Florida State Income Tax

Florida does not have a state income tax. This is a significant advantage for residents compared to other states that may charge anywhere from 1% to over 13% in state income taxes.

• Zero State Income Tax: Florida is one of only nine states that doesn't tax earned income.
• Constitutional Protection: Florida's constitution prohibits the state from levying an income tax.
• No Local Income Taxes: Unlike some states, Florida doesn't allow cities or counties to impose local income taxes.

Federal Income Tax

Your federal income tax is calculated based on federal tax brackets, your filing status, deductions (standard or itemized), and allowances claimed on your W-4 form. 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 Florida Taxes (Not Calculated Here)

While Florida doesn't have an income tax, there are other taxes in the state:

• Sales Tax: Florida has a 6% state sales tax. Local counties may add their own sales tax, bringing the total up to 8.5% in some areas.
• Property Tax: Florida does have property taxes that vary by county and municipality.
• Intangible Personal Property Tax: Florida no longer imposes this tax on stocks, bonds, and other financial assets.
• Corporate Income Tax: While individuals don't pay income tax, C-corporations pay a 5.5% corporate income tax.

Disclaimer: This information is for general guidance for the 2024 tax year and is not tax advice. Consult a tax professional for personalized advice.