The reduction in the income tax rate would reduce reduce revenue into the general fund by 1.2%. There are multiple factors that affect your tax liability such as being single or married, having children and/or dependents, and other circumstances, and there is never a one-size-fits-all scenario, even though the Colorado state income tax rate is fixed at 4.63%. Tax-Rates.org provides a printable Colorado datasheet including an income tax table, a list of Colorado tax deductions, important URLs and addresses, and more. The income tax rate in Colorado is one of the states that lock in their income tax rate regardless of whether you earn $20,000 a year or $200,000+ per year. But, you will pay other Federal taxes that will affect your take-home pay. This rate was reduced to the current 4.63 percent in 2000. PO Box 17087 You can learn more about how the Colorado income tax compares to other states' income taxes by visiting our map of income taxes by state. This means that these brackets applied to all income earned in 2009, and the tax return that uses these tax rates was due in April 2010. Colorado has a flat income tax of 4.63%, meaning everyone should theoretically pay the same rate regardless of their income. Colorado's maximum marginal income tax rate is the 1st highest in the United States, ranking directly below Colorado's %. The following table shows the history of Colorado's individual income tax rates. There are no personal exemptions. Massachusetts: Flat-tax rate dropped from 5.05% to 5.00%; Ohio: Reduced number of tax brackets from seven to five, then dropped income tax rates by 4%   Tennessee: Tax rate on interest income and dividends dropped from 2% to 1%; Wisconsin: Dropped one of its marginal tax rates from 5.84% to 5.21% Electronic Funds Transfer; Credit/Debit Card or E-Check; Check or Money Order ; Cash; Tax Due with Return Filing. If you want to check the status of your Colorado tax refund, you can visit the Colorado Income Tax Refund page.   Illinois (4.95%) The personal exemption allowed for individuals is $2,725 per person, $4,550 for married couples, and $2,725 for dependents. That means, regardless of what tax bracket you’re in, you’ll pay the same rate. See the TABOR website for more information. Home. Additionally, many states allow the levying of local sales taxes, which are then added to the state's tax. By continuing to use this website, you consent to the use of cookies in accordance with our Cookie Policy. You must pay estimated income tax if you are self employed or do not pay sufficient tax withholding. 1375 Sherman St 1. The rate has been 4.63% since 2000. The attraction to move from another state or relocate from another country to Colorado is very appealing for many reasons, but the fact that the income tax rate in Colorado is fixed at 4.63% is even more enticing. In Denver, you’ll pay $5.75 per month if you make more than $500, and in Greenwood Village, you will pay $4 every month if you earn more than $250. You can mail your return to the at the correct address below, and include your payment by check or money order. A reduction may be triggered in any given … Both corporate and individual income taxes are currently assessed at a tax rate of 4.63 percent. The above table provides you with a broad range of different Colorado income tax bracket scenarios. Our calculator has recently been updated in order to include both the latest Federal Tax Rates, along with the latest State Tax Rates. If you want to simplify payroll tax calculations, you can download ezPaycheck payroll software, which can calculate federal tax, state tax, Medicare tax, Social Security Tax and other taxes for you automatically. According to the Colorado Legislative Council Staff, the rates were lowered to "reduce the TABOR surplus." For details on specific deductions available in Colorado, see the list of Colorado income tax deductions. Our state ranking and income tax figures are based on a family of four (married parents with two children) earning the national median household income of $50,000 per year. This rate is applied to the share of federal taxable income attributable to Colorado (though exceptions apply to interstate corporations). Payment Options. The current state income tax rate in Colorado is a flat rate of 4.63 percent. The official Facebook page for the Colorado Department of Revenue. Request Payment Plan. To e-file your Colorado and Federal income tax returns, you need a piece of tax software that is certified for eFile by the IRS. That means all Colorado residents’ income is taxed at the same rate, regardless of their income level. E-filing your return and filing early can help ensure your refund check gets sent as quickly as possible. Limited liability companies (LLC) and certain other entities may make an election by filing IRS Form 8332 to be classified as a C corporations for federal income tax purposes. Check the 2021 Colorado state tax rate and the rules to calculate state income tax 5. Colorado voted to pass Proposition 116, which cuts the state income tax rate from 4.63% to 4.55% and will reduce the state’s revenue by millions in the midst of a recession. What lower income taxes would mean for Colorado. If you are a Colorado resident, your employer will withhold taxes from every paycheck you get. The income tax rate in Colorado is 4.63% and it is a flat tax rate, meaning that no matter what level of income you earn in Colorado, the income tax rate remains the same. Colorado has a flat income tax rate which applies to both single and joint filers. It is also simple and transparent. Donate My Refund to Charity. You can save time and money by electronically filing your Colorado income tax directly with the . 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