U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 09-11-2007, 03:10 PM
 
22 posts, read 779,877 times
Reputation: 114

Advertisements

I'm trying to find out information about North Carolina state income tax. I'm in a state now that has no state income tax and if I move to NC state income tax is a factor that I will have to consider into the equation.

1.) I read that it is a flat rate of 7%. Is that accurate?

2.) Is it based on the same factors as federal income tax?

3.) Just to get an idea. Let's say you gross $1000 on a paycheck, about how much will you take home (federal + state income tax considered)

Thanks
Reply With Quote Quick reply to this message

 
Old 09-11-2007, 04:52 PM
 
9,680 posts, read 24,111,901 times
Reputation: 4132
Tax Rate Schedule
Reply With Quote Quick reply to this message
 
Old 09-11-2007, 05:50 PM
 
Location: NJ
10 posts, read 163,707 times
Reputation: 32
Just to verify.....

say im married, filing jointly......

gross yearly income is 50k (standard deduction)
home taxable value is 150k
cars value is 20k


how much would i be paying out for NC taxes???
Reply With Quote Quick reply to this message
 
Old 09-11-2007, 06:27 PM
 
3,021 posts, read 10,100,176 times
Reputation: 1619
Quote:
Originally Posted by Sameian View Post
Just to verify.....

say im married, filing jointly......

gross yearly income is 50k (standard deduction)
home taxable value is 150k
cars value is 20k


how much would i be paying out for NC taxes???
You'll have to go to a tax preparer to get a better idea than what any one of us could provide. The info on the websites give good approximations.


Income tax info according to the link provided by Saturnfan ( Tax Rate Schedule ) ...
Married filing jointly with an income between $21,250 & $100K:
$1,275 + 7% OF THE AMOUNT OVER $21,250
So if your income is $50K ...
$1,275 + .07(50,000 - 21,250) = $3287.50


Property taxes vary by county and city. Each county has one set tax rate and then the city adds additional taxes onto that. Some communities add on additional fees for recycling, fire department, etc.

Here are some websites that list property taxes in Wake County
WakeGOV.com - Tax Rates & Fees
http://www.wakegov.com/NR/rdonlyres/77502C15-C0FB-4BD8-85C8-8E2E252E67BD/0/TaxRates2007.pdf (broken link)

Rather than looking at the amounts you've provided, I'll paste the examples provided on WakeGov.com:

Quote:
How to Calculate Taxes - Tax rates are calculated against each $100 in value.

Example 1: A single-family home with a value of $200,000. The property is located in the Town of Apex but not a Fire or Special District.
Wake County rate = .678 Town of Apex rate = .40 Combined Rate = 1.078 Recycling Fee = $20.00

Property value divided by 100: $200,000/100 = 2000
2000 x 1.078 = $2,156.00
Plus $20.00 Recycling fee = $2,176.00 estimated annual tax

Example 2: A licensed motor vehicle with a value of $8,500. The property is not located in a municipality but is in a Fire District.

Wake County rate = .678 Fire District rate = .10 Combined Rate = .778
(No vehicle fee is charged if the property is not in a municipality)
Property value divided by 100: $8,500/100 = $85
$85 x .778 = $66.13 estimated annual tax

Last edited by MrsSteel; 09-11-2007 at 06:45 PM..
Reply With Quote Quick reply to this message
 
Old 09-11-2007, 08:38 PM
 
Location: NJ
10 posts, read 163,707 times
Reputation: 32
Thanks,
Thats exactly the rundown I was hoping to see.
Reply With Quote Quick reply to this message
 
Old 09-11-2007, 09:42 PM
 
Location: The 12th State
22,974 posts, read 58,611,405 times
Reputation: 14926
information on state website for individual and buisness
N.C. Department of Revenue: Home
Reply With Quote Quick reply to this message
 
Old 09-12-2007, 07:08 AM
 
3,021 posts, read 10,100,176 times
Reputation: 1619
Since the Triangle is made up of much more than Wake County, I thought I'd come back in here & post some links for surrounding counties as well.

Durham
Durham County Government : Frequently Asked Questions
Durham County Government : Tax Rates

Orange
Orange County NC Revenue Department
Orange County NC Revenue Department

Franklin
http://www.co.franklin.nc.us/Tax/Tax%20Rates%202007.pdf (broken link)

Chatham
Chatham County Departments (broken link)
Chatham County Departments (broken link)

Johnston
Johnston County - Johnston County Tax Collectors Office
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top