Georgia State Income Tax

Georgia employs a progressive income tax system with six tax brackets for 2024. The rates range from 1% to 5.75% of your Georgia taxable income.

• Tax Brackets (2024): Georgia's six tax brackets range from 1% on the first $750 of taxable income to 5.75% on income above $7,000.
• Standard Deduction: $5,400 for Single filers, $7,100 for Married Filing Jointly and Head of Household, $3,550 for Married Filing Separately.
• Personal Exemptions: $2,700 for Single and Head of Household, $7,400 for Married Filing Jointly, $3,700 for Married Filing Separately.
• Dependent Exemptions: $3,000 per dependent.

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 Georgia Taxes (Not Calculated Here)

While this calculator focuses on income taxes, be aware of other taxes in Georgia:

• Sales Tax: Georgia has a state sales tax of 4%, with additional local taxes that can bring the total to 8-9% in some areas.
• Property Tax: Property taxes in Georgia are set at the local level and vary by county and municipality.
• Retirement Income: Georgia offers generous retirement income exclusions for seniors.

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