iCalculator™ US: Maryland Tax Calculators

Welcome to iCalculator™ US, your comprehensive suite of free tax calculators for Maryland. iCalculator™ has provided free tax calculators for Maryland since 2014. Since those early days we have extended our resources for Maryland to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. View all tax calculators and tools in the Maryland Tax Hub or use the Maryland Tax Calculator for 2024 (2025 Tax Return).

Maryland Tax Calculator 2024/25

The Maryland Tax Calculator is for the 2024 tax year which means you can use it for estimating your 2025 tax return in Maryland, the calculator allows you to calculate income tax and payroll taxes and deductions in Maryland. This includes calculations for

1. Employees in Maryland to calculate their annual salary after tax.
2. Employers to calculate their cost of employment for their employees in Maryland.

The Maryland Tax Calculator for 2024 encompasses a comprehensive suite of features to cater to your tax calculation needs. Key features include detailed calculations for Federal Income Tax based on the latest tax tables and allowances, FICA contributions covering both Social Security and Medicare, and automatic calculations for the Earned Income Tax Credit (EITC). Additionally, it allows for the consideration of retirement plan contributions, including 401(k), 403(b), SARSEP, and 457 plans, as well as SIMPLE plans, with specific limits for 2024. The calculator also supports Schedule A (Form 1040) for Federal Itemized Deductions, local tax calculations, and the inclusion of additional taxes or deductions.

For those seeking a deeper understanding and more detailed information on these features, including how they apply to your individual tax situation, it's recommended to view the comprehensive instructional overview here. This additional resource provides extensive insights into each feature, ensuring you can maximize your tax deductions and credits effectively for the 2024 tax year.

Discover Maryland, United States

Maryland, known for its significant historical and cultural heritage, is located in the Mid-Atlantic region of the United States. It is bordered by Pennsylvania to the north, Delaware and the Atlantic Ocean to the east, and Virginia and West Virginia to the south and west. Additionally, Maryland encircles the District of Columbia on three sides. The Chesapeake Bay, a defining feature of the state, deeply influences Maryland's environment, culture, and economy.

The state of Maryland has a rich history, dating back to its founding as an English colony. It played a pivotal role in the early development of the United States, including significant events during the American Revolution and the Civil War. Maryland's cultural diversity is a blend of Southern and Northern American traditions, influenced by its unique geographic location.

Regarding its economy, Maryland boasts a strong and diverse economic landscape, underpinned by several key sectors:

• Government and Defense: Proximity to the nation's capital has made government and defense contracting a major economic driver, with numerous federal agencies and contractors located in the state.
• Healthcare and Life Sciences: The state is a hub for healthcare and biomedical research, housing institutions like the Johns Hopkins University and the National Institutes of Health.
• Information Technology and Cybersecurity: Maryland's economy is also bolstered by the information technology and cybersecurity industries, with a concentration of companies and government agencies focused on these fields.
• Manufacturing and Trade: The Port of Baltimore is a critical asset, facilitating international trade. Manufacturing, especially in electronics and chemical products, also plays a significant role.

Agriculture, particularly poultry, dairy farming, and seafood, along with tourism, driven by Maryland's historic sites and natural parks, are other important components of the state's economy.

For more detailed information about the neighboring states, you can visit their respective pages at Pennsylvania, Delaware, Virginia, and West Virginia.

Overview of Taxation in Maryland, United States

In Maryland, the tax system includes both federal and state taxes. This overview focuses on the state-level taxes, detailing the types of taxes and compliance requirements in Maryland.

State Tax Types in Maryland

Income Tax: Maryland levies a state income tax on its residents. This tax is progressive, with rates that increase based on income levels. It applies to various forms of income such as wages, business profits, and investments.

Sales Tax: The state imposes a sales tax on the sale of goods and services. Local jurisdictions may have additional sales taxes, but Maryland maintains a single state-level rate for simplicity.

Property Tax: Property taxes in Maryland are collected primarily at the local level. These taxes, based on the assessed value of real estate properties, fund local services like schools, public safety, and infrastructure development.

Corporate Tax: Businesses operating in Maryland are subject to corporate income tax. This tax is calculated based on the corporation's income, with varying rates and rules depending on the type and size of the business.

Other Taxes: Maryland also has other types of taxes, including excise taxes on specific goods like gasoline and tobacco, as well as estate and inheritance taxes.

Tax Compliance in Maryland

Ensuring compliance with Maryland's tax laws is managed by the Comptroller of Maryland. Taxpayers, both individuals, and businesses, are required to file tax returns and make payments based on their tax liabilities. Maryland offers electronic filing and payment systems to facilitate the process and ensure accuracy in tax reporting.

Understanding the tax system in Maryland is important for residents and businesses to remain compliant and support the state's public services and infrastructure. The tax structure in Maryland reflects its commitment to funding a wide range of public services, from education to healthcare.