State Tax in Oklahoma

Oklahoma Department of Taxation is a very Internet 'friendly' tax department and offers very powerful online options for Oklahoma businesses.

There are seven tax brackets for single and husband/wife separate filers in Oklahoma:

  1. 0.5 per cent on the first $ 1,000 of taxable income
  2. One per cent for a taxable income between $ 1,001 and $ 2,500
  3. Two per cent for a taxable income between $ 2,501 and $ 3,750
  4. Three per cent for a taxable income between $ 3,751 and $ 4,900
  5. Four per cent for a taxable income between $ 4,901 and $ 7,200
  6. Five per cent for a taxable income between $ 7,201 and $ 8,700
  7. 5.65 per cent for a taxable income of $ 8,701 and over

 

There are seven tax brackets for joint filers (married and still living together) filers in Oklahoma:

  1. 0.5 per cent on the first $ 2,000 of taxable income
  2. One per cent for a taxable income between $ 2,001 and $ 5,000
  3. Two per cent for a taxable income between $ 5,001 and $ 7,500
  4. Three per cent for a taxable income between $ 7,501 and $ 9,800
  5. Four per cent for a taxable income between $ 9,801 and $ 12,200
  6. Five per cent for a taxable income between $ 12,201 and $ 15,000
  7. 5.6 per cent for a taxable income of $ 15,001 and over

 

Sales Tax and Laws in Oklahoma

Oklahoma levies 4.5 per cent Sales Tax. Not all municipalities levy additional tax which varies between 0.25 per cent to 1.5 per cent. There is a School District Income Tax which is collected through individual quarterly and annual taxes. The School Income District Tax can also be filed through employer withholding taxes. Gasoline and diesel is taxed 28 cents per gallon. A pack of 20 cigarettes is taxed at $ 1.25.

Personal Property and Inheritance Tax in Oklahoma

Ad Valorem Taxes, or personal Property Taxes, are the primary source of funding for County Governments. The Ad Valorem taxes are assessed by a locally elected 'officeholder'. Property is assessed at 10 per cent to 15 per cent of it's fair cash value before 15th March of each year. Oklahoma does not levy any Inheritance Tax however, Oklahoma does collect taxes due on Estates which is between 0.5 per cent to 10 per cent of net value of the inheritance at time of death. 

Oklahoma Tax Commission

The present Chairman of Oklahoma Tax Commission is Thomas Kemp Jr., Vice Chairman is Jerry Johnson, and the Secretary-Member is Constance Irby. In 2004 The State of Oklahoma collected $ 5,133,000,000 in revenue. This equated to average revenue per capita of $ 1,456.77 for the State of Oklahoma which is roughly 5.47 per cent.

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