Quick facts:
-Arizona does not tax your Social Security, making it a great place for retirees.
-Arizona is one of the cheapest places in the country to set up your LLC.
The state of Arizona does have individual income tax. Like mosts states with income tax, it is calculated on a marginal scale whose range is from 2.59% to 4.50% for 2020.
The state of Arizona has a flat Corporate Tax rate of 4.90%. For other business entities that are flow-thru entities, such as S Corporations, Partnerships, LLCs, etc., they are taxed the individual income tax rates between 2.59% to 4.50% (max.)
Like many states, Arizona has multiple tax rates. One at the state level and another at the local level. The state rate is 5.60% the average local rate is 2.80% (total average rate for Arizona Sales Tax is 8.40%)
The average property tax rate for residential property in the state of Arizona is 0.67%, making it a very preferable place to own property. In 2012 Arizona placed a 5% cap on the increase of property value, keeping its property taxes relatively low.
Unemployment taxes usually consist of three factors. They are the wage base, range of rates, number of schedules. Below is an outline of the three
Arizona is one of the cheapest states in the country to set up your LLC. Here are some important facts:
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