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Georgia State Taxes

Georgia-Income-Taxes

State Income Taxes in Georgia

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.

State Business Taxes in Georgia

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.

Capital Stock Taxes in Georgia

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.

Sales and Property Taxes in Georgia

Sales Tax – 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%). 

Property Taxes in Georgia – 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%.

Payroll Taxes in Georgia

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:

  • Wage Base – Georgia has a wage base of $9,500 for 2020
  • UI Rates – range from 0.04% to 8.10%
  • Schedules – Georgia has multiple rate schedules regarding UI

Georgia Business Entities – LLCs

Georgia is one of the least expensive states in the country to open an LLC. Here are some important facts:

  • Georgia’s annual LLC fee is $50.
  • When you register with the state, you pay a one time fee of $100
  • Secretary of State of Georgia website – click here

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