Tax credits or exemptions are available on all base state taxes except for franchise tax.
State Unemployment Compensation Tax
Mississippi levies an unemployment tax on the first $7,000 of an employee's annual wages. The maximum rate is 5.4%. The minimum varies from year to year depending upon the general experience rate of the State. The minimum tax rate is 1.2%. New employers in the State are assigned a tax rate of 2.7% until such time as they establish an individual experience rate.
Personal Income Tax
Individual income is taxed at the same rate as corporate income:
3% of the first $5,000 of taxable income
4% of the next $5,000
5% of the balance
Individuals are allowed personal exemptions.
Tax credits or exemptions are available on all base state taxes except for franchise tax. For further details on tax credits or exemptions, please contact the DeSoto County Economic Development Council or the State of Mississippi Tax Commission.