Tax Facts:
-The State of South Carolina has both Corporate income tax and personal income tax rates with maximum rates of 7.00% and 5.00%, respectively. Its property taxes are low, but has a large base regarding sales tax. Read more below.
The state of South Carolina does have an individual income tax. Like most states with income tax, it is calculated on a marginal scale whose range is from 0.00% to 7.00% for 2020. The highest bracket begins with income above $15,400.
The state of South Carolina has two different tax rates based on the type of business entity you own –
In addition to the Corporate tax, South Carolina has a Capital Stock Tax. This capital stock tax is assessed on both types of Corporations (C Corp, S Corp).
It is assessed at $1.00 per $1,000 of capital (0.10% tax rate) plus an additional $15.
Like most states, South Carolina has both a state and local sales tax. Its state sales tax is 6.00% and it’s local sales tax has an average rate of 1.46% (which puts the state average 7.46%).
Broad Sales Tax Base: Similar to Hawaii, North Dakota, and New Mexico, the State of South Carolina has increased its sales tax base to include many business-to-business personal services.
The average property tax rate for residential property in the state of South Carolina is 0.56%, which is well below the national average. South Carolina is within the top ten least expensive states regarding property tax as a percentage of value.
Unemployment taxes usually consist of three factors. They are: the wage base, the range of UI rates, number of schedules. Below is an outline of the three:
South Carolina is one of the least expensive in regards to opening an LLC. Here are some important facts:
Sign up for Romeo’s monthly tips, tricks, and hacks to help you with your taxes!
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.
