Current Tax
Four rate brackets, reaching maximum rate at a relatively low level of taxable income
- 2.0% on first $3,000 ($0-3,000)
- 3.0% on next $2,000 ($3,001-5,000)
- 5.0% on next $12,000 ($5,001-17,000)
- 5.75% on taxable income above $17,000
Taxable income is adjusted gross income, starting from the federal return, less personal exemptions of $800 each and deductions (standard deductions of $3,000 or $5,000)