Understanding Personal Income Tax in Mississippi
Mississippi personal income taxes are discussed.
If you are a resident or nonresident of Mississippi and receive taxable income individually from property owned or business transacted in Mississippi, you are subject to tax on net income. Therefore, if you are operating your business as an S corporation, partnership, limited liability company, or sole proprietorship, you will be subject to a personal income tax on your business income that passes through to you.
The following rates apply regardless of filing status for 2012:
|Taxable Net Income ||Tax Rate |
|First $5,000 ||3% |
|The next $5,000 ||4% |
|In excess of $10,000 ||5% |