State tax in Wisconsin can be classified as income tax, sales tax, property tax, or estate tax. The income tax law is divided into many different brackets and how much you make determines how much you have to pay. These tax brackets include the following for single persons: 4.6 per cent on the first $9,510 of taxable income, 6.15 per cent if your income falls within $9,511 and $19,020, 6.5 per cent if your earnings are in between $19,021 and $142,650, and finally, if your taxable income happens to be $142,651or more then your income tax rate will be 6.75 per cent. Tax returns for the state of Wisconsin are due on April 15th.
The next type of state tax in Wisconsin to be covered is the sales tax. While having to pay extra on your purchases may be inconvenient, it is one of the fairest taxes as everyone pays the same amount. In the state of Wisconsin there is a constant five per cent sales tax on every item you purchase. Of course, in order to make things more complicated, most counties in the state will charge you an extra .05 per cent sales tax for county taxes. Larger purchases such automobiles and boats are not subject to the county sales tax, instead you will have to pay the county use tax.
Property taxes make up a large portion of the total state tax in Wisconsin. The most common type of property tax in the state is the real property tax, or residential property tax. While there is no property tax on motor vehicles on the state, you are subject to an annual fee. These property taxes are major contributors to the state's local governments and school districts. Equalized values are based on the fair market value of your home. For people having difficult making property tax payments, the state of Wisconsin has aids programs such as the Homestead Credit and Property Tax Deferral Program.
The final type of state tax in Wisconsin to be discussed is the inheritance and state tax. First of all, there is no inheritance tax in the state. There is, however, an estate tax which happens to be decoupled from the federal estate tax laws. If you need a tax form for this type of tax, then you can retrieve one off of the Department of Revenue Web site.