MS tax basis is the state adjusted taxes.
Rent Income: Same as federal.
Capital Gain: The Capital Gains are treated like to Federal for State Taxes.
Unemployment Income: Same as federal
Your Social Security Benefits: Your all social security income is exempt from state taxes.
State Bond Interest: Taxable except MS obligation
Health Savings Accounts: matching as federal.
Disability: matching as federal.
Lottery: Mississippi gambling income is exempt
Federal Income Taxes: Not deductible.
Other Taxes: Deduction for prepaid tuition contracts and qualified college
Payroll Tax Calculator
Nearly 160 million employees will profit from the extension of the reduced payroll tax rates that has been in effect for 2011. The provisional Payroll Cut continuance Act of 2011 for the time being extends the 2 percentage point payroll cut for workers, ongoing the reduction of their Social Security withholding rate from 6.2 % to 4.2 % of wages paid through Feb. 29, 2012. This reduced Social Security withholding will have no result on employees’ future Social Security profit.
All users of Payroll Mate 2012 will get the fresh payroll updates for absolutely free. The software maker is also advising small businesses that are still responsibility payroll by hand to start using a payroll software explanation, which offers serious advantages, from increased payroll preparation competence to tangible cost savings.
Payroll friend is always one of the first payroll preparation solutions to execute payroll updates and new regulations. Year after year, thousands of businesses and accounting specialized trust Payroll Mate to do payroll and file payroll taxes. Here we also provide this facility on our web site. Here we also provide payroll estimator to easily estimates your taxes
Payroll Mate makes doing payroll simple, flat, expected, and of course affordable through a set of potent and flexible payroll management capability that permit small businesses to operate smarter and easily save your money. Below is a short list of what this payroll system can do:
* Automatically estimates federal and state payroll taxes withholding.
* Easily supports different types of pay periods including weekly, biweekly, semimonthly and monthly basis.
* Supports customizable income, tax and deductions categories.
* 941, 940, 944, W-3, W-2, California DE-7 , California DE-6 , Texas C-4 , Texas C-3, New York NYS-45, Illinois 941 and Illinois UI-3/40 supports this all payroll forms.
* Can be used as QuickBooks payroll subscription option with the capability to export payroll data to QuickBooks software.
* Supports income per mile and per piece.
* Prints on preprinted scan able W3 forms and W2 forms.
* Exports payroll reports to Excel, CSV and PDF.
* Prints on Laser and Inkjet checks.
* Generates comprehensive reports including payroll journal, tax liability and deposit requirement.
* create Direct Deposit Files.
Get Your Forms From Here …
80-105 Form, Resident Individual Return
80-107 Form, Individual W-2 Data Sheet
80-106 Form, Payment Voucher for Individual
80-108 Form, which includes:
* Schedule A-Itemized Deductions
* Schedule N-Other Income (Loss) and Supplemental Income
* Schedule B-Interest and Dividends
80-160 Form, Credit for Income Taxes Paid to One or More States
80-300 Form, Estimated Individual Income Taxes
8453 OL Form, Individual Declaration for Online preparation
80-320 Form, Interest on Underestimate of Individual
80-491 Form, Individual Statement of Additional Dependents
80-492 Form, Credit Summary Schedule
MS Standard Deduction
Filing Status Single – Deduction Amount – $2, 300
Filing Status Married Filing Joint – Deduction Amount – $4, 600
Filing Status Married Filing Separate- Deduction Amount – $2, 300
Filing Status (HOH) Head of House hold – Deduction Amount – $3, 400
MS Itemized Deductions
Itemized Deductions Allowed – Yes
State Income and Sales Taxes Deductible – None
Other Taxes Deductible – Federal
Interest Expenses Deductible – Federal
Medical Expenses Deductible – Federal
Charitable Contributions Deductible – Federal
Other Misc. Deductions – State
MS Personal Exemptions Credits
Credits For Single – Exemptions is 6, 000
Credits For Married Filing Joint – Exemptions is 12, 000
Credits for Exemption for Blind – Exemptions is 1, 500
Credits For Married Filing Separate – Exemptions is 6, 000
Credits for (HOH) Head of Household – Exemptions is 8, 000
Credits For Elderly – Exemptions is 1, 500
Credits for Exemption for Disabled – Exemptions is 0
Credits For Dependent Exemption – Exemptions is 1, 500
Credits For Handicap Exemption – Exemptions is 0
Credits for Exemption for Deaf – Exemptions is 0