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Maryland Comptroller, Maryland SDAT, Maryland Tax

Maryland Business Corporate Tax, Maryland Personal Income Tax, Maryland Sales Tax Rates

What is the Maryland corporate net income tax rate?

8.25%

What are the Maryland personal net income tax rates?

0-1,000 2%
1,000-2,000 3%
2,000-3,000 4%
3,000-150,000 4.75%
150,000-300,000 5%
300,000-500,000 5.25%
500,000-1 million 5.5%
1 million + 6.25%

There are also a lot of local income taxes with an average rate of 3%.

What is the average Maryland sales tax rate?

6%

Are there standard deductions?

Single:  $2,000
Joint:  $4,000

Are there personal exemptions?

Single:  $3200
Dependants:  $3200

What forms do you file for your Maryland taxes?

Maryland corporations:   Form 500
S corporations:  Form MD 510
Partnerships:  Form MD 510
Individual:  Form MD 502, and MD 505 for non-residents of Maryland

To learn more about nonprofit filings, see our Maryland nonprofit corporation page.

Estimated tax payments?

Form 500D for corporations with more than $1000 of tax liability. Maryland follows the IRS standards for estimated payments. If you will owe $500 or more in tax for the current year, you are required to make 90% of the tax due, over quarterly payments. It has to be at least 100% of the previous year, even if you think you won’t make as much in the current year. You make Maryland estimated tax payments with form 502D.

Maryland Department of Revenue:

Maryland Comptroller
Revenue Administration Center
80 Calvert Street
Annapolis, MD 21404
Telephone: 800-638-2937 or 410-260-7980
Website:  http://www.comp.state.md.us/

If you use Northwest Registered Agent as your Maryland LLC or corporation in, receive notification reminders to file your annual reports on time, annual tax reminders, and new state information reminders. All for a low annual flat rate fee of $125 a year. We also help incorporate new Maryland businesses for only $100.

 

 

Corporate Compliance
by Local Corporate Guides®