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The state’s room occupancy excise tax rate is 5.7%. Note that while the statute provides for a 5% rate, an uncodified surtax adds .7% to that rate. Room occupancy: Local Option: In addition to the state excise, Massachusetts cities and towns are permitted to charge a local room occupancy excise tax up to 6% (6.5% for Boston). Room occupancy
For tax year 2023 (taxes filed in 2024), Massachusetts’ state income tax rate was 5% on annual gross income over $8,000. Gross income in Massachusetts includes both earned income, such as...
For tax year 2023, Massachusetts has a 5.0% tax on both earned (salaries, wages, tips, commissions) and unearned (interest, dividends, and capital gains) income. Certain capital gains are taxed at 8.5%.
The Income tax rates and personal allowances in Massachusetts are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Massachusetts Tax Calculator 2024.
Massachusetts requires you to pay taxes if you’re a resident or nonresident who receives income from a Massachusetts source. The state income tax is charged at a flat rate of 5%, though certain...
The income tax rate in Massachusetts is 5.00%. That rate applies equally to all taxable income up to $1 million. As mentioned above, incomes that exceed this threshold are subject to a 4% surtax that was first instituted in 2023.
To calculate how much tax you owe, first calculate your Massachusetts gross income. Massachusetts gross income is federal gross income: Minus income excluded from both federal income and Massachusetts income.
Massachusetts has a graduated state individual income tax, with rates ranging from 5.00 percent to 9.00 percent. Massachusetts has an 8 percent corporate income tax rate. Massachusetts also has a 6.25 percent state sales tax rate and does not have local sales taxes.
You can quickly estimate your Massachusetts State Tax and Federal Tax by selecting the tax year, your filing status, Gross Income and Gross Expenses, this is a great way to compare salaries in Massachusetts and for quickly estimating your tax commitments in 2024.
Massachusetts has a flat personal income tax rate of 5% of federal adjusted gross income. As of last year, 2023, an additional 4% tax (sometimes called the Massachusetts Millionaires...