Here is some basic information about the state tax laws of Wisconsin, which you will need regardless of whether you reside in Wisconsin or have just visisted the state.
1. Sales Tax
Visitors to Wisconsin are most interested in its sales tax laws. Wisconsin levies sales tax at the rate of five percent. Fifty-nine of its counties levy an extra 5.9 percent.
Simultaneously, the tax laws have a clause according to which boats, mobile homes, trailers, aircraft, motor vehicles, snow mobiles, all-terrain vehicles, and so on have a county use tax, not the sales tax.
2. Income Tax
While visitors are most interested in sales tax, residents are most interested in income tax. Wisconsin income tax is classified into four groups according to income, as follows:
Married or single taxpayers who are filing tax returns separately have the following income tax rates:
4.6 percent on an income of $9,160
6.15 percent on an income of $9,161-18,320
6.5 percent on an income of $18,321-$137,410
6.75 percent on an income that exceeds $137,411
Married couples or those who file income tax returns jointly have to pay taxes as per the following rates:
4.6 percent for an income of $12,210
6.15 percent for an income of $12,211-24,430
6.5 percent for an income of $24,431-183,210
6.75 percent for an income exceeding $183,211
Taxpayers are required to file income tax returns by April 15. However, the federal lead may adjust or extend this due date. Residents are provided earned income tax credits as per the state laws of Wisconsin. These credits are of great help to working families who have qualified kids. The amount depends on the total income of the members of the family and the number of kids in that house.
3. Other Taxes
As per the state tax laws of Wisconsin, you don’t have to pay inheritance tax on any piece of property that you might have inherited. However, the state levies estate tax.
As per the state laws of Wisconsin, you are exempted on paying taxes for items such as money, stocks, and bonds. While you are exempted from paying property taxes on vehicles, you are required to pay an annual registration fee.
Visit the official website of the state for laws and tax rates and also for information on calculating estate taxes accurately. It is the best place to find detailed tax-related information or the latest modification made to the laws. You can view the status of tax refund on the website. The website also comprises information related to delinquent taxpayers.
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