For example, taxpayers can make deductions for child care expenses, college tuition (if it exceeds 25% of Massachusetts adjusted gross income), certain commuter costs, rental payments (50% of rent up to $4,000) and student loan interest payments. Massachusetts does not have a standard deduction, but it allows many of the same itemized deductions as the federal government, as well as some additional ones. State residents who would like to contribute more to the state’s coffers also have the option to pay a higher income tax rate. As mentioned above, incomes that exceed this threshold are subject to a 4% surtax that was first instituted in 2023. That rate applies equally to all taxable income up to $1 million. The income tax rate in Massachusetts is 5.00%. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. While the state sales tax of 6.25% is among the nation's highest, there are no local sales taxes levied in Massachusetts.Ī financial advisor can help you understand how taxes fit into your overall financial goals. The Massachusetts income tax rate is 5.00%. The most significant taxes in Massachusetts are the sales and income taxes, both of which consist of a flat rate paid by residents statewide. Gas tax: 24 cents per gallon of regular gasoline and dieselīoston Harbor may be the site of the most famous tax protest in history, but today Bay Staters pay taxes on a lot more than tea.State income tax: 5.00% flat rate, 4% surtax on income over $1 million.
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