excise duties on tobacco and alcohol.
• To have qualified for a six-month extension, you must have paid at least 80% of the total amount of tax owed by that deadline.

Unlike the 6.25% sales tax, which is collected by sellers, use tax is generally paid directly to the state by the purchaser. If an extension payment is required to reach the 80% threshold, you can pay electronically. If you need to pay $5,000 or more to qualify for an extension, you are required pay electronically. If you are required to file Form M-4768 electronically, register on MassTaxConnect to file your extension. Sale, rental or use of tangible personal property, including cigarettes, telecommunications services and certain fuel.

Reporting on your original tax return

Massachusetts has a flat income tax rate of 5%, but charges a 4% surtax on income over $1 million. The state’s income tax rate is only one of a handful of states that levy a flat rate. If you’re a nonresident with an annual gross income that exceeds either $8,000 or the prorated personal exemption (whichever is less), you’re required to file taxes in Massachusetts. Your prorated tax exemption is your personal exemption adjusted for the percentage of your Massachusetts income compared to your total gross income from all sources. Anyone who files a Massachusetts state tax return is given a unearned revenue personal exemption amount based on their tax filing status.

• An estate tax is applied to any estate valued at more than $1 million in Massachusetts.
• You can choose another state to calculate both state and federal income tax here.
• Taxpayers are also entitled to deductions, such as childcare expenses, college tuition, and rental payments.
• Massachusetts requires its own form for extensions, which can be completed electronically or by mail.
• When you prepare your return on eFile.com this is all calculated for you based on your income.
• If an extension payment is required to reach the 80% threshold, you can pay electronically.

Both companies produce multiple editions for simple to very complex tax returns, so be sure to carefully compare the features offered by each package. Tax-Rates.org provides easy access to five of the most commonly used Massachusetts income tax forms, in downloadable PDF format. For all of the tax forms we provide, visit our Massachusetts tax forms library or the 's tax forms page. The estate tax rate varies from 0.8% of the portion of the estate's value over $1 million to 16% on Bookstime the portion of an estate over $10,040,000. Residents of Massachusetts are also subject to a penalty if they do not have health insurance coverage, which is paid through their tax return. There is a three-month grace period for health coverage lapses, after which the penalty accumulates on a monthly basis, up to about $183 per month.