-The State of Georgia businesses are assessed both an income tax and capital stock tax.
-Their highest tax rate is 5.75% for 2019.
The state of Georgia does have an individual income tax. Like most states with income tax, it is calculated on a marginal scale with multiple brackets (6). The tax rates range from between 1.00% to 5.75% for 2019. The highest bracket starts at $7,000.
The state of Georgia has a flat Corporate income tax rate of 5.75% on all income on C Corporations. For other businesses that flow-thru entities, such as S Corporations, Partnerships, LLCs, etc., they are taxed at the individual income tax rates.
In addition to the Corporate income tax, Georgia has a Capital Stock Tax assessed on capital of Corporations (including LLCs that have elected to be taxed as Corporations). The tax is based on a tax table provided by the Dept of Taxation, and the maximum amount of Capital Stock Tax is $5,000.
Like most states, Georgia has both a local and state sales tax rates. Their state sales tax rate is 4.00% and their local sales tax rate is 3.31% (which bring the total average sales tax rate to 7.31%).
The average property tax rate for residential property in the state of Georgia is 0.92%. Which puts it slightly below the national average of 1.05%.
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:
Georgia is one of the least expensive states in the country to open an LLC. Here are some important facts: