 Summary Of Mississippi State Taxes
Sales Taxes
State Sales Tax: 7% (prescription drugs exempt)
Gasoline Tax: 18.4 cents/gallon
Diesel Fuel Tax: 18.4 cents/gallon
Gasohol Tax: 18.4 cents/gallon
Personal Income Taxes
Tax Rate Range: Low - 3%; High - 5%
Income Brackets: Lowest - $5,000; Highest - $10,000
Number of Brackets: 3
Personal Exemptions: Single - $6,000; Married - $12,000; Dependents - $1,500
Additional Exemption: 65 or older - $1,500
Standard Deduction: Single - $2,300; Married filing jointly - $4,600
Medical/Dental Deduction: Partial
Federal Income Tax Deduction: None
Retirement Income Taxes: Social Security, civil service, state/local government, and qualified private pensions are exempt. IRAs are exempt as are out-of-state government pensions.
Retired Military Pay: Retired pay is exempt after January 1, 1994. The exemption is also available to the spouse or other beneficiary upon the death of the primary retiree. Widows' pensions received from the VA are not taxable.
Military Disability Retired Pay: Disability Portion - Length of Service Pay; Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless combat incurred. Retired Pay - Based solely on disability: Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless all pay based on disability and disability resulted from armed conflict, extra-hazardous service, simulated war, or an instrumentality of war.
VA Disability Dependency and Indemnity Compensation: Not subject to federal or state taxes
Military SBP/SSBP/RCSBP/RSFPP: Generally subject to state taxes for those states with income tax. Check with state department of revenue office.
Property Taxes
A homestead exemption is given to all eligible taxpayers which exempts ad valorem taxes on the first $7,500 of assessed value and is limited to $300 of actual exempted tax dollars. Homestead property has a 10% assessment rate. Personal property is taxed based on a 15% assessment value. Motor vehicles are taxed based on a 30% assessment value.
Inheritance and Estate Taxes
There is no inheritance tax. An estate tax is imposed on the value of a decedent's estate when the total gross estate exceeds the federal exemption of $1,000,000. For the years 2002 and after, the exemption amount will follow the federal exclusion under 26 USC 2010.
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