Mississippi State Taxes

Mississippi State Tax ? Individual Income Tax

The individual income tax rates for Mississippi are as follows:

• 3% on the first $5,000 of taxable income
• 4% on taxable income between $5,001 and $10,000
• 5% on taxable income of $10,001 or more

Mississippi State Tax ? Corporate Tax

Corporations earning income from Mississippi sources or doing business in Mississippi are subject to the corporate income tax or the corporate franchise tax. The corporate franchise tax is imposed on corporations for the privilege of doing business in Mississippi. It has a rate of $2.50 per $1,000 of capital employed or property assessed in the state, whichever is greater.

The corporate income tax is imposed on a corporation’s Mississippi taxable income at the following rates:

• 3% on the first $5,000 of taxable income
• 4% on taxable income between $5,001 and $10,000
• 5% on taxable income of $10,001 or more

Mississippi State Tax ? Sales & Use Tax

Mississippi’s sales tax rate is 7% on all sales in the state, unless specifically exempted by law. The ‘use tax’ is a component of the sales tax. It has the same rate (7%) and is imposed on items purchased for use, storage, or consumption in the state when proper sales tax has not been collected.

Mississippi State Tax ? Property Tax

Property tax is an ‘ad valorem’ tax, meaning that property is taxed ‘according to value.’ Property taxes are administered on the local level by local taxing districts.

Taxable property is divided into 5 classes, and each class is assessed at a percentage of its value. The classes and assessment percentages are as follows:

• Class I: Single family (10%)
• Class II: All other real property (15%)
• Class III: Personal property (15%)
• Class IV: Public services property (30%)
• Class V: Motor vehicles (30%)

Mississippi State Tax Forms

Form 80-105 (Resident Individual Income Tax Return)
Form 80-110 (Resident Individual Income Tax Return EZ)
Form 80-205 (Non-Resident or Part-Year Resident Individual Income Tax Return)
Form 80-106 (Payment Voucher for Individual Income Tax)
Form 80-170 (Resident Amended Individual Income Tax Return)
Form 80-300 (Estimated Tax Declaration for Individuals)

Mississippi State Tax Resources

State of Mississippi Department of Revenue: www.dor.ms.gov

Mississippi state tax forms (past and current): www.ms.gov/node/273

Mississippi Department of Revenue ‘E-Services’ center: dor.ms.gov/E-Services/Pages/default.aspx

Check the status of your individual income tax refund: https://tap.dor.ms.gov/_/

Register a business for Mississippi taxes: https://www.dor.ms.gov/individual

Contact the Mississippi Department of Revenue: dor.ms.gov/Pages/Contact-Us.aspx

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