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Murfreesboro Tennessee Form 1040-SS: What You Should Know

State Taxes | TN.gov Tennessee tax rate: 6.85% of taxable income. Tennessee State Sales Tax. 6.00% of taxable income. Tennessee Taxable Income (FICA) tax rate: 6.85% (1,000 or less is exempt. 1,001-20,000 is 10%). Tennessee Income Tax: 1.25% (additional 0.75%) of qualified individual taxable income, reduced by state earned income tax credit. Personal Income Tax (Click for state specific figures) Rate Single Married filing jointly Married filing separately Head of household 0% 9.35 9.35 0.75% 6.85 % 6.85 % 3.65% Total Tax Rate (FICA) (Click for state specific figures) Rate Single Married filing jointly Married filing separately Head of household 10.20 6.85 6.85 6.85 3.65% Tennessee Sales Tax and Sales Tax Exemptions Taxes paid for goods or services sold by a Tennessee business (including online sales) are tax-exempt to the extent permitted by state and federal law. Sales Price Must not exceed 250.00 Gross Profit Must not exceed 25,000.00 Gains and Losses On Sale Cannot be more than 10% of sales price Gains and Losses on Sale Are limited to 1,000.00 Tennessee Sales Tax Rate Schedule-Sales from Tennessee Sales of tangible personal property, or services, to a Tennessee resident are subject to TN taxes. Taxes are imposed on the amount of your sales price and what you sell. The tax applies both to the seller and the buyer. Your sales tax rate will depend on any items of property that you sell, such as furniture, vehicles and clothing. Taxes and Fees for Tennessee Residents Tennessee does not have an income tax. Tennessee Property Taxes Property values in Tennessee are subject to taxation by the property assessor pursuant to Title 35, chapter 7, part 7. This tax applies both to the land and buildings that you own. The annual tax rate is determined by the state Department of Revenue. Tennessee Sales & Use Taxes Sales tax is applicable to goods and services, including those items of tangible personal property that you sell, for purchases between Tennessee residents, and items used in the operation of businesses that engage in the trade of farming, ranching, and fishing.

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