Virginia state income tax rates are 2%, 3%, 5% and 5.75%.
Virginia state income tax rates and tax brackets.
| Tax rate | Taxable income bracket | Tax owed |
|---|---|---|
| 5.75% | $17,001 and up. | $720 plus 5.75% of the amount over $17,000. |
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What is the Virginia state income tax rate for 2020?
Virginia state income tax rate table for the 2020 – 2021 filing season has four income tax brackets with VA tax rates of 2%, 3%, 5% and 5.75% for Single, Married Filing Jointly, Married Filing Separately, and Head of Household statuses. The Virginia tax rate and tax brackets are unchanged from last year.
Is Virginia a high tax state?
Residents pay an average of about 8.6% of the income per capita in the state of $45,225 in state and local taxes annually. The typical Virginia resident pays 8.7% of his or her annual income in state and local taxes – a lower tax burden than in most states.
What is the state income tax deduction in Virginia?
The standard deductions for 2019 are: $4,500 for single taxpayers (Filing Status 1 on your Virginia tax return) and those married filing separately (Filing Status 3), and. $9,000 for taxpayers married filing jointly (Filing Status 2).
Is retirement income taxable in Virginia?
Is my pension from that state taxable in Virginia? Yes. Any pension income you receive while you are a Virginia resident is taxable by Virginia, even though it may have been received from another state.
Is Virginia a good state to retire in?
Retiring in Virginia means beautiful landscapes and reduced taxes. But the state does have a slightly higher cost of living than some areas of the country. You can retire to the beach, the suburbs, a small town, or the mountains. If you’re a history buff, the state has plenty to offer there, as well.
Is Social Security taxed in Virginia?
Virginia does not tax Social Security benefits. If any portion of your Social Security benefits are taxed at the federal level, you can subtract that amount on your Virginia return.
Is it good to live in Virginia?
There are many pros and cons to moving to Virginia, but the pros definitely outweigh the cons. From a low crime rate, great quality of healthcare, and a strong economy, it is no surprise that Virginia is one of the best places to live. Surrounded by history and living in the heart of where America began is pretty cool.
Which states have no income tax?
Only seven states have no personal income tax:
- Wyoming.
- Washington.
- Texas.
- South Dakota.
- Nevada.
- Florida.
- Alaska.
Is Virginia a tax free state?
Government agency sales of the official flags of the United States, Virginia, and any locality are not subject to sales tax.
What is the Virginia standard deduction for 2021?
Here is an overview of some of the key changes (and non-changes) for 2021: Standard Deduction – For single taxpayers, the standard deduction is increasing to $12,500, and for heads of household it is increasing to $18,800. The 2021 standard deduction for married couples filing jointly is $25,100.
What is the standard deduction for 2020 for over 65 in Virginia?
Taxpayers Age 65 & Older If you, or your spouse, were born on or before January 1, 1956, you may qualify to claim an age deduction of up to $12,000 each for 2020.