Connecticut Income Tax Calculator
Understanding Connecticut Taxes (2024)
Calculating your Connecticut taxes involves understanding the state's progressive tax system, federal obligations, and FICA contributions. This calculator helps you estimate your take-home pay by considering these key components.
Connecticut State Income Tax
Connecticut has a progressive income tax system with seven tax brackets for 2024, ranging from 3% to 6.99% depending on your income and filing status.
- Tax Brackets: Connecticut has seven tax brackets with rates of 3%, 5%, 5.5%, 6%, 6.5%, 6.9%, and 6.99%.
- Taxable Income: Connecticut starting point is your federal adjusted gross income (AGI) with Connecticut-specific adjustments.
- Standard Deduction: Connecticut has its own standard deductions: $15,000 for Single, $24,000 for Married Filing Jointly, $19,000 for Head of Household (2024).
- Personal Exemptions: Connecticut offers personal exemptions that phase out at higher income levels.
- Tax Credits: Connecticut offers various credits including property tax credits and earned income tax credits, which this calculator does not account for.
Local Taxes
Connecticut does not have local income taxes. The state income tax is the only income tax that Connecticut residents pay to the state.
Federal Income Tax
Federal income tax is based on federal tax brackets, your filing status, deductions (standard or itemized), and allowances claimed on your W-4. Pre-tax deductions like 401(k) or HSA contributions reduce your federal taxable income.
FICA Taxes (Social Security & Medicare)
FICA taxes fund Social Security and Medicare. These are typically withheld by employers.
- Social Security: 6.2% on income up to the annual limit ($168,600 for 2024).
- Medicare: 1.45% on all income. An additional 0.9% Medicare tax applies to income above certain thresholds ($200,000 for Single, $250,000 for MFJ).
Other Connecticut Taxes (Not Calculated Here)
While this calculator focuses on income taxes, be aware of other taxes in Connecticut:
- Sales Tax: Connecticut has a state sales tax of 6.35%, with additional taxes on certain items like luxury goods.
- Property Tax: Connecticut has some of the highest property tax rates in the country, with an average effective property tax rate of around 1.76%.
- Estate Tax: Connecticut has an estate tax on estates valued over $9.1 million for 2024.
Disclaimer: This information is for general guidance for the 2024 tax year and is not tax advice. Consult a tax professional for personalized advice.