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Understanding Personal Income Tax in Virginia

Filed under State Taxes. Fact checked on February 13, 2013.

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Virginia's personal income tax is discussed.

If you are a resident or nonresident of Virginia and receive taxable income individually from property owned or business transacted in Virginia, you are subject to tax on net income. Therefore, if you are operating your business as an S corporation, partnership, limited liability company (LLC), or sole proprietorship, you will be subject to a personal income tax on your business income that passes through to you. In addition, qualified areas in Virginia are authorized to levy a local income tax, so be sure to check with your local government.

The following marginal tax rates and income brackets apply:

Taxable Income Marginal Tax Rate
$0 to not over $3,000 2%
Over $3,000 to not over $5,000 $60, plus 3% of the amount over $3,000
Over $5,000 to not over $17,000 $120, plus 5% of the amount over $5,000
$17,000 and over $720, plus 5.75% of the amount over $17,000

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