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South Carolina Department Of Revenue, South Carolina Tax

South Carolina Business Corporate Tax, South Carolina Personal Income Tax, South Carolina Sales Tax Rates

What is the South Carolina corporate net income tax rate?

5%

What are the South Carolina personal net income tax rates?

$0-2,670 = 0%
2,670-5,340 = 3%
5,340-8,010 = 4%
8,010-10,680 = 5%
10,680-13,350 = 6%
13,350+ = 7%

What is the average South Carolina sales tax rate?

7.04%. The state has a 6% tax, but the average local tax is 1.04% making a total of 7.04%.

Are there standard deductions?

Single:   $5,450
Joint:   $10,900

Are there personal exemptions?

Single:   $3,500
Dependants:   $3,500

What forms do you file for your South Carolina taxes?

SC C corporations:   Form SC1120
S corporations:   Form SC1120S
Partnerships:   Form SC1065
Individual (SC LLC members):   Form SC1040

Estimated tax payments?

Form SC1040ES. South Carolina follows the IRS standards for estimated payments. If you will owe $100 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.

South Carolina Department of Revenue:

South Carolina Department of Revenue 1 South Park Circle Suite 100
Charleston , SC 29407 Telephone: 843-852-3600
Fax: 943-556-1780
Website:  http://www.sctax.org/default.htm

If you use Northwest Registered Agent as your SC 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 South Carolina businesses for only $100.

Corporate Compliance
by Local Corporate Guides®