Learn more about keeping your business compliant with state tax requirements.
If you are a resident or nonresident of Rhode Island and receive taxable income individually from property owned or business transacted in Rhode Island, 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 marginal tax rates and income brackets apply for 2012:
|Single, Married Filing Joint, Qualifying Widow(er), Head of Household, Married Filing Separate|
|But not over||$57,1500||$129,900||--------|
|Pay + % on Excess||$0 + 3.75%||$2,143 + 4.75%||$5,598.75 + 5.99%|
|Of the amount over:||$0||$55,000||$125,000|