![]() ![]() The standard deduction, which South Carolina has, is a deduction that is available by default to all taxpayers who do not instead choose to file an itemized deduction.Įssentially, it translates to $13,850.00 per year of tax-free income for single South Carolina taxpayers, and $27,700.00 for those filing jointly. The current values of these deductions for tax year 2023 are as follows: The three most common deductions encountered by taxpayers are the South Carolina Standard Deduction, the South Carolina Personal Exemption, and the South Carolina Dependent Deduction. In addition to marginal tax brackets, one of the major features of the South Carolina income tax is deductions. Remember that South Carolina may have very different deduction laws from the Federal Income Tax, so you may have to write a whole new list of deductions for your South Carolina income tax return. Qualifying deductions might include an itemized deduction, the South Carolina standard deduction, exemptions for dependants, business expenses, etc. When calculating your South Carolina income tax, keep in mind that the South Carolina state income tax brackets are only applied to your adjusted gross income (AGI) after you have made any qualifying deductions. Keep in mind that this estimator assumes all income is from wages, assumes the standard deduction, and does not account for tax credits.įor a more detailed estimate that takes these factors into account, click "View Detailed Estimate" (this will will redirect to an external website). You can use the income tax estimator to the left to calculate your approximate South Carolina and Federal income tax based on the most recent tax brackets. ![]() The Federal Income Tax, by contrast, has different tax brackets for Single, Married Filing Jointly, and Head of Household taxpayers. , which are the same in South Carolina for single filers and couples filing jointly. Each marginal rate only applies to earnings within the applicable marginal tax bracket South Carolina has three marginal tax brackets, ranging from 0% (the lowest South Carolina tax bracket) to 6.5% (the highest South Carolina tax bracket). South Carolina's tax brackets are indexed for inflation, and are updated yearly to reflect changes in cost of living. Both South Carolina's tax brackets and the associated tax rates were last changed two years ago in 2021.
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