Simply Free ($0 federal for simple tax returns and $0 state) is only available for those with a qualifying tax situation offer may change or end at any time without notice. Start for free: TaxSlayer pricing is based on your tax situation and the type of support you want and varies by product. SC Use Tax - The following counties changed the local tax rates as of May 1, 2023: Beaufort, Berkeley, Jasper, SumterĪdditional information can be found on the South Carolina Department of Revenue website. 7% of the lesser of $50,000 or the amount of earned income of the taxpayer with the least amount of qualified income for the year.Ĭlassroom Teacher Expenses Credit - The maximum credit increased to $350. Two Wage Earner Credit - The Two Wage Earner Credit has increased to. CreditsĮarned Income Tax Credit - For tax year 2023, South Carolina has increased their Earned Income Tax Credit to equal 125% of the Federal Earned Income Credit. Subtractions from Incomeįorm SC I-335 Active Trade or Business Income Deduction - DO NOT complete Form SC I-335 if your SC taxable income is less than or equal to $16,040. Increase in dependent exemption – The South Carolina dependent exemption amount for 2023 is $4,610 and is allowed for each eligible dependent, including both qualifying children and qualifying relatives. For 2023, the top marginal tax rate is 6.4% the 0% and the 3% tax rates in brackets #1 and #2 did not change. South Carolina has reduced the number of tax brackets used to calculate individual income tax to three. South Carolina has made the following changes for the upcoming 2023 tax year: Income Tax Table
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