Ohio Income Tax Calculator
Understanding Ohio Taxes (2024)
Calculating your Ohio 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.
Ohio State Income Tax
Ohio has a progressive income tax system with multiple tax brackets for 2024.
- Tax Brackets: Ohio has a progressive income tax with rates ranging from 0% on the first $26,050 of taxable income to 3.47% on income over $98,800.
- Taxable Income: Ohio starts with federal adjusted gross income (AGI) and applies Ohio-specific adjustments.
- Personal Exemption: Ohio offers a personal exemption of $2,325 per person for 2024.
- Tax Reform: Ohio has been reducing income tax rates in recent years and eliminated many deductions and credits.
- Tax Credits: Ohio offers various credits including the earned income credit and dependent care credit, which this calculator does not account for.
Local Income Taxes
Important: Many cities and municipalities in Ohio impose their own local income taxes, typically ranging from 0.5% to 3% of earned income. This calculator does NOT include these local taxes, which can significantly impact your total tax burden. Check with your local tax authority for applicable rates.
Major cities like Columbus (2.5%), Cleveland (2.5%), Cincinnati (2.1%), and Toledo (2.5%) all have local income taxes.
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 Ohio Taxes (Not Calculated Here)
While this calculator focuses on income taxes, be aware of other taxes in Ohio:
- Sales Tax: Ohio has a state sales tax of 5.75%, with additional local sales taxes that can push the total rate to over 8% in some areas.
- Property Tax: Property taxes in Ohio are administered at the local level and vary by county and municipality.
- School District Income Tax: Some school districts in Ohio impose an additional income tax, typically ranging from 0.5% to 2%.
- No Estate/Inheritance Tax: Ohio eliminated its estate tax in 2013.
Disclaimer: This information is for general guidance for the 2024 tax year and is not tax advice. Consult a tax professional for personalized advice.