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If your 2024 earnings are similar to 2023, youll want your federal paycheck withholdings at roughly last years effective tax rate, Loyd said. For example, if your gross paycheck is $1,000 and last years effective tax rate was 12%, youll want about $120 withheld in federal taxes, he said.
Effective September 29, 2021, for Tax Year 2021 and after, the state of Arizona offers a tax deduction each year for investing in the Arizona 529 Plan or any states 529 plan of up to $4,000 per beneficiary for married tax filers who file a joint return and up to $2,000 per beneficiary for individual tax filers.
For tax year 2023 and beyond, the tax rate for Arizona taxable income is 2.5%.
The Arizona state income tax rate is 2.5%. This rate applies to taxable income earned in 2023, which is reported on state tax returns filed in 2024.
The flat Arizona income tax rate of 2.5% applies to taxable income earned in 2023, which is reported on your 2024 state tax return. The due dates for your state income tax return generally follow the federal tax deadline.

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Small Business Income Tax Return (140-SBI) The SBI tax return must be filed with the regular income tax return to be accepted. If the taxpayer does not file both returns together, the election may be denied and the adjustment to federal adjusted gross income may be disallowed.
Form 140 - Resident Personal Income Tax Form -- Fillable You may file Form 140 only if you (and your spouse, if married filing a joint return) are full year residents of Arizona. You must use Form 140 if any of the following apply: Your Arizona taxable income is $50,000 or more, regardless of filing status.
The Tax Cuts and Jobs Act (TCJA) increased the standard deduction (set at $14,600 for single filers and $29,200 for joint filers in 2024) while suspending the personal exemption by reducing it to $0 through 2025.

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