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Claiming personal exemptions: (a) Single Individuals enter $6,000 on Line 1. (b) Married individuals are allowed a joint exemption of $12,000. If the spouse is not employed, enter $12,000 on Line 2(a).
The 89-350 Mississippi Employee's Withholding Exemption Certificate must be completed by employees so employers know how much state income tax to withhold from wages. This form should be maintained in conjunction with the federal Form W-4.
Mississippi Business Taxes This tax is imposed on corporations or associations doing business in Mississippi. The Franchise tax is calculated at $2.50 per $1,000 of the value of the capital employed or the assessed property values in Mississippi, whichever is greater. The minimum franchise tax payment due is $25.
The current self-employment tax rate is 15.3 percent.
Individuals must file a MS tax return if they have had any state taxes withheld from their wages. Nonresidents and partial-year residents must file Mississippi state taxes if they have income that was taxed by the state.
You should file a Mississippi Income Tax Return if any of the following statements apply to you: You have Mississippi income tax withheld from your wages (other than Mississippi gambling income). You are a non-resident or part-year resident with income taxed by Mississippi (other than gambling income).
¶16-310, Subtractions--Net Operating Loss Mississippi allows a subtraction from the taxable income base for net operating losses. NOLs may be carried back two years and carried forward 20 years.
Mississippi has a flat income tax rate of 5 percent. The employer must withhold an amount equal to that percentage from each paycheck after subtracting the employee's pretax deductions, such as health insurance or retirement plans. The employer must also match what it withholds from employee paychecks.