Minnesota personal income taxes are discussed.
If you are a resident or non-resident of Minnesota and receive taxable income individually from property owned or business transacted in Minnesota, you are subject to tax on net income. Therefore, if you are operating your business as an S corporation, partnership, limited liability company (LLC), or a sole proprietorship, you will be subject to a personal income tax on your business income that passes through to you.
For the 2012 tax year, the following rates apply against taxable income:
| Single | |
|---|---|
| Taxable Income | Amount of Tax |
| $0 to $23,670 | 5.35% |
| $23,670 to $77,730 | $1,266.35, plus 7.05% of the amount over $23,670 |
| $77,730 and over | $5,077.58, plud 7.85% of the amount over $77,730 |
| Married Filing Jointly and Qualifying Widow(er) | |
|---|---|
| Taxable Income | Amount of Tax |
| $0 to $34,590 | 5.35% |
| $34,590 to $137,430 | $1,850.57, plus 7.05% of the amount over $34,590 |
| $137,430 and over | $9100.79, plus 7.85% of the amount over $137,430 |
| Head of Household | |
|---|---|
| Taxable Income | Amount of Tax |
| $0 to $29,130 | 5.35% |
| $29,130 to $117,060 | $1,558.46, plus 7.05% of the amount over $29,130 |
| $117,060 and over | $7,757.53, plus 7.85% of the amount over $117,060 |
| Married Filing Separately | |
|---|---|
| Taxable Income | Amount of Tax |
| $0 to $17,300 | 5.35% |
| $17,300 to $68,720 | $925.55, plus 7.05% of the amount over $17,300 |
| $68,720 and over | $4,550.66, plus 7.85% percent of the amount over $68,720 |