Social Security Contributions: 6.2% in 2024 with a maximum contribution of $ 10,453.20 per annum and,
Medicare Contributions: 1.45% in 2024 with an additional 0.9% for those whose earnings exceed $ 200,000.00 in 2024.
NOTE if you are exempt from Social security and/or Medicare you can set your exemption by selecting advanced and then choosing the appropriate settings in the FICA section.
- Single Individuals and Married Persons Filing Separate Returns: $ 14,600.00
- Married Individuals and Surviving Spouses Filing Joint Returns: $ 29,200.00
- For Unmarried or Legally Separated Individuals who Qualify as Heads of Household: $ 21,900.00
- if married (whether filing jointly or separately) or a qualified surviving spouse: $ 1,550.00. The additional amount is $ 3,100.00 if one spouse is 65 or over and blind, $ 3,100.00* if both spouses are 65 or over, $ 6,200.00* if both spouses are 65 or over and blind, etc.
*If married filing separately, these amounts apply only if you can claim an exemption for your spouse. - if unmarried (single): $ 1,950.00. The additional amount is $ 3,900.00 if the individual is both 65 or over and blind.
- if unmarried (head of household): $ 1,950.00. The additional amount is $ 3,900.00 if the individual is both 65 or over and blind.
North Carolina Tax Deductions
Allowances provided to reduce taxable income are commonly known as "tax deductions" in the context of the United States tax system. Tax deductions lower your taxable income, and consequently, your tax liability. They are subtracted from your gross income, making the income subject to tax lower.
There are various types of tax deductions, including:
- Standard Deduction: A fixed amount that taxpayers can deduct from their income. The standard deduction amount varies based on the taxpayer's filing status (e.g., single, married filing jointly, etc.).
- Itemized Deductions: Specific expenses that taxpayers can itemize and deduct from their income. These include medical and dental expenses, state and local taxes (SALT), mortgage interest, charitable contributions, and others.
- Above-the-Line Deductions: Also known as adjustments to income, these deductions can be taken in addition to the standard deduction or itemized deductions. They include contributions to retirement accounts, student loan interest, educator expenses, and more.
The purpose of these deductions is to reduce the amount of income that is subject to tax, thereby lowering the overall tax burden for an individual or household. The applicable deductions can vary depending on the taxpayer's individual circumstances, financial activities, and changes in tax law.
North Carolina Tax Credits
Allowances provided to reduce the calculated income tax due are typically referred to as "tax credits" in the United States tax system. Tax credits differ from tax deductions in that they directly reduce the amount of tax owed, rather than just reducing taxable income. Here's a brief overview:
- Nonrefundable Tax Credits: These credits can bring your tax liability down to zero but won't result in a tax refund. Common examples include the Child and Dependent Care Credit and the Lifetime Learning Credit.
- Refundable Tax Credits: These credits not only reduce your tax liability to zero but also allow for a refund if the credit exceeds your tax liability. The Earned Income Tax Credit (EITC) is a notable example, benefiting low- and moderate-income earners.
- Partially Refundable Tax Credits: A combination of the first two types, where a part of the credit is used to reduce tax liability to zero and the remainder is refundable. The Child Tax Credit falls under this category, with certain portions being refundable under specific conditions.
Tax credits are highly valuable as they directly reduce the total tax bill, potentially leading to significant savings or even refunds. The availability and specifics of tax credits can vary based on individual circumstances and changes in tax laws.
Historic Tax Calculators for North Carolina (2014 - Present)
Our Historic Tax Calculators allow you to view tax rates and liabilities for North Carolina from 2014 up to the current year (current latest tax year integrated into the US Tax Calculator: 2024). This feature is particularly useful for long-term financial planning and understanding tax changes over the years.
Select a specific North Carolina tax calculator from the list below to calculate your annual gross salary and net take home pay after deductions for that tax year.
- North Carolina 2024 Income Tax Calculator
- North Carolina 2023 Income Tax Calculator
- North Carolina 2022 Income Tax Calculator
- North Carolina 2021 Income Tax Calculator
- North Carolina 2020 Income Tax Calculator
- North Carolina 2019 Income Tax Calculator
- North Carolina 2018 Income Tax Calculator
- North Carolina 2017 Income Tax Calculator
- North Carolina 2016 Income Tax Calculator
- North Carolina 2015 Income Tax Calculator
- North Carolina 2014 Income Tax Calculator
© iCalculator™ NC (US) is Copyright and Trademark Protected, part of iCalculator™ (2009 - 2024)
