Search results
Results from the WOW.Com Content Network
Income Tax Rates. Tax Types. Current Tax Rates. Prior Year Rates. Business Income Tax. Effective July 1, 2017: Corporations – 7 percent of net income. Trusts and estates – 4.95 percent of net income. BIT prior year rates.
The Illinois income tax rate is a flat 4.95%. Unlike the federal government and many other states, Illinois does not have tax brackets that impose higher rates on people who earn more.
The state income tax rate for individuals is 4.95%; the sales tax rate is 1% for qualifying food, drugs and medical appliances and 6.25% on general merchandise. The state of Illinois offers a...
The income tax rate in Illinois is 4.95%, after an increase from 3.75% in 2017. Illinois also has higher-than-average sales taxes and property taxes. A financial advisor can help you understand how taxes fit into your overall financial goals.
SmartAsset's Illinois paycheck calculator shows your hourly and salary income after federal, state and local taxes. Enter your info to see your take home pay.
The Illinois income tax has one tax bracket, with a maximum marginal income tax of 4.950% as of 2024. Detailed Illinois state income tax rates and brackets are available on this page.
Illinois has a flat 4.95 percent individual income tax rate. Illinois has a 9.5 percent corporate income tax rate. Illinois also has a 6.25 percent state sales tax rate and an average combined state and local sales tax rate of 8.86 percent. Illinois has a 1.95 percent effective property tax rate on owner-occupied housing value.