Filing Wisconsin State Tax

The tax rates in the state of Wisconsin range from 4.6 to 6.75% among the four income tax brackets.

Great Income Tax

Personal Income Tax

For single or married (filing separately) taxpayers in Wisconsin, rates are :

1. You pay 4.6% on the first $9,510 of taxable income
2. You pay 6.15% on taxable income between $9,511 and $19,020.
3. You pay 6.5% on taxable income between $19,021 and $142,650.
4. You pay 6.75% on taxable income of more than $142,651.

For married taxpayers who are filing returns jointly in Wisconsin, rates are :

1. You pay 4.6% on the first $12,680 of taxable income.
2. You pay 6.15% on taxable income between $12,681 and $25,360.
3. You pay 6.5% on taxable income between $25,361 and $190,210.
4. You pay 6.75% on taxable income of more than $190,211.

Residents of Wisconsin can avail Earned Income Tax credit. This credit is made for working families with qualifying children (children who share the residence a certain percentage of the year. The amount you can get through this credit depends on number of children you have and total household income.

Sales Tax

The sales tax rate in the state of Wisconsin is 5%. You pay an additional sales tax of 0.5% to the 59 counties in Wisconsin. Retailers collect 5.5% sales tax on their sales. The cost and taxes for boats, trailers, motor vehicles, all-terrain vehicles, aircraft and mobile homes (45 feet or less in length) come under the category of county use tax not county sales tax.

Personal and Real Estate Taxes

Real estate property tax is the most common property tax assessed on the residents of Wisconsin. Property tax on vehicles is not imposed in the state of Wisconsin; you just need to pay an annual registration fee. According to experts for Wisconsin’s local governments, property taxes are the most essential source of generating government revenue.

In Wisconsin, the value of agricultural land is decided on the basis of its value for agriculture uses. This offers property tax relief for farmers. If you want some information on property tax system in the state of Wisconsin, you need to study the guide for the Department of Revenue. Homestead tax credit in Wisconsin is income-based and given to both homeowners and renters. Conducted by Wisconsin Housing and Economic Development Authority, the Property Tax Deferral Loan Program offers loans to eligible senior homeowners so they can pay property taxes without any problem.

Inheritance Tax

Unlike in many states, you do not need to pay any inheritance taxes in the state of Wisconsin.