4/17/2024 0 Comments 2021 kentucky income tax brackets![]() ![]() Since Kentucky is a flat tax rate state, the nominal or official tax rate equals the marginal tax rate. That is the tax rate applied to each additional dollar of taxable income you earn. The Kentucky marginal tax rate used in our example calculation above on this page is 4.5%. The current flat tax rate for Kentucky is 4.5%. What is the Kentucky income tax rate for 2023? In the state of Kentucky there is just one personal income tax bracket.Įvery individual taxpayer is therefore in the same bracket regardless of filing status and amount. The Kentucky tax brackets and tax rates calculated on this web page are to be used for illustration purposes only.įrequently Asked Questions Which Kentucky tax bracket am I in? Kentucky tax forms are generally published at the end of each calendar year, which will include any last minute 2023 - 2024 legislative changes to the KY tax rate or tax brackets. Please reference the Kentucky tax forms and instructions booklet published by the Kentucky Department of Revenue to determine if you owe state income tax or are due a state income tax refund. Kentucky Head of Household Tax Brackets Tax Bracket Kentucky Married Filing Separately Tax Brackets Tax Bracket Kentucky Married Filing Jointly Tax Brackets Tax Bracket Kentucky 2023 Income Tax Brackets by Filing Status Kentucky Single Tax Brackets Tax Bracket Many states also offer credits for families with children, charitable contributions, and environmental initiatives, for example. Kentucky, as with other states, often allow taxpayers to make additions and subtractions to their federal taxable income. The actual amount of income tax you will pay in the state of Kentucky will vary. To calculate the effective income tax rate for the state of Kentucky, we simply divide the previously calculated income tax estimate by our initial $70,000 in wages. The result is our Kentucky taxable income, which we can then multiply by the 2023 Kentucky tax rate of 4.5%. That means we must subtract the state standard deduction amount of $2,980 from our 2023 wages. Kentucky Form KY 740 begins with federal adjusted gross income, 1040 Line 11. To simplify and standardize the calculation across states, we assume the taxpayer has only income from Wages, salaries, tips, etc Line 1 on federal Form 1040. Kentucky Income Tax Calculation For $70,000 In Wages ![]()
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