Quick facts:
-The State of Rhode Island has a Corporate income tax rate of 7.00% and individual income tax rate as high as 5.99%. It is also one of only a few states that has an Estate Tax. Read more below.
The state of Rhode Island does have an individual income tax. Like most states with income tax, it is calculated on a marginal scale with multiple brackets (3). The tax rates range from between 3.75% to 5.99% for 2020. The highest bracket starts at $148,350.
The state of Kansas has a flat Corporate income tax rate of 7.00%. The State of Rhode Island recognizes Federal flow-thru entities, such as S-Corporations, LLCs and Partnerships, and are therefore not subject to the corporate tax rate (however they are subject to the individual rate).
Unlike others states, Rhode Island has only a state sales tax (i.e. no Local Sales Tax). Its state sales tax is 7.00%.
The average property tax rate for residential property in the state of Rhode Island is 1.53%, which is well above the national average of 1.05%.
Rhode Island is one of only a few states that has an Estate Tax. The tax based on the amount of net wealth a personal has when they pass away. Two important factors to keep in mind –
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:
Rhode Island has average costs in regards to opening an LLC. Here are some important facts:
Don’t keep yourself in the dark!
We know that the tax code is so overwhelming that people fall into a state of paralysis even before they even get started.
TaxedRight is here to help educate you and make you not afraid.
Sign up for my free newsletter with tips and tricks that help you keep up to date with what’s going on in tax and finance!
You may unsubscribe at any time.
Copyright © 2020 Taxed Right LLC. TaxedRight, TaxTicker, illustrations such as pigs and coins, are all trademarks of Taxed Right LLC. All rights reserved.
