Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right
Loading
Tap on the profile icon to edit
your financial details.

Mississippi Income Tax Calculator

Your Details Done

Overview of Mississippi Taxes

Mississippi has a progressive state income tax that is slightly lower than the national average. The state sales tax is slightly above the national average, though. Property taxes here are among the lowest in the nation. 

Enter your financial details to calculate your taxes
Household Income
Dismiss
Location
Dismiss
Filing Status
401(k) Contribution
Dismiss
IRA Contribution
Dismiss
Itemized Deductions
Dismiss
Number of State Personal Exemptions
Dismiss

Your Income Taxes Breakdown

Tax Type Marginal 
Tax Rate
Effective 
Tax Rate
2023 
Taxes*
Federal
FICA
State
Local
Total Income Taxes
Income After Taxes
Retirement Contributions
Take-Home Pay

* These are the taxes owed for the 2023 - 2024 filing season.

Your 2023 Federal Income Tax Comparison

  • Your marginal federal income tax rate
  • Your effective federal income tax rate
  • Your federal income taxes

Total Estimated 2023 Tax Burden

Income Tax $
Sales Tax $
Fuel Tax $
Property Tax$
Total Estimated Tax Burden $
Percent of income to taxes = %
$
  • About This Answer

    Our income tax calculator calculates your federal, state and local taxes based on several key inputs: your household income, location, filing status and number of personal exemptions.

    How Income Taxes Are Calculated

    • First, we calculate your adjusted gross income (AGI) by taking your total household income and reducing it by certain items such as contributions to your 401(k).
    • Next, from AGI we subtract exemptions and deductions (either itemized or standard) to get your taxable income. Exemptions can be claimed for each taxpayer as well as dependents such as one’s spouse or children.
    • Based on your filing status, your taxable income is then applied to the the tax brackets to calculate your federal income taxes owed for the year.
    • Your location will determine whether you owe local and / or state taxes.
    ...read more
  • Last Updated: January 1, 2024

    When Do We Update? - We regularly check for any updates to the latest tax rates and regulations.

    Customer Service - If you would like to leave any feedback, feel free to email info@smartasset.com.

    ...read more
Find a Savings or CD account that works for you

Taxes can really put a dent in your paycheck. But with a Savings or CD account, you can let your money work for you. Check out these deals below:

Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
As of
Marketing Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
As of
Marketing Disclosure
Share Your Feedback
How would you rate your experience using this SmartAsset tool?
What is the most important reason for that score? (optional)
Please limit your response to 150 characters or less.
Thank you for your answer! Your feedback is very important to us.

Taxes in Mississippi

Mississippi State Tax Quick Facts

  • Income tax: 0% - 5%
  • Sales tax: 7% - 8%
  • Property tax: 0.75% average effective rate
  • Gas tax: 18 cents per gallon of regular gasoline and diesel

The Mississippi state government collects several types of taxes. The most significant are its income and sales taxes. The personal income tax, which has a top rate of 5%, is slightly lower than the national average for state income taxes. However, the statewide sales tax of 7% is slightly above the national average. There are also two cities that levy a local sales tax.

A financial advisor can help you understand how taxes fit into your overall financial goals. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Mississippi Income Taxes

The income tax in the Magnolia State is based on four tax brackets, with rates of 0%, 3%, 4% and 5%. Because the income threshold for the top bracket is quite low ($10,000), most taxpayers will pay the top rate for the majority of their income. The tax brackets are the same for all filing statuses.

Income Tax Brackets

All Filers
Mississippi Taxable IncomeRate
$0 - $3,0000%
$3,000 - $5,0003%
$5,000 - $10,0004%
$10,000+5%

Those tax rates do not apply to total income, but rather taxable income, which accounts for deductions and exemptions. Mississippi allows the same itemized deductions as the IRS, with the exception of the deduction for state and local income taxes. The standard deduction in Mississippi is $2,300 for single filers and married individuals filing separately, $4,600 for married individuals filing jointly and $3,400 for heads of household. If itemized deductions are less than the standard deduction, taxpayers receive the standard deduction.

Along with those deductions, there is also a personal exemption in Mississippi. The exemption is $5,000 for single filers and $10,000 for joint filers. Taxpayers can claim additional exemptions of $1,500 per dependent.

Mississippi does not have some of the tax credits common to other states, such as the Earned Income Tax Credit or the Child and Dependent Care Tax Credit.

Mississippi Sales Tax

There is a single, statewide sales tax of 7% in Mississippi. It is the same everywhere in the state, with a few exceptions. The city of Jackson, Mississippi’s state capital, collects its own additional sales tax of 1%. This means the total sales tax there is 8%. The city of Tupelo also collects an additional tax of 0.25% on all retail sales and services provided from within the city’s corporate limits. Many cities and counties also impose Tourism and Economic Development Taxes on hotels, motels, restaurants and bars.

Tax is collected on sales of tangible personal property as well as certain services in Mississippi. Taxable services include installation or repair of air conditioning units, bowling fees, car-washing, electricians, furniture repair, hotels and motels, laundering and dry cleaning, parking garages and lots, television service and woodworking.

Tangible personal property includes most physical goods, such as furniture, clothing and electronics, but there are some exceptions. Mississippi is one of just two states to tax all food at the full sales tax rate. Groceries and prepared food alike are subject to the statewide 7% sales tax, and there are additional restaurant taxes in some areas. On the other hand, prescription drugs are not taxed in Mississippi.

Mississippi has two sales tax holidays. The first typically occurs on Friday and Saturday of the last weekend in July. During those two days, clothing and footwear items costing less than $100 can be purchased sales tax free. The second holiday is called the “Mississippi Second Amendment Weekend.” It occurs over the first weekend in September, during which time firearms, ammunition and hunting supplies can be purchased free of state sales tax.

Mississippi Property Tax

Taxes on property in Mississippi are among the lowest in the nation. The average effective property tax rate (taxes per year as a percentage of home value) in the Magnolia State is just 0.75%. However, because of the relatively low home values in Mississippi, the median real estate taxes paid in Mississippi is just $1,097.

If such low property taxes caught your attention and you’re considering buying a home in Mississippi - or if you’re thinking about refinancing a property there - check out our Mississippi mortgage guide for information about rates and mortgages in the state.

Mississippi Gas Tax

Regular gasoline in Mississippi is taxed at a rate of 18 cents per gallon, one of the lowest gas taxes in the country. Diesel fuel faces the same low tax of 18 cents per gallon.

Mississippi Capital Gains Tax

Short- and long-term capital gains are taxed at the regular income tax rates in Mississippi. However, gains from the sale of shares in financial institutions based in Mississippi, as well as domestic limited partnerships and limited liability companies, may be exempt in some situations.

Mississippi Cigarette Tax

According to the Tax Foundation, Mississippi’s cigarette tax is 68 cents per pack of 20 cigarettes.

Mississippi Alcohol Tax

Mississippi’s alcoholic beverage taxes, on the other hand, rank quite high compared with the rest of the nation. The tax on liquor is equal to $7.46 per gallon.

Photo credit: flickr
  • According to polling by Gallup international, Mississippi is the most religious state in the country.
  • The name Mississippi comes from the Ojibwe word meaning "great river."