According to Mississippi tax law there are three state income tax rates – three per cent, four per cent and five per cent. They are the same for individuals, all filing statuses, as they are for businesses.
Married couples who file jointly can decide to calculate tax liability separately and add the results.
Types of income that are not taxable include annuities after retirement, benefits under veterans acts, bequests, child support, home allowance for clergy, disability payments, social security payments, fellowship grants, gifts, health insurance premiums, income tax refunds, inheritances, jury pay, life insurance proceeds, job expenses, marriage settlements, pensions, military per diem, retirement pay, scholarship grants, survivor benefits, tuition under educational assistance programs, and workers compensation payments.
State tax in Mississippi is due and payable on the 15th of April. If the 15th happens to fall on a holiday or weekend, then the due date moves to the next business day. For those who are not able to pay their income taxes by the due date, the state of Mississippi allows the taxpayer to file their return and pay what they can afford. The state will then send out a notice of balance due along with an assessment of any penalties and interest on the past due amount. The key is to get the return filed even if unable to pay the tax immediately.
Gambling winnings and losses no longer need to be reported on your Mississippi state tax return as those taxes are dealt with now at the casino level. The casino will now file documents with the state of Mississippi that are proof enough that you have paid your income taxes on casino winnings.
If you have questions or concerns regarding your Mississippi taxes, contact a local attorney who can help.