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Mississippis franchise tax applies to most corporations doing business in the State. The rate is $2.50 per $1,000 of the value of the capital used, invested, or employed in the State. The tax base consists of capital stock issued and outstanding, surplus and undivided profits, and true reserves.
How much income tax do you pay in Mississippi?
Your Income Taxes Breakdown TaxMarginal Tax RateEffective Tax Rate FICA 7.65% 7.65% State 4.70% 2.71% Local 0.00% 0.00% Total Income Taxes 17.76%4 more rows Jan 1, 2025
How much is business tax in Mississippi?
0% on the first $5,000 of taxable income. 4% on the next $5,000 of taxable income. 5% on all taxable income over $10,000.
How is an LLC taxed in Mississippi?
If you structure your business as a pass-through entitysuch as a sole proprietorship, partnership, or limited liability company (LLC)the business itself doesnt pay income taxes. Instead, those taxes are passed on to your personal tax returns. In the state of Mississippi, the personal income tax rate in 2023 is 5%.
How is business income taxed?
The U.S. federal corporate income tax rate is currently 21%. Company employees pay individual income tax on wages, and company shareholders pay individual income tax on dividends (at capital gains tax rates if qualified dividends) and certain other distributions from C corporations.
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