![]() ![]() income after deductions and exemptions), but rather total wages. Note that this is not based on taxable income (i.e. The table below shows the personal exemptions based on filing status and total annual wages for taxpayers in Connecticut. In general, exemptions decline as total annual wages or salary grows. The personal exemption in Connecticut can be as much as $24,000, depending on filing status and income. ![]() Consider looking into tax preparation software like TaxAct and TaxSlayer to help file your taxes. To arrive at Connecticut taxable income, generally all that needs to be done is to subtract the Connecticut personal exemption from federal AGI. These tax rates are based on Connecticut taxable income, which is derived from your federal adjusted gross income (AGI). The rates paid by a particular taxpayer are determined by tax brackets, as shown in the table below. Today, those income sources, as well as wages and salaries, are taxed at marginal rates between 3% and 6.99%. More specifically, up until 1991, only capital gains, interest and dividends were taxed. Connecticut Income TaxesĬonnecticut’s personal income tax is a relatively recent development. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. ![]() SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. In fact, the average Connecticut homeowner pays $6,096 annually in property taxes.Ī financial advisor can help you understand how taxes fit into your overall financial goals. That is reflected in the state’s high effective property tax rates. Since there are no local income or sales taxes in Connecticut, local governments must collect most of their revenue through property taxes. That makes Connecticut among the more tax-friendly states for shoppers. The sales tax rate of 6.35% is also high relative to other statewide rates, but because there are no local sales taxes in Connecticut, that is the maximum rate levied anywhere in the state. Income tax rates range from 3% to 6.99% that top rate ranks as slightly above the U.S. The state of Connecticut generates most of its revenue through an individual income tax and a statewide sales tax. Gas tax: 25 cents per gallon of regular gasoline, 44.10 cents per gallon of diesel.Property tax: 1.96% average effective rate. ![]()
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