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Georgia residents have a state income tax system for Georgians. The state's income tax rate is currently 5%. If you are single and do not reside in Georgia, you will not have to pay the Georgia State Income Tax. However, if you work in Georgia and make more than $50,000 annually, then you may be required to list your wages on a form and file it with the IRS because of your residency status.
If you are employed by an employer within Georgia, they will withhold state taxes from your paycheck so that when year's end comes around (usually April 15 of the following year) there is no need to remit any money directly to the state. If you are not employed by a company within Georgia, then make sure to set aside between 4 and 7% of your income for that year so that you can pay taxes on time. If you do not pay the state income tax, you will be fined approximately 10% of the unpaid amount for each month that it goes unpaid. Failure to pay the tax can result in legal action as well.
Georgia is one of 7 states (Alabama, Arkansas, Delaware, Mississippi, South Carolina and Tennessee) which have no income tax at all; however many employers still require their employees to fill out a W-4 form before giving them a job.
If you are employed by an employer within Georgia, they will withhold state taxes from your paycheck so that when year's end comes around (usually April 15 of the following year) there is no need to remit any money directly to the state. If you are not employed by a company within Georgia, then make sure to set aside between 4 and 7% of your income for that year so that you can pay taxes on time. If you do not pay the state income tax, you will be fined approximately 10% of the unpaid amount for each month that it goes unpaid. Failure to pay the tax can result in legal action as well.
Georgia is one of 7 states (Alabama, Arkansas, Delaware, Mississippi, South Carolina and Tennessee) which have no income tax at all; however many employers still require their employees to fill out a W-4 form before giving them a job.
