Homestead Exemption is available upon request to the homeowners who reside in the home and pay all local and state taxes in the taxing district in which they reside. You may apply for Homestead Exemptions during the months of January, February and March of each Year. To apply for the first time, you will need the following:
Mississippi allows certain exemption amounts depending upon your filing status and other criteria. Below is listed all of the exemptions allowed for Mississippi income tax. You can get more information by clicking here.
*For Married Filing Joint or Combined returns, the exemption amount may be divided between the spouses in any matter they choose. For Married Filing Separate, any unused portion of the $6,000 exemption amount by one spouse on his/her separate return cannot be used by the other spouse on his/her separate return.
**For each dependent claimed, you must provide the name, social security number and relationship of that dependent to you. A dependent is a relative or other person who qualifies for federal income tax purposes as a dependent of the taxpayer. A dependency exemption is not authorized for yourself or your spouse. If you have filed as Head of Family, you must have at least one qualifying dependent listed.
You may choose to either itemize individual non-business deductions or claim the standard deduction for your filing status, whichever provides the greater tax benefit. Mississippi allows you to use the same itemized deductions for state income tax purposes as you use for federal income tax purposes with one exception. State income taxes are not deductible on your itemized deduction schedule. An adjustment must be made for that exception. Mississippi does allow certain deduction amounts depending upon your filing status. Below is listed a chart of all the exemptions allowed for Mississippi income tax.
Mississippi has a graduated tax rate. These rates are the same for individuals and businesses. There is no tax schedule for Mississippi income taxes. If you are looking to determine how much withholding should be taken out of your paycheck, look under Withholding Tax at the Withholding Tax Table. That should give you the information you are looking for. If filing a combined return (both spouses work), each spouse can calculate their tax liability separately and add the results.
John is single and has taxable income of $23,000. His tax liability will be:
$ 5,000 X 3% = $ 150
$ 5,000 X 4% = $ 200
$13,000 X 5% = $ 650
Total Tax Liability $1,000
John marries Mary who also has taxable income of $20,000. Their tax liability will be:
Taxpayer Spouse Total Tax Rate Tax Liability
$5000 + $5000 = $10,000 X 3% = $ 300
$5000 + $5000 = $10,000 X 4% = $ 400
$13,000 + $10,000 = $23,000 X 5% = $1,150
Total Tax Liability = $1,850
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Y'all Business is a research website created by the Mississippi Secretary of State's Office to help small businesses locate or expand in the State of Mississippi. This site is part of the Secretary of State's continuing effort to promote jobs in the state. The site provides a wealth of detailed information needed for businesses.