Oklahoma is one of just a handful of states that levies sales taxes on all kinds of food, with the full state and local rates applying to groceries and prepared food alike. Among the types of services you can expect to pay sales tax on are telecommunications, hotel rooms, advertising, health club dues, admissions tickets (to sporting events or movies, for example) and printing services. Most goods and services in Oklahoma are subject to these rates. The table below shows total state and local sales tax rates for every county in Oklahoma, as well as the largest cities. In addition to that rate, Oklahoma has one of the highest local sales taxes in the country, as the combined city and county rates are as high as 8.99%. The state sales tax rate in Oklahoma is 4.50%. Oklahoma also has a personal exemption of $1,000 for each filer, with additional exemptions available for each dependent listed by the filer. The 2022 Oklahoma standard deduction is $6,350 for single filers or married persons filing separately and $12,700 for married persons filing jointly. This excludes charitable contributions and medical expenses, which are not subject to the aforementioned cap. Itemized deductions in Oklahoma are capped at $17,000. Itemized deductions are identical to federal itemized deductions. Itemized deductions are allowed in the state of Oklahoma only for filers who itemized deductions on their federal return. These tax rates apply to Oklahoma taxable income, which includes specific types of income after all deductions and exemptions. The rates range from 2.50% to a top rate of 4.75%, based on the income brackets shown below. Similar to the federal government, Oklahoma has an income tax that applies higher rates to higher income levels. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. ![]() Of course, that tax varies widely depending on where in the state you are, just as the income tax rates vary depending on income and other factors.Ī financial advisor can help you understand how taxes fit into your overall financial goals. When considering both state and local sales taxes, the state has an average rate of 8.76%. It isn’t all good news for Oklahoma taxpayers, however. The Sooner State’s property taxes are also below average, with an average effective rate of 0.85%, 25th-lowest in the U.S. That puts Oklahoma’s top income tax rate in the bottom half of all states. Gas tax: 19 cents per gallon of regular gasoline and dieselįor the 2022 tax year, Oklahoma’s top income tax rate is 4.75%.Property tax: 0.85% average effective rate.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |