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West Virginia State Taxes

West-Virginia-Income-Taxes

State Income Taxes in West Virginia

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.

Local and City Taxes in West Virginia

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 in which additional payroll tax is assessed. They are:

  • Charleston – $6 per pay period
  • Huntington – $10 per pay period
  • Parkersburg – $5 per pay period
  • Weirton – $2 per week

State Business Taxes in West Virginia

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%.

Sales and Property Taxes in West Virginia

Sales Tax – 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%).

Property Taxes in West Virginia – 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%.

Payroll Taxes in West Virginia

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:

  • Wage Base – West Virginia has a wage base of $12,000 for 2020
  • UI Rates – range from 0.15% to 8.50%
  • Schedules – West Virginia has multiple rate schedules regarding UI

West Virginia Business Entities – LLCs

West Virginia is an inexpensive state to open an LLC. Here are some important facts:

  • West Virginia’s annual LLC fee at only $25
  • When you register with the state, you pay a one time fee of $100
  • Secretary of State of West Virginia website – click here

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