 Ohio State Taxes Summary
Sales Taxes
State Sales Tax: 5% (food and prescription drugs exempt); Local jurisdictions levy additional sales taxes.
Gasoline Tax: 22 cents/gallon
Diesel Fuel Tax: 22 cents/gallon
Gasohol Tax: 22 cents/gallon
Personal Income Taxes
Tax Rate Range: Low - 0.743%; High - 7.5%
Income Brackets: Lowest - $5,000; Highest - $200,000; Several cities levy municipal income taxes.
Number of Brackets: 9
Personal Exemptions: * Single - $1,200; Married - $2,400; Dependents - $1,200
Standard Deduction: None
Medical/Dental Deduction: None
Federal Income Tax Deduction: None
Retirement Income Taxes: Social Security is exempt. Credit of up to $200 if retirement income is at least $500, plus a one-time credit on lump sums. Out-of-state government pensions can be applied toward the retirement income credit.
Retired Military Pay: Graduated tax credit up to $200 based on retirement income; Survivor benefits excluded.
Military Disability Retired Pay:
Disability Portion - Length of Service Pay; Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless combat incurred. Retired Pay - Based solely on disability: Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless all pay based on disability and disability resulted from armed conflict, extra-hazardous service, simulated war, or an instrumentality of war.
VA Disability Dependency and Indemnity Compensation: Not subject to federal or state taxes
Military SBP/SSBP/RCSBP/RSFPP: Generally subject to state taxes for those states with income tax. Check with state department of revenue office.
Property Taxes
Taxes are based on the true market value of the property. Values are reduced to taxable or listed values and reduced by the $10,000 exemption. The balance is multiplied by the local tax rate. For homeowners 65 and older who earn $23,000 or less, up to $5,000 or 75% of the taxable value of their property, whichever is less, may be exempt from state taxes. Call 888-644-6778 for details.
Inheritance and Estate Taxes
Ohio has no inheritance tax but an estate tax is levied against the value of a resident decedent's gross estate less deductions and exemptions. Graduated rates range through six taxable estate brackets from 2% on taxable values of under $40,000 to $23,600 plus 7% on taxable value exceeding $500,000. Each estate receives a tax credit which is $13,900 for deaths in 2002. Call 800-977-7711 for details.
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