What is the tax rate for my income?

In Florida, the tax rate for your income depends on the amount you are making. The state income tax rate for 2020 starts at 0.000%, and incrementally increases in 0.05% increments to a maximum rate of 5.500%. The rate that applies to you will depend on your taxable income, which is your gross income minus any deductions and exemptions. This taxable income is then placed in one of five tax brackets: 0.000%, 0.05%, 2.500%, 3.500%, and 5.500%. If your taxable income is below $9,0001, you will be placed in the lowest tax bracket and pay 0.000% in Florida state income tax. For those making more than $9,000.00 in taxable income, the first $9,000.00 will still be taxed at 0.000%, but amounts greater than that will be taxed in the subsequent brackets. If your taxable income is between $9,000.01 and $29,999.99, you will be taxed at 0.05%. For taxable incomes between $30,000.00 and $44,999.99, the tax rate is 2.500%. Taxable incomes between $45,000.00 and $59,999.99 are taxed at 3.500%. Lastly, taxable incomes above $60,000.00 are taxed at the highest rate of 5.500%. It is important to remember that these tax rates are only for state taxes, and income taxes are also subject to Federal taxes. To determine your total tax rate, you will need to calculate your total taxable income and find out which income tax brackets you fall into, both at the state and federal levels.

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What is the tax rate for my income?

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