Oklahoma is a state that is known for its low taxes. While the state does not have an income tax, there are other types of taxes that residents must pay. The 2018 Oklahoma State Tax Table can help taxpayers understand what type of taxes they owe and how much they need to pay.
For the 2018 tax year, Oklahoma taxpayers will need to understand the different tax brackets and how much of their income is subject to taxation. It is important to note that the maximum tax rate does not apply to all income levels. The table also outlines exemptions and deductions which can be used to reduce taxable income. Knowing the specifics of the tax table can help taxpayers save money on their taxes and ensure they are in compliance with the law.
The 2018 Oklahoma State Tax Table includes seven tax brackets ranging from 0.5% to 5.0%. The rates are based on filing status and the amount of taxable income. All taxpayers should look at the tax table to determine which bracket their income falls into. For example, a single filer with an annual income of $10,000 would be in the 0.5% tax bracket while a married couple filing jointly with an income of $150,000 would be in the 5.0% tax bracket.
In addition to the tax brackets, the 2018 Oklahoma State Tax Table outlines a number of exemptions and deductions that can be used to reduce taxable income. Exemptions allow taxpayers to reduce the amount of income that is taxable, while deductions can reduce the amount of tax owed. Taxpayers can use the table to see what exemptions and deductions they qualify for and calculate their taxable income accordingly. This can help them save money on their taxes and ensure they are in compliance with the law.
The 2018 Oklahoma State Tax Table is an important tool for taxpayers to understand the different tax brackets and exemptions they qualify for. By understanding the specifics of the tax table, taxpayers can save money on their taxes and ensure they are in compliance with the law.
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