Wisconsin State Tax
Wisconsin Income Tax
Wisconsin residents are required to file federal and state taxes to the Internal Revenue Service and the Wisconsin Division of State and Local Finance each year. They must also pay applicable county and city taxes on the area where they reside. Otherwise, they may have to face penalties imposed by the state.
Wisconsin Personal Income Tax
Individuals who live in, work in, or generate income sources in Wisconsin are required to file state income tax returns. The State of Wisconsin uses a progressive income tax bracketing system similar to the federal income tax structure. This tiered structure collects greater taxes as income grows higher. The minimum income tax rate is 4.6% while the maximum rate for individual filers is 7.75%. The Wisconsin tax code expands bracket widths for married couples who are filing joint income tax returns.
Wisconsin Corporate Income Tax
Corporations that generate income from sources within the state must pay corporate income tax in Wisconsin as well. The Wisconsin corporate income tax rate is 7.9%, independent of corporate income levels.
Wisconsin Sales Tax
Wisconsin State collects 5% sales tax on sale or lease of tangible personal properties, including prepared food and beverages. Counties and municipalities are allowed to collect up to 0.6% additional local sales taxes. Wisconsin does not levy sales taxes on certain goods such as prescription medicine, raw food, groceries, and newspaper.
Wisconsin Property Tax
The state of Wisconsin collects 1.76% of the fair market value of all real and tangible properties such as homes, lands, and machineries in the state. It is the state with the 9th highest median property tax rate at present.