-Washington has no personal income tax.
-Washington is one of few states that has an estate tax.
The state of Washington is one of only 8 states with no state income tax. Yay!
Like many states, Washington has multiple sales tax rates. One at the state level and another at the local level. The state rate is 6.50% and the average local rate is 2.71% (total average rate for Washington Sales Tax is 9.21%).
The average property tax rate for residential property in the state of Washington is 0.92%, which is right in line with the country’s average rate of 1.05%.
Washington is one of a few states that has an estate tax. The tax rate ranges from 10% – 20% on any inheritance or estate over $2,193,000.
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:
Note: Workers Comp is collected by the State through the Washington Department of Labor & Industries.
Washington is an inexpensive state to to set up your LLC. Here are some important facts: