Wisconsin Income Tax Calculator
Understanding Wisconsin Taxes (2024)
Calculating your Wisconsin taxes involves state, federal, and FICA taxes. This calculator helps you estimate your take-home pay by considering these key components.
Wisconsin Income Tax Structure
Wisconsin has a progressive income tax system with four tax brackets ranging from 3.54% to 7.65% for 2024. Wisconsin uses the same tax brackets for all filing statuses, but provides different standard deduction amounts based on filing status and income level.
2024 Wisconsin Tax Brackets (all filing statuses):
- 3.54% on income between $0 and $13,810
- 4.65% on income between $13,811 and $27,630
- 5.30% on income between $27,631 and $304,170
- 7.65% on income over $304,171
Wisconsin Deductions and Exemptions
Wisconsin has a unique sliding scale standard deduction that phases out as income increases. Maximum standard deduction amounts for 2024:
- Single: $12,760 (phases out between $16,010 and $122,580)
- Married Filing Jointly: $24,618 (phases out between $25,480 and $162,160)
- Head of Household: $18,970 (phases out between $24,480 and $132,400)
- Married Filing Separately: $11,720 (phases out between $12,090 and $75,290)
Wisconsin also provides a personal exemption of $700 for each taxpayer and dependent.
Wisconsin Tax Credits
Wisconsin offers several tax credits, including:
- Earned Income Credit: A percentage of the federal EITC based on number of qualifying children
- Homestead Credit: For low-income homeowners and renters
- School Property Tax Credit: Provides a credit for a portion of property taxes paid
- Married Couple Credit: For married couples where both spouses have earned income
Federal Income Tax
Federal income tax is based on federal tax brackets, your filing status, deductions, and W-4 allowances. Pre-tax deductions like 401(k) or HSA contributions reduce your federal taxable income.
FICA Taxes
FICA taxes fund Social Security and Medicare.
- Social Security: 6.2% on income up to $168,600 for 2024.
- Medicare: 1.45% on all income, with an additional 0.9% on income above certain thresholds.
Other Wisconsin Taxes
- Sales Tax: Wisconsin has a 5% state sales tax. Counties may add an additional 0.5% sales tax, bringing the total to 5.5% in most areas.
- Property Tax: Wisconsin has relatively high property taxes with an average effective property tax rate of approximately 1.68% of a property's assessed value.
- No Estate or Inheritance Tax: Wisconsin does not impose 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.