Oklahoma State Taxes
Oklahoma State Tax ― Individual Income Tax
The individual income tax rates for Oklahoma are as follows:
- 0.5% on the first $1,000 of taxable income
- 1% on taxable income between $1,001 and $2,500
- 2% on taxable income between $2,501 and $3,750
- 3% on taxable income between $3,751 and $4,900
- 4% on taxable income between $4,901 and $7,200
- 5% on taxable income between $7,201 and $8,700
- 5.5% on taxable income of $8,701 or more
Oklahoma State Tax ― Corporate Tax
Oklahoma’s corporate income tax has a flat rate of 6% on all corporate income.
Oklahoma also imposes an annual Franchise Tax on corporations doing business in the state, at a rate of $1.25 for each $1,000 of capital invested/used in Oklahoma.
Oklahoma State Tax ― Sales & Use Tax
The state sales tax rate is 4.5% on the retail sales of taxable items. The use tax is a component of the sales tax ― it has the same rate and applies to transactions for which sales tax has not been properly collected. Individuals are personally responsible for paying use tax on their out-of-state purchases. Most Oklahoma counties and cities impose additional local sales/use tax rates.
Oklahoma State Tax ― Property Tax
Property tax is a local tax. All real and personal property is subject to taxation in Oklahoma, unless specifically exempted by law. County officials determine the fair market value of property and rates are set based on the Oklahoma Constitution and voter-approved levies. Revenue collected from property taxes goes to local schools and public services.
Oklahoma State Tax Forms
Form 511 (Individual Resident Income Tax Return)
Form 511NR (Individual Nonresident/Part-Year Resident Income Tax Return)
Form 511-V (Oklahoma Individual Income Tax Payment Voucher)
Form OW-8-ES (Estimated Tax Declaration for Individuals)
Form 504 (Application for Extension of Time to File)
Form 511X (Amended Resident Individual Income Tax Return)
Form 21-1 (Oklahoma Consumer Use Tax Report)
Form 200 (Oklahoma Annual Franchise Tax Return)
Oklahoma State Tax Resources
Oklahoma Tax Commission: www.oktax.state.ok.us
Oklahoma Tax Commission E-File (electronic filing): www.tax.ok.gov/efileisbest
2009 Oklahoma Income Tax Withholding Tables: www.tax.ok.gov/publicat/09whpkt
2010 Oklahoma Income Tax Withholding Tables: www.tax.ok.gov/publicat/10whpkt
Tax Rates and Codes for Sales, Use, and Lodging Tax: www.tax.ok.gov/publicat/copo1Q10
Oklahoma County Property Tax Rates/Millages for 2010: www.oklahomacounty.org/assessor/taxrates