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Form 1040 Tax Table for Raleigh North Carolina: What You Should Know

And we get a lot of cash back for a lot of work. Read More. • The North Carolina income tax rates will change in 2023. See Table 5-4 of the Guide to Tax Table Changes. • The Personal Income Tax Ordinance contains a table for determining the income tax due, and a table for determining a taxpayer's net profit. The tax due is reduced for each 25,000 in net profit over 20,000 (e.g. for 2023 taxable income of 40,000 and net profit of 30,000.) • The North Carolina Division of Taxation and the Revenue Administration will be replacing the standard deduction that was previously used for individuals. For many years, the standard deduction amount was the sum of the following amounts: the standard deduction amount for spouses, as well as the standard deduction amount for children under age 18 (including dependent children over age 18). The new income taxpayer may not use this existing deduction. The new and old standard deduction amounts are outlined below. Standard Deduction Amounts Standard Deduction (single) 6,350 Standard Deduction (married filing jointly) 12,700 Standard Deduction (head of household) 9,350 North Carolina Standard Deduction Amounts Effective January 1, 2017, Individual Income Tax Rate 10% Up to 25,000 1,000 25,000 to 50,000 2,500 50,000 to 100,000 6,500 100,000 to 150,000 9,750 150,000 to 200,000 15,000 200,000 to 500,000 20,000 500,000 to 1,000,000 15,000 1,000,001 to 1,500,000 20,000 1,500,001 to 2,000,000 15,000 2,000,001 to 2,500,000 20,000 2,500,001 to 4,000,000 20,000 4,000,001 to 4,500,000 20,000 4,500,000 to 5,000,000 20,000 5,000,000 to 20,000,000 25,000 This table is for the individual income tax only.

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