Virginia Taxes Overview
- Virginia has four income tax brackets ranging from 2% to 5.75%.
- Self-employment income is taxed at the same rates.
- Sales tax is 5.3%, with regions assessing additional sales taxes.
- Tax deductions and credits can reduce liabilities.
Virginia Tax Calculation
How is Virginia state tax calculated? If you make $146,500 a year living in Virginia, you will be taxed $33,741. Your average tax rate is 17.67%, and your marginal tax rate is 24%.
Additional Tax Information
- Sales Taxes: Virginia has a 0% general sales tax rate.
- State Revenue Collection: The state collects revenue through income, sales, and other taxes.
Tax Deductions and Credits
- Other retirement income like pensions and withdrawals are deductible, with up to $12,000 for seniors.
- Property and sales taxes are relatively low compared to national averages.
Business Taxes and Paycheck Deductions
- Business Taxes: Make sure to write off business losses for tax purposes.
- Paycheck Tax Deductions: Employers typically take out taxes from paychecks; plan accordingly.
For more information or assistance, you can contact the Stephenson County Tax Assessor’s Office at (815) 235 8260.