Quick facts:
-West Virginia assesses it’s local income taxes directly out of your paycheck.
-West Virginia has a flat Corporate tax rate.
Similar to most states, West Virginia has multiple tax brackets (4) which range from 3.00 to 6.50%. The highest tax bracket starts at 60,000.
West Virginia also has Local & City income tax* in addition to the regular state income tax. West Virginia’s Local & City tax is unique, since it is accessed on wages (as an additional Payroll Tax). The only other state that does this is Colorado.
There are just four (4) cities in West Virginia which the additional tax is assessed. They are:
The state of West Virginia has a flat Corporate income tax rate of 6.50% on all income on C Corporations. For other businesses that flow-thru entities, such as S Corporations, Partnerships, LLCs, etc., they are taxed at the individual income tax rate that ranges between 3.00% to 6.50%.
Like most states, West Virginia has both a local and state sales tax rates. Their state sales tax rate is 6.00% and their average local sales tax rate is 0.41% (making their average sales tax rate in the state 6.41%).
The average property tax rate for residential property in the state of West Virginia is .55%. Which puts it well below with the national average of 1.05%.
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:
West Virginia is an inexpensive state to open an LLC. Here are some important facts:
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