iCalculator™ US: Mississippi Tax Calculators

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

Mississippi Tax Calculator 2024/25

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

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

The Mississippi 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.

Mississippi: A Glimpse into the Heart of the South

Location and Geography

Mississippi, a state in the United States, is situated in the Gulf Coast region. It shares borders with several states: Tennessee to the north, Arkansas to the northwest, Alabama to the east, Louisiana to the southwest, and the Gulf of Mexico to the south. The state's diverse geography is marked by regions such as the Mississippi Delta, Loess Hills, Southern Pine Hills, Jackson Prairie, and several others, each with its unique landscape and characteristics. Mississippi's western boundary is defined by the majestic Mississippi River, which plays a significant role in the state's geography and culture

Economy

Mississippi's economy, traditionally rooted in agriculture and forestry, is known for its significant production of farm-raised catfish, sweet potatoes, cotton, and pulpwood. However, the state has diversified over time, with significant contributions from manufacturing sectors like food processing and metal products. The presence of major rivers and the Gulf of Mexico has also influenced the state's economic development, offering avenues for trade and commerce. Despite these advancements, Mississippi often ranks lower in economic measures compared to other U.S. states.

Cultural and Economic Highlights

Mississippi's cultural tapestry is rich and varied, deeply influenced by its history and geography. The state is known for its contributions to the blues music genre, a testament to its deep cultural heritage. Economically, the state capital, Jackson, stands out as a major hub, housing important industries and being unique for its location atop an extinct volcano. The state's economy is also bolstered by its geographical diversity, ranging from fertile plains ideal for agriculture to forested hills and coastal areas, each contributing uniquely to Mississippi's overall economic landscape.

Mississippi, with its blend of cultural richness and economic diversity, represents a unique chapter in the American South's story. From its musical roots to its evolving economy, the state offers a glimpse into the complexities and charms of this region.

For more detailed information on Mississippi's neighboring states, you can explore the following links:

• Tennessee
• Arkansas
• Alabama
• Louisiana

Overview of Taxation in Mississippi, United States

Understanding the taxation system in Mississippi is crucial for residents, businesses, and anyone engaging in financial activities within the state. While federal taxes apply across the United States, each state has its unique tax structure. This overview focuses on the state taxes in Mississippi.

State Taxes in Mississippi

The Mississippi Department of Revenue administers a variety of taxes and fees, impacting citizens and businesses in diverse ways. The main state taxes in Mississippi include:

• Income Taxes: Mississippi levies individual income tax, withholding tax for employers, corporate income tax, and franchise tax. The state has a graduated income tax rate structure for individuals and businesses. In recent years, there has been a gradual reduction in these rates, with further changes expected in the coming years.
• Sales and Use Taxes: The state imposes sales tax on the retail sale of tangible personal property and certain services. Mississippi also has a use tax for goods purchased outside the state but used within Mississippi. The sales tax rate is flat with local jurisdictions able to add an additionalpercentage.
• Property Taxes: Property tax in Mississippi includes ad valorem tax, motor vehicle tax, and taxes related to property titles. Property taxes are primarily administered at the local level, with the state playing a coordinating role.
• Other Taxes: The state also collects taxes on petroleum, alcoholic beverages, tobacco, gaming, insurance premiums, and various other sectors. Special taxes like tourism and economic development taxes, motor vehicle rental taxes, and environmental taxes are also part of the tax structure.

Compliance and Administration

Compliance with state tax laws is enforced by the Mississippi Department of Revenue. Taxpayers must ensure they meet all filing requirements and payment deadlines to avoid penalties. Businesses operating in Mississippi are responsible for collecting and remitting certain taxes, such as sales tax and withholding tax. The state provides various e-services and resources to assist with tax compliance, including online filing and payment systems.