South Carolina State Taxes
South Carolina State Tax ? Individual Income Tax
Individuals must file a South Carolina tax return if they earned income in South Carolina and are required to file a federal income tax return. If you are not required to file a federal return but you had state taxes withheld from your wages, you must file a state tax return to receive a tax refund.
The individual income tax rates for South Carolina are as follows:
- 0% on the first $2,740 of taxable income
- 3% on taxable income between $2,741 and $5,480
- 4% on taxable income between $5,481 and $8,220
- 5% on taxable income between $8,221 and $10,960
- 6% on taxable income between $10,961 and $13,700
- 7% on taxable income of $13,701 or more
South Carolina State Tax ? Corporate Tax
The Corporate Income Tax rate is 5% for most corporations doing business in South Carolina. Banks are taxed at a rate of 4.5% and savings/loans corporations are taxed at a rate of 6%.
An annual Corporate License Tax is also imposed on corporations and other entities. This tax is equal to 0.001 times the entity’s capital stock and paid-in surplus, plus $15. Note that an initial license tax of $25 is charged at the time of incorporation.
South Carolina State Tax ? Sales & Use Tax
The state sales tax rate is 6% on the retail sales of goods and certain services. The ‘use tax’ is applied when proper sales tax has not been paid. Use tax typically includes items that are purchased out-of-state and brought into South Carolina for use, storage, or consumption. Some counties also impose additional local sales/use tax rates that range from 1% to 2%.
South Carolina State Tax ? Property Tax
Property tax is a locally enforced tax, imposed by counties, cities and school districts. It is an ‘ad valorem’ tax which means property is taxed ‘according to value.’ For more information regarding property taxes, contact your local assessor.
South Carolina State Tax Forms
Form SC 1040 (South Carolina Individual Income Tax Return)
Schedule NR (Nonresident Schedule)
Form SC 1040V (Individual Income Tax Payment Voucher)
Form SC 1040X (Amended Individual Income Tax)
Form SC 1040ES (Individual Declaration of Estimated Tax)
Form SC1120 (C Corporation Income Tax Return)
South Carolina State Tax Resources
South Carolina Department of Revenue: www.sctax.org
Index of South Carolina current state tax forms and instructions: www.sctax.org/Forms+and+Instructions
SC Department of Revenue ‘Electronic Services’ for Individual Income: www.sctax.org/Electronic+Services/FastFile
South Carolina ‘DOR ePay’ Electronic Payment System: dor.sc.gov/mydorway
Check the status of your SC income tax refund: dor.sc.gov/tax-index/individual-income/Pages/refund-status-progress.aspx
Contact the Department of Revenue using ‘SC eNote’ (email): www.sctax.org/help/scenote
South Carolina Tax Council: sctaxcouncil.org