state taxes Guide

Maryland State Taxes Article


Maryland State Taxes Navigation


|

Taxes Guide Home Page
Partners
Tell A Friend about us
Maine State Income Taxes |
Alabama State Taxes |
Where Are My State Taxes |
Louisiana State Income Taxes |
State Of Ohio Taxes |
New York State Taxes |
Filing New York State Taxes |
Real State Taxes |
Mass State Taxes |
Inventory Taxes In Washington State |
Pennsylvania State Taxes For Self Employed |
States With No State Income Taxes |
Va State Taxes |
Az State Taxes |
List Of State Taxesand Land Taxes |

List of state-taxes Articles


Maryland State Taxes Best seller

Buy it Now!



Best Maryland State Taxes products

TurboTax - Choose Easy



Social bookmarking
You like it? Share it!
socialize it

Newsletter

Subscribe to our newsletter AND receive our exclusive Special Report on state-taxes
Email:
First Name:




Click here for Tax Liens Made Easy

Main Maryland State Taxes sponsors

 



 

Welcome to state taxes Guide

Maryland State Taxes Article

Thumbnail example

Some Basic Information about Maryland State Taxes

from: www.TaxesExposed.com


Maryland’s personal income tax system has four brackets, with rates ranging from 2 percent to 4.75 percent. Nonresidents are subject to a special tax rate of 1.25 percent in addition to the 4.75 percent rate, for an effective tax rate of 6 percent. Here’s more information on Maryland State taxes:
1) Personal Income Tax

Maryland State taxes the income of its residents using four tax brackets:
- 2% on the first $1,000 of taxable income
- 3% on taxable income between $1,001 and $2,000
- 4% on taxable income between $2,001 and $3,000 and
- 4.75% on taxable income of $3,001 and above

Residents of Maryland must file state tax forms by April 15, or the next business day if this date falls on a weekend or holiday. The Comptroller of Maryland is following the federal lead, thus giving taxpayers an extra filing day to complete state returns. The City of Baltimore and Maryland's 23 counties levy local "piggyback" income taxes at rates between 1.25 percent and 3.2 percent of Maryland taxable income. Local officials set the rates and the revenue is returned to the local governments quarterly. Local income taxes are withheld and collected on the same forms as state income taxes. Maryland offers 11 personal income credits to eligible filers.

2) Sales Tax

Maryland's state sales tax is 5 percent. Maryland also has a 5 percent use tax, applied to tax-free purchases made out of state and which must be reported and paid by filing the state's use tax return.

3) Personal and Real Property Taxes

All real properties in Maryland are subject to the property tax. Generally, properties that are owned and used by religious, charitable or educational organizations or properties owned by the federal, state or local governments are exempt.

For Maryland state taxes purposes, any annual assessment increase for a home that is greater than 10 percent is not taxed. Counties and municipalities may limit assessment increases for local tax purposes to less than 10 percent annually. Maryland also offers real property exemptions, credits for property owners and renters and exemptions for historic properties. To find your local property tax official, check the State Department of Assessments and Taxation web page.

4) Inheritance and Estate Taxes

A Maryland estate tax return is due for residents who died after Dec. 31, 2001, if the decedent's federal gross estate, plus adjusted taxable gifts, equaled or exceeded $1 million and the decedent was either a resident of Maryland at the time of death or owned real or tangible personal property in the state.

Other facts about Maryland State Taxes

With i-File Maryland, taxpayers can e-file personal income tax returns and other Maryland State taxes, along with the most commonly associated schedules and forms. Taxpayers in the Old Line State can go online to check the status of their tax refunds.

Christine Gray is a recognized authority on the subject of Online Taxes. Her website Taxes Exposed provides a wealth of information on everything you will need to know about State Taxes. All rights reserved. Articles may be reprinted as long as the content and links remains intact and unchanged.



Other Maryland State Taxes related Articles

Alabama State Taxes
Minnesota State Taxes
California State Taxes
Ohio State Taxes
Indiana State Taxes

Do you want to contribute to our site : submit your articles HERE


 

Maryland State Taxes News

No relevant info was found on this topic.