Does Arkansas have personal income tax?
Arkansas assesses an individual income tax, and its design is comparable to that of the federal income tax system administered by the Internal Revenue Service (IRS). For example, married couples have the option to file jointly or separately on their state individual income tax return(s).
How much money do you have to make to file taxes in Arkansas?
According to Arkansas Individual Income Tax Booklet, whether or not you have to file an Arkansas tax return depends on your filing status and gross income. Full Year Residents: Single, $12,493. Head of Household with 1 or no dependents, $17,762.
Who must file a tax return in Arkansas?
Part year residents who received any gross income while an Arkansas resident must file a return (regardless of marital status, filing status, or amount). *Gross income is all income (before deductions) other than income specifically described as exempt on pages 9 and 10 “Exempt From Income Tax.”
Is there a state income tax in Arkansas?
Arkansas assesses an individual income tax using 6 tax brackets ranging from just under 1% up to 7%. Its tax system is designed along the U.S. income tax system and generally adopts most of its tax provisions. More on Arkansas taxes can be found in the tabbed pages below.
How much is income tax in AR?
Personal Income Tax Rates (Effective January 1, 2020)
| Income greater than $79,300 | |
|---|---|
| $0-$4,000 | 2.0% |
| $4,001 – $8,000 | 4.0% |
| $8,001 – $79,300 | 5.9% |
| $79,301 and above | 6.6% |
What taxes are there in Arkansas?
Arkansas has some of the highest sales taxes in the country. The statewide rate is 6.5%. However, along with that state rate, counties and cities collect their own sales taxes….Sales Tax Rates(Updated December 2020)
| County | County | Arkansas County |
|---|---|---|
| State Rate | 6.50% | |
| County Rate | 1.00% | |
| Total Sales Tax | 7.50% |
How much can you make in Arkansas without paying taxes?
The low income tax table is set up for 2021 so those Arkansans pay no income tax on the first $4,699 earned, 2% on income between $4,700 and $9,199, 3% on income between $9,200 and $13,899 and 3.4% on income between $13,900 and $22,899. The middle income tax table is set up for 2021 so those Arkansans pay .
Do you have to file state income tax in Arkansas?
Arkansas has a state income tax, meaning most who earned money in the state must file a return each spring.
What taxes are in Arkansas?
The Arkansas (AR) state sales tax rate is currently 6.5%. Depending on local municipalities, the total tax rate can be as high as 11.50%. Sales tax is a tax paid to a governing body (state or local) for the sale of certain goods and services.
Are taxes in Arkansas high?
According to a midyear report from the Tax Foundation, a Washington tax-policy group, Arkansas’ average combined state and local sales-tax rate is 9.48%, making it the third-highest statewide average in the country, behind Louisiana at 9.55% and Tennessee at 9.547%.
How much is self employment tax in Arkansas?
Federal Self-Employment Tax This tax is also known as FICA, Social Security or Medicare tax. It applies to all the earnings you withdraw from your Arkansas business. The current self-employment tax rate is 15.3 percent.
What is the personal income tax in Arkansas?
Arkansas state income tax rate table for the 2020 – 2021 filing season has four income tax brackets with AR tax rates of 2%, 4%, 5.9% and 6.6% for Single, Married Filing Jointly, Married Filing Separately, and Head of Household statuses.
What are Arkansas state income tax brackets?
Arkansas state income tax rate table for the 2018 – 2019 filing season has seven income tax brackets with AR tax rates of 0.9%, 2.4%, 3.4%, 4.4%, 5%, 6% and 6.9% for Single, Married Filing Jointly, Married Filing Separately, and Head of Household statuses.
What is the state tax rate in Arkansas?
The Arkansas (AR) state sales tax rate is currently 6.5%. Depending on local municipalities, the total tax rate can be as high as 0%.
What is Arkansas corporate income tax?
Arkansas collects a state corporate income tax at a maximum marginal tax rate of 6.500%, spread across six tax brackets.