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Maine state payroll taxes for 2023 The tax rates range from 5.8% on the low end to 7.15% on the high end. Maine does not have any local city taxes, so all of your employees will pay only the state income tax.
Two Basic Classes of Personal Property Intangible Personal Property - includes stocks, bonds, notes, mortgages, cash, bank deposits, accounts, credits, dividends, patent rights, etc. Tangible Personal Property - includes motor vehicles, livestock, furniture, jewelry, machinery and grain.
Overview of Maine Taxes Maine has a progressive income tax system that features rates that range from 5.80% to 7.15%. The state has a high standard deduction that helps low- and middle-income Mainers at tax time. No Maine cities charge a local income tax.
Noncompete agreements are contrary to public policy and are enforceable only to the extent that they are reasonable and are no broader than necessary to protect one or more of the following legitimate business interests of the employer: A.
1. What is Maine real estate withholding? Maine law requires, at the time of closing on total considerations of $100,000 or more, that every buyer of real property must withhold 2.5% of the consideration from any nonresident individual, estate, or business seller.
How much must be withheld? You must withhold 7.15% of the estimated Maine source distributive income of each nonresident member, except you must withhold 8.93% if the nonresident member is a C corporation.
Non-Maine residents who sell real estate located in Maine are subject to a withholding amount equal to 2.5% of the sale price. This withholding is used as an estimated tax payment towards any Maine tax liability on the gain realized from the state.
The amount to be withheld is equal to 2.5% of the sale price. Note that for sales occurring on or after January 1, 2021, this withholding requirement applies to sales of property only when the consideration paid is $100,000 or more (previously $50,000).