iCalculator™ US: Virginia Tax Calculators
Welcome to iCalculator™ US, your comprehensive suite of free tax calculators for Virginia. iCalculator™ has provided free tax calculators for Virginia since 2014. Since those early days we have extended our resources for Virginia to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. View all tax calculators and tools in the Virginia Tax Hub or use the Virginia Tax Calculator for 2024 (2025 Tax Return).
Rate and Share, Show you Care 😊 Your feedback and support helps us keep this resource FREE for all to use, thank you.
Virginia Tax Calculator 2024/25
The Virginia Tax Calculator is for the 2024 tax year which means you can use it for estimating your 2025 tax return in Virginia, the calculator allows you to calculate income tax and payroll taxes and deductions in Virginia. This includes calculations for
- Employees in Virginia to calculate their annual salary after tax.
- Employers to calculate their cost of employment for their employees in Virginia.
The Virginia 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 Virginia, United States
Virginia, situated on the eastern coast of the United States, is a state rich in historical significance and diverse landscapes. It is bordered by Maryland and the District of Columbia to the north and northeast, the Atlantic Ocean to the east, North Carolina to the south, Tennessee to the southwest, Kentucky to the west, and West Virginia to the northwest. Virginia's strategic location has been instrumental in its historical and economic development. Discover more about Virginia's neighbors: Maryland, North Carolina, Tennessee, Kentucky, and West Virginia.
Virginia is known as the "Mother of Presidents," having produced eight U.S. presidents, more than any other state. Its history is deeply intertwined with the early colonial history of the United States, and it played a central role in the American Revolution and Civil War. The state's cultural heritage is rich and diverse, encompassing historical landmarks, museums, and cultural festivals. Virginia's coastal location also influences its culture, with maritime traditions playing a significant role.
The economy of Virginia is one of the most diversified in the nation. Key sectors include federal government employment, particularly in the northern Virginia region near Washington, D.C. The state's economy also benefits significantly from the military presence, with several major military bases located in Virginia.
Apart from government and defense, other important sectors in Virginia's economy include technology, with a focus on software, data centers, and cybersecurity; agriculture, with tobacco, tomatoes, and peanuts being major products; and finance. Tourism also plays a significant role, driven by Virginia's rich historical heritage and natural beauty, from the Blue Ridge Mountains to the coastal beaches.
Overview of Taxation in Virginia, United States
The United States tax system encompasses both federal and state-level taxes. This overview will focus on the state taxation system in Virginia, detailing the various state tax types and their compliance requirements, without including specific tax rates.
State Taxes in Virginia
Virginia's state tax system includes a variety of taxes that affect both individuals and businesses. An understanding of these taxes is crucial for compliance and effective financial management within the state.
1. Income Tax
Virginia imposes a personal income tax on its residents. The state follows a progressive tax structure, with tax rates increasing as income levels rise. It's important for residents to understand their tax bracket for accurate tax filing and planning.
2. Sales Tax
The state levies a sales tax on the purchase of most goods and some services. Virginia's sales tax rate includes a state portion and may also include additional local taxes depending on the area. Certain items may be exempt from sales tax or taxed at a different rate.
3. Property Tax
Property tax in Virginia is primarily administered at the local level. These taxes, based on the assessed value of property, are significant for funding local services such as education, public safety, and infrastructure projects.
4. Corporate Income Tax
Businesses in Virginia are subject to corporate income tax. This tax is based on the income earned by corporations within the state. Compliance with corporate tax regulations is crucial for businesses operating in Virginia.
Compliance and Reporting
Compliance with Virginia's tax laws involves understanding the filing requirements and deadlines for each type of tax. Accurate reporting and timely payment are essential to avoid penalties and interest charges. Virginia offers various resources to assist individuals and businesses in understanding their tax obligations and navigating the filing process.