Mississippi Income Tax Calculator (2024)

Estimate your take-home pay and all taxes in Mississippi for 2024!
Our Mississippi Income Tax Calculator provides a fast, accurate breakdown of your federal, MS state, and FICA taxes, including deductions, dependents, and pay frequency. Instantly see your annual and per-paycheck results, interactive charts, and a transparent calculation process.
This tool gives you clarity on your net pay and tax obligations. Updated for 2024 brackets and rules.

Mississippi Income Tax Calculator

Calculating for Tax Year 2024
Disclaimer: This is a basic estimate for Tax Year 2024 for informational purposes ONLY. It uses standard deductions or your itemized estimate and limited filing statuses. It does not account for all credits or complexities and is not tax advice. Visit the official Mississippi Department of Revenue.

Understanding Mississippi Taxes (2024)

Calculating your Mississippi taxes involves understanding the state's flat tax system, federal obligations, and FICA contributions. This calculator helps you estimate your take-home pay by considering these key components.

Mississippi State Income Tax

Mississippi has transitioned to a flat tax system for 2024 with a single tax rate of 4.7%.

  • Tax Rate: Mississippi applies a flat 4.7% tax rate on taxable income.
  • Taxable Income: Mississippi taxable income is calculated starting with federal adjusted gross income (AGI) with Mississippi-specific adjustments.
  • Standard Deduction: Mississippi offers standard deductions of $2,300 for Single and Married Filing Separately, $4,600 for Married Filing Jointly, and $3,400 for Head of Household filers.
  • Personal Exemptions: Mississippi offers personal exemptions of $6,000 for Single and Married Filing Separately, $12,000 for Married Filing Jointly and Head of Household.
  • Tax Reform: Mississippi's tax system has been undergoing reforms in recent years, moving from a progressive tax system to the current flat tax rate of 4.7%.

Local Taxes

Mississippi does not have local income taxes. The state income tax is the only income tax that Mississippi 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 Mississippi Taxes (Not Calculated Here)

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

  • Sales Tax: Mississippi has a state sales tax of 7%, with additional local sales taxes in some areas.
  • Property Tax: Property taxes in Mississippi are among the lowest in the nation, with rates varying by county and municipality.
  • No Estate/Inheritance Tax: Mississippi does not have estate or inheritance taxes.

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