2020 irs tax brackets and tax tables2/6/2024 ![]() ![]() The Personal Exemption, which is supported by the Arkansas income tax, is an additional deduction you can take if you (and not someone else) are primarily responsible for your own living expenses. ![]() The standard deduction, which Arkansas has, is a deduction that is available by default to all taxpayers who do not instead choose to file an itemized deduction. * Note: Arkansas is different from other states in that it treats personal exemptions state tax exemptions as tax credits - which means that instead of deducting an amount from taxable income, the exemptions reduce your actual tax liability after it has been calculated. Remember that Arkansas may have very different deduction laws from the Federal Income Tax, so you may have to write a whole new list of deductions for your Arkansas income tax return. Qualifying deductions might include an itemized deduction, the Arkansas standard deduction, exemptions for dependants, business expenses, etc. When calculating your Arkansas income tax, keep in mind that the Arkansas state income tax brackets are only applied to your adjusted gross income (AGI) after you have made any qualifying deductions. ![]() Keep in mind that this estimator assumes all income is from wages, assumes the standard deduction, and does not account for tax credits.įor a more detailed estimate that takes these factors into account, click "View Detailed Estimate" (this will will redirect to an external website). You can use the income tax estimator to the left to calculate your approximate Arkansas and Federal income tax based on the most recent tax brackets. The Federal Income Tax, by contrast, has different tax brackets for Single, Married Filing Jointly, and Head of Household taxpayers. , which are the same in Arkansas for single filers and couples filing jointly. Each marginal rate only applies to earnings within the applicable marginal tax bracket Both Arkansas' tax brackets and the associated tax rates were last changed two years ago in 2021.Īrkansas' tax brackets are indexed for inflation, and are updated yearly to reflect changes in cost of living.Īrkansas has three marginal tax brackets, ranging from 2% (the lowest Arkansas tax bracket) to 4.9% (the highest Arkansas tax bracket). ![]()
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