![]() You can quickly estimate your Oklahoma State Tax and Federal Tax by selecting the tax year, your filing status, Gross Income and Gross Expenses. To estimate your tax return for 2024/25, please select the 2024 tax year. Oklahoma taxpayers with questions about the tax cuts should consult their state and local tax professional for more information. The Oklahoma State Tax Calculator (OKS Tax Calculator) uses the latest Federal tax tables and State Tax tables for 2024/25. Iowa, Missouri, Montana and Nebraska have or likely will enact personal and corporate income taxes cuts. Oklahoma is far from the first state in the Midwest to cut taxes this session. Individuals subject to Oklahoma personal income tax will also benefit from the new law. ©2021 Tax Foundation Distributed under Creative Commons CC-BY-NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 State Individual Income Tax Rates and Brackets for 2021 Key Findings Individual income taxes are a major source of state. ![]() In addition, withholding requirements for Oklahoma based employees are likely to change. Oklahoma businesses, both corporate and those operating through pass-through entities, should be aware of the new law as their tax burdens are likely to lessen. Localities can add as much as 7, and the average combined rate is 8.986, according to the Tax Foundation. The pass-through entity tax is only applicable to pass-through entities that elect to be taxed at the entity level. Like the corporate tax, the pass-through entity tax is imposed on all income. Finally, under House Bill 2963, the income tax rate for electing pass-through entities is reduced to 4% from 6%, also effective Jan. The cuts will reduce the highest bracket’s rate from 5% to 4.75% and the lowest bracket’s rate from 0.5% to 0.25%. Under House Bill 2962, the personal income tax rates in each of the state’s five brackets are reduced by 0.25% effective Jan. Oklahoma imposes a flat rate on all corporate income. 1, 2022, the corporate income tax rate is reduced to 4% from 6%. ![]() Under House Bill 2960, for tax years beginning Jan. The bills were part of the state’s fiscal year 2022 budget that was agreed to by the governor and the legislature earlier this month. Kevin Stitt signed several bills ( House Bill 2960, House Bill 2962 and House Bill 2963) that will lower the rates for both corporate and personal income taxes. West Virginia reduced its top income rate from 6.5 to 5.12 percent, and its lowest rate fell from 3.0 to 2.36 percent.On May 21, 2021, Oklahoma Gov.Utah reduced its flat income tax rate from 4.85 to 4.65 percent.Ohio reduced its top marginal rate from 3.99 to 3.75 percent.North Dakota moved from a five-bracket system to a flatter income tax structure with a top rate of 2.5 percent and a bottom rate of 1.95 percent.Census Bureau) Number of cities that have local income taxes: 0. Nebraska reduced its top rate from 6.84 to 6.64 percent. Oklahoma income tax rate: 0.00 - 4.75 Median household income: 61,364 (U.S.Kentucky reduced its flat income tax from 4.5 to 4.0 percent. ![]()
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