2023 California State Income Tax Rates

What Is The California State Tax Rate For 2020 Federal from federalwithholdingtables.net

California State Income Tax Overview

The California state income tax rate is one of the highest income tax rates in the United States. The Golden State has a progressive income tax rate structure, meaning that the more you make, the higher your tax rates will be. As of 2023, the top marginal income tax rate in California is 13.3%, the highest in the country. Fortunately, the state offers a variety of tax credits, deductions, and exemptions that can help reduce your tax liability.

2023 California State Income Tax Rates

For 2023, the California state income tax rate ranges from 1% to 13.3%. The rates depend on your filing status and your income. Here is a breakdown of the 2023 California state income tax rates:

1% on the first $8,544 of taxable income
2% on taxable income between $8,544 and $20,255
4% on taxable income between $20,255 and $31,969
6% on taxable income between $31,969 and $44,377
8% on taxable income between $44,377 and $56,085
9.3% on taxable income between $56,085 and $286,492
10.3% on taxable income between $286,492 and $343,788
11.3% on taxable income between $343,788 and $572,980
12.3% on taxable income between $572,980 and $1,000,000
13.3% on taxable income of $1,000,000 and above

California State Income Tax Deductions and Credits

In addition to the above tax rates, the state of California also offers a variety of deductions and credits to help reduce your tax liability. Some of the most common deductions and credits include the following:

The California Earned Income Tax Credit
The California Dependent Care Credit
The California Mortgage Interest Deduction
The California Property Tax Deduction
The California Charitable Contributions Deduction

California State Income Tax Exemptions and Exclusions

In addition to deductions and credits, the state of California also offers a variety of exemptions and exclusions that can help reduce your tax liability. Some of the most common exemptions and exclusions include the following:

The California Retirement Exemption
The California Social Security Exclusion
The California Veteran's Exemption
The California Earned Income Exclusion
The California Unemployment Benefits Exclusion

Additional California State Income Tax Resources

If you need more information about the California state income tax rate structure or deductions, credits, exemptions, and exclusions, you can visit the California Franchise Tax Board website at https://www.ftb.ca.gov/. The website has a wealth of information to help you understand the California state income tax system and how it applies to you.

Conclusion

The California state income tax rate structure is one of the highest in the country. However, the state offers a variety of deductions, credits, exemptions, and exclusions to help reduce your tax liability. It is important to understand the tax rate structure and how it applies to your specific situation so that you can take advantage of all the deductions and credits available to you.