By: Miri Hunter, CPA, CVA, CGMA
The West Virginia State Tax Department has announced that effective January 1, 2025, the personal income tax rates will be reduced by 4%, which will bring the top rate down from 5.12% to 4.92%. The tax rate is a graduated tax rate which based on West Virginia taxable income.
For individuals filing joint returns, filing as head of household, and for estates and trusts, the following information applies.
If the West Virginia taxable income is, then the tax is:
- Not over $10,000 – 2.27%
- Over $10,000 but not over $25,000 – $227 plus 3.02% of excess over $10,000
- Over $25,000 but not over $40,000 – $680 plus 3.40% of excess over $25,000
- Over $40,000 but not over $60,000 – $1,190 plus 4.53% of excess over $40,000
- Over $60,000 – $2,096 plus 4.92% of excess over $60,000
For married taxpayers filing separately, the following table will apply.
If the West Virginia taxable income is, then the tax is:
- Not over $5,000 – 2.27%
- Over $5,000 but not over $12,500 – $113.50 plus 3.02% of excess over $5,000
- Over $12,500 but not over $20,000 – $340 plus 3.40% of excess over $12,500
- Over $20,000 but not over $30,000 – $595 plus 4.53% of excess over $20,000
- Over $30,000 – $1,048 plus 4.92% of excess over $30,000
Suttle & Stalnaker, PLLC is ready to help you. If you would like more information on how this applies to you, please contact Miri Hunter, CPA, CVA, CGMA at 304.343.4126 or mhunter@suttlecpas.com.