Kentucky Income Tax Calculator 2023 - The Next Gen Business

Overview of Kentucky Taxes

Effective January 1, 2023, Kentucky enacted a reduced individual income tax rate of 4.5%, down from the previous 5%, simplifying its tax structure while providing some relief to taxpayers. Further reductions are anticipated, with a decrease to 4.0% slated for 2024 as part of the state’s phased tax reduction plan.

To use the Kentucky income tax calculator, simply input your desired salary and filing status to begin.

2023/24 Kentucky Income Tax Calculator

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The TaxAssist+ calculator computes your federal and state income taxes for the 2023/24 tax year, using several key factors such as your household income, geographical location, and filing status.

HOW INCOME TAXES ARE CALCULATED

Initially, the calculator identifies your adjusted gross income (AGI) by reducing your total household income by specific, allowable adjustments.
We then subtract potential personal exemptions to arrive at your taxable income.
Your taxable income is subjected to relevant tax brackets based on your filing status to determine the total income tax you owe for the year.

Update Schedule: TaxAssist+ continuously monitors for amendments to tax rates and regulations, ensuring that our calculators remains current for the current tax year.

Customer Support: For any comments or inquiries, we encourage you to reach out directly to our support team via our contact page.