Mississippi Tax FAQs

• taxmOuth Mississippi Tax FAQs

Mississippi Tax Forms

• taxmOuth Mississippi Tax Forms

Mississippi Corporate Taxes

• taxmOuth Mississippi Corporate Taxes
• Mississippi Tax Rates & Brackets:
  
  3%> $0
  4%> $5,000
  5%> $10,000
  
• Loss Carry-back/fwd: 2 Years Back / 20 Years Forward (Unlimited)
• Throwback Sales?: Y
• Foreign Tax Deductible?: N
• Alternative Minimum Tax (AMT): N
• Gross Receipts Tax: N
• Capital Stock (Net Worth) Tax?: 0.250% (unlimited)

Mississippi Tax Incentives and Credits

• taxmOuth Mississippi Tax Credits
• Job Credits?: Y
• R&D Credits?: Y
• Investment Credits?: Y

Mississippi Individual Income Taxes

• taxmOuth Mississippi Individual Income Taxes
• Mississippi tax rates and brackets:
  
  3%> $0
  4%> $5,000
  5%> $10,000
  
• Local Option IT Rate: None
• Federal Inc used as Base?: N
• Standard Deductions: Single $2,300 / Joint $4,600
• Personal Exemptions/Credits (c): Single $6,000 / Joint $12,000 / Dependent $1,500
• Federal Tax Deductible?: N
• State Tax Deductible?: Y
• Alternative Minimum Tax (AMT)?: N

Mississippi Estate, Gift and Inheritance Taxes

• taxmOuth Mississippi Estate and Gift Taxes
• Gift Tax?: N
• Estate Tax?: Copies Federal
• Inheritance Tax?: N
• Generation-Skipping Tax?: N

Mississippi Miscellaneous Taxes

• taxmOuth Mississippi Miscellaneous Taxes
• Gas Tax: 18.8 cents/gallon
• Diesel Tax: 18.8 cents/gallon
• Cigarette Tax: 68.0 cents/20 pack

Mississippi Pass-through Tax Treatment

• taxmOuth Mississippi Pass-through Entity Tax
• LLC Pass-through Recognized?: Y
• S-Corp Pass-through Recognized?: Y

Mississippi Payroll Taxes

• taxmOuth Mississippi Payroll Taxes
• Unemployment Insurance Tax Index (TaxFoundation.org): #4

Mississippi Property Taxes

• taxmOuth Mississippi Property Taxes
• Median Tax Paid on Homes (Rank): $468 (#47)
• Median Value of Homes: $99,700
• Tax as % of Home Value (Rank): 0.47% (#46)
• Median Income of Homeowner: $46,793
• Tax as % of Income (Rank): 1.00% (#47)

Mississippi Sales and Use Taxes

• taxmOuth Mississippi Sales and Use Taxes
• State Rate: 7.00%
• County & City (Weighted Ave): None
• Combined State and Ave. Local Rates (Rank): 7.00% (#19)
• General Treatment of Services: Taxable
• Gasoline: Exempt
• Groceries: Taxable