Get Wi I-010i 2022-2025

Illinois is 5.2% more expensive than Wisconsin.

Wisconsin also has a flat 7.90 percent corporate income tax rate. Wisconsin has a 5.00 percent state sales tax rate, a max local sales tax rate of 1.75 percent, and an average combined state and local sales tax rate of 5.43 percent. Wisconsin's tax system ranks 27th overall on our 2023 State Business Tax Climate Index.

The cost of living in Chicago, IL is 7.9% higher than in Madison, WI. You would have to earn a salary of $64,745 to maintain your current standard of living. Employers in Chicago, IL typically pay 7.7% more than employeers in Madison, WI.

The Tax Foundation notes that Wisconsin's 7.65% tax rate is third highest in the Midwest, behind Minnesota and Iowa; and it's the third highest among all Great Lakes states. Only New York and Minnesota are higher on that list. Among our neighbors, both Illinois and Michigan have lower income tax rates than Wisconsin.

¶15-535, Personal Exemptions Stats. ): The personal exemptions are $700 for individuals, their spouses, and dependents, and an additional $250 for taxpayers and their spouses (if filing a joint return) who have reached the age of 65 before the close of the taxable year.

Illinois property taxes average 2.31% (based on the state's median home value), surpassed only by New Jersey's rate of 2.44%, ing to the most recent analysis by finance website WalletHub. Wisconsin ranked 5th at 1.94%, Indiana ranked 29th at 0.87%.

For single taxpayers in 2023, the bottom rate of 3.54% applies to taxable income below $13,810; the second rate of 4.65% applies to taxable income between $13,810 and $27,630; the third rate of 5.3% applies to taxable income between $27,630 and $304,170; the top rate of 7.65% applies to taxable income exceeding ...