Indiana income tax calculator computes not only the Indiana state income tax but also the personal income tax payable to counties of Indiana. Apart from the state and county tax, the calculator computes federal tax, social security tax, medicare tax and additional medicare tax.
Indiana Income Tax Calculator
Formula Used for Indian Income Tax Calculator
This tax calculator is primarily focussed on take home pay for residents of Indian state. We have also calculated Federal tax liability and gave scope for deductions like contribution to 401K plans or deposit in IRA . Apart from that following statutory deductions (self employment Tax )made from paycheck is also incorporated.
- Social security tax 6.2 %(income below a threshold)
- Medicare tax 1.45% (income below a threshold)
- Additional Meducare tax 0.9% (income exceeding a threshold)
What is Indiana income tax rate?
Indiana has a flat rate of income tax @ 3.23% of the gross earnings of an Individual. This flat rate system of Indiana is unlike some other states or Federal income tax law, which tax individual income at slab rates.
What are Indiana county income tax rates?
The Indiana counties levy personal income tax separately. You can get Indiana county tax rates from the Indiana government website.
Is Indiana state tax and county tax deductible?
Under the 26 US Code , any SALT tax i.e tax paid to States And Local Tax authorities (county) are tax deductible while computing the taxable income for federal tax purpose. But , there are two limitations for claiming the SALT tax as deduction from gross income under IRC- one , it can only be calimed as itemized deduction and second limitation is the maximum SALT tax deduction is upto $10,000.
While the information on this site - Internal Revenue Code Simplified-is about legal issues, it is not legal advice or legal representation. Because of the rapidly changing nature of the law and our reliance upon outside sources, we make no warranty or guarantee of the accuracy or reliability of information contained herein.