Wayne Michigan Form 1040 (Schedule D) 2024-2025

Wayne Michigan Form 1040 (Schedule D): What You Should Know

IRS forms, schedules and instructions). 2018 Ohio Income Tax Rates (Effective for July 1,2018) Ohio income tax rates are in effect for 2018. The new rates take effect on January 1, 2019. The Ohio Income Tax is a 2 or 4 % tax on all taxable income. The rate schedule is as follows: 3.9% On the first 9,325 of taxable income (including exemptions, and other income subject to Ohio income tax). Ohio tax brackets are determined as follows: 0 to 7,500 for singles, 0 to 12,500 for couples, 7,500 to 45,000 for married couples filing jointly. 45,000 or more for single individuals and joint filers. 6.2% No Ohio tax on income subject to the federal estate and gift tax. Ohio does not have an income tax on municipal bonds. Taxable income includes salary, wages, dividends, interest, net unrealized gains of certain annuities, rental real estate investments (real estate other than farm land), interest in businesses, and capital gains from the sale of capital assets. Ohio tax brackets are based on the number of dependents and include 1. Standard Deduction Up to 4,050 2,500 4,050 and above Additional Standard Deduction 25% of all income between 4,050 and 9,925 15% of all income between 9,925 and 37,650 10% of all income between 37,650 and 91,700 5% of income between 91,700 and 189,350 2.6% of all income between 189,350 and 398,650 1% of all income above 398,650 A 400,000 limitation on itemized deductions applies to taxpayers with income over 400,000. A deduction for medical expenses does not reduce the standard deduction. A taxpayer who is not claimed as a dependent on another Ohio tax return must include his or her Ohio income on the return. Taxpayers who are eligible and meet all other criteria must use the standard deduction. If a person is claimed as a dependent, the first taxpayer to file must list a valid Ohio driver's license or state identification card number when claiming the Standard deduction. A taxpayer, other than a person claimed as a dependent, who does not have an Ohio valid driver's license or state identification card number must file an amended Ohio tax return using a Social Security card as a valid Ohio identification number.

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