Quick facts:
-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!
Similar to Texas, the state of Washington has no business income tax, but does have a Gross Receipts tax*
Washington’s Gross Receipts Tax is called Business & Occupation Tax (B&O). The B&O ranges from between .13% to 3.30% depending on your business classifications.
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 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:
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