How is personal income taxed in Florida?
As mentioned above, the tax percentage rate in the Sunshine State is 0% for personal income taxes. Now, if you own a business that’s running in Florida, you’re subject to a 4.458% corporate income tax.
Those who fall into this category are required to file Florida corporate tax returns electronically, especially if they paid $20,000 or more in Florida corporate income tax during the prior state fiscal year.
The Sunshine State may not tax personal income, but keep in mind that there’s a federal income tax you may be subject to. As you may already know, there are seven federal income tax brackets. Your filing status and your taxable income determine which tax rates apply to you. Head to the IRS website to identify your federal income tax bracket for tax year 2023.