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Wisconsin Tax

Wisconsin Tax

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Wisconsin Tax

Individual Income Tax Forms

Form 1 Individual Income Tax Return

Form 1A Individual Income Tax Return

Form 1NPR Nonresident Individual Income Tax Return

Form 1X Amended Individual Income Tax Return

Corporate Income Tax Forms

Form 3 Partnership and Economic Development Surcharge Return

Form 4 Corporation Franchise or Income Tax Return

Form 5 Wisconsin Corporation Franchise or Income Tax Return

From 5S S Corporation Franchise or Income Tax Return 

Form PW-1 Nonresident Income or Franchise Tax Withholding on Pass-Through Entity Income

Sales Tax Forms

Exemption Form

Forms CST-220 Use Tax Return

Form ST-12 Sales and Use Tax Return

Property Tax Forms

Form PA-5632 Statement of Taxes

Wisconsin pulled out of recession in the beginning of 2010 and is currently beginning to add jobs onto the Wisconsin economy. Revenue from Wisconsin taxes dove during the current recession period. It is projected that Wisconsin is going to add more than 20,000 jobs to its economy this year. However, it will take three more years for the state to get employment up to pre-recession levels. Wisconsin taxes are typically ranked among the highest in the country. Currently, as far as tax burden goes, Wisconsin residents deal with the 9th greatest state tax burden in the country. 

Overall, the Wisconsin tax climate is the 42nd worst in the United States. Economic growth in Wisconsin is a testament to its dairy industry and its proximity to Chicago. The Chicago suburbs of Southern Wisconsin are home to many offices of Chicago based companies seeking to move to cheaper real estate markets in the suburbs. Major cities like La Crosse, Milwaukee, and Green Bay are economic centers in Wisconsin. 

In Wisconsin, economic growth is a function of its strategic location, not the state government's tax policies. Wisconsin is considered a donor state to the federal government. Wisconsin gives the federal government $1, it only gets 80 cents back from the federal government in the form of aid. As such, Wisconsin residents helped to bailout Wall Street more than many other American states. 

Property Taxes

Wisconsin taxes on property are collected at both the state and local level. The bulk of property taxes are collected by the local governments. Only a small fraction of Wisconsin taxes on property go directly to Madison. Property taxes are among the highest in the nation. Local governments collect approximately $1,400 per property owner each year in Wisconsin. The highest property taxes are in the largest cities and the Chicago suburbs due south of Milwaukee. 

Property taxes, at the state level, amounted to $20 per person in FY 2009. Wisconsin taxes on property ownership are appraised according to market value. Thus, property taxes took a slight dive in Wisconsin as a result of the sub-prime housing crisis despite the fact that Wisconsin did not have as many foreclosures as Nevada or Florida. Generally, state and local governments can depend on property taxes to pay for their services.

Sales Taxes

Sales taxes are to be paid by merchants and retailers that operate within the State of Wisconsin. Wisconsin sales taxes combine both state and local taxes within a given sales tax rate. The Wisconsin sales tax rate currently sits at 5%. Below the national average of 5.8%. Wisconsin taxes the sale of all goods and services in the state. 

Business owners in the manufacturing and farming sectors can purchase business related equipment and supplies without having to pay sales tax. Business owners must provide proof of ownership with a tax ID to wholesalers or industrial supply retailers. All non-industrial consumption is subject to Wisconsin taxes. Cigarettes are taxed at $2.52 per pack of twenty. Gasoline is taxed at 32.9 cents per gallon.   

Income Taxes

Wisconsin tax forms apply to the income tax. There are two different Wisconsin tax forms for personal income taxes. One for individuals and the other for married couples. The percentage withheld depends on the the amount of income a person or couple makes. 

Wisconsin's personal income tax is progressive, meaning top earners owe more to the state than their less successful counterparts. Wisconsin taxes the top earning tax bracket at a rate of 7.75%, kicking in with annual earnings of a quarter million dollars. Corporate income taxes are much simpler than personal income taxes. Wisconsin taxes corporate income at a flat rate of 7.9%. If you need legal advice and assistance, contact Wisconsin lawyers.


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