-North Carolina is one of few states with a Franchise tax on top of corporate income tax.
-North Carolina has a flat income tax rate for both individual and corporate tax
The state of North Carolina has a low flat Corporate Tax rate of 2.5%. The Corporate tax rate is only assessed on C Corporations. For other business entities that are flow-thru entities (such as S Corporations, LLCs, etc.) they are taxed at the individual tax rate.
In addition to the corporate tax, North Carolina has a Franchise Tax. The Franchise tax is assessed on both C Corps and S Corps. It is a minimum tax of .15% of asset values or $200. The asset values are based on the largest of either capital stock, appraised value of tangible property, or investment in tangible property.
Like many states, North Carolina has multiple tax rates. One at the state level and another at the local level. The state rate is 4.75% the average local rate is 2.22% (total average rate for North Carolina Sales Tax is 6.97%).
The average property tax rate for residential property in the state of North Carolina is 0.85%. North Carolina has a low property tax per capita with collections being at only $974. This makes it a preferable place to own property.
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:
North Carolina one of the more expensive states to set up your LLC. Here are some important facts: