Get Mi S-1040 - Saginaw City 2023-2024

For 2018 the following Michigan cities levy an income tax of 1% on residents and 0.5% on nonresidents. Albion, Battle Creek, Benton Harbor, Big Rapids, East Lansing, Flint, Grayling, Hamtramck, Hudson, Ionia, Jackson, Lansing, Lapeer, Muskegon, Muskegon Heights, Pontiac, Port Huron, Portland, Springfield and Walker.

For 2018 the following Michigan cities levy an income tax of 1% on residents and 0.5% on nonresidents. Albion, Battle Creek, Benton Harbor, Big Rapids, East Lansing, Flint, Grayling, Hamtramck, Hudson, Ionia, Jackson, Lansing, Lapeer, Muskegon, Muskegon Heights, Pontiac, Port Huron, Portland, Springfield and Walker.

Michigan Income Tax. Michigan has a flat income tax system, which means that income earners of all levels pay the same rate: 4.25% of taxable income. ... Cities that are not listed do not have a local tax and so residents of those cities only pay the state income tax of 4.25%.

The city of Grand Rapids adopted a city income tax in 1967. Like Saginaw, Grand Rapids levies a 1.5 percent tax on residents and a .75 percent tax on nonresidents. The city of Highland Park adopted a city income tax in 1966. Highland Park levies a 2 percent tax on residents and 1 percent tax on nonresidents.

The City of Detroit income tax rate for residents is 2.4% (multiply by 0.024). The City of Detroit income tax rate for nonresidents is 1.2% (multiply by 0.012). The City of Detroit Income Tax is a straight percentage on compensation after an adjustment for personal and dependency exemptions.

Michigan does not provide a standard deduction for individual income taxpayers. Senate Bill 748 removes references to the IRC and raises the Michigan personal exemption to $4,050 beginning for the 2018 tax year, $4,400 for the 2019 tax year, $4,750 for the 2020 tax year, and to $4,900 for the 2021 tax year.

For the 2017 income tax returns, the individual income tax rate for Michigan taxpayers is 4.25 percent, and the personal exemption is $4,000 for each taxpayer and dependent.

"Line 24: Michigan Standard Deduction. ... The deduction is $20,000 for a return filed as single or married filing separately, or $40,000 for a married filing jointly return.

If you are printing and mailing your Michigan return, you would need to attach your form W-2 and any W-2Gs or 1099-Rs that have withholding. TurboTax should print filing instructions with specific directions on how to file a printed return.

How long does it take to receive return from state of Michigan. Most returns are issued within 21 days. You can check the status of your state refund by logging onto State of Michigan - Where's My Refund site.

The supplemental withholding rate remains at 4.25% for 2018. The exemption amount for 2018 is $4,050; this is an increase from the 2017 personal exemption amount of $4,000.

Corporate: Michigan does not conform to the federal treatment of bonus depreciation.

Corporate: Michigan does not conform to the federal treatment of bonus depreciation.

The TCJA increases the bonus depreciation allowance from 50% to 100% for property placed in service after September 27, 2017, and before January 1, 2023. ... As the increase in the allowable depreciation amount for luxury automobiles is a form of bonus depreciation, Mississippi will not follow the increase.

Does New York State allow the federal special bonus depreciation? Partly. New York State does not allow the federal special bonus depreciation for property placed in service on or after June 1, 2003, in a tax year beginning after December 31, 2002.