Personal exemptions, 2015Ĭapital gains tax See also: Capital gains taxĪ capital gains tax is a tax levied on the profit gleaned from the sale of a capital asset. These exemptions were equal to about $1,000 in 2015. Oklahoma regulations also allow filers to receive exemptions for dependents. Exemptions for those filing as a married couple were equal to $2,000 in 2015. In Oklahoma, state personal exemptions for single filers were equal to $1,000, which was second lowest among its neighbors that allowed for personal income tax exemptions. The state exemptions for Oklahoma and its neighboring states as reported by the Tax Policy Center are reported in the chart below. Both state and federal taxes allow exemptions. Įxemptions work by reducing the amount of an individual's taxable income. The personal exemption indicates that only a person's income above a certain level is subject to taxation. States that collect a personal income tax allow individuals to claim personal exemptions on income taxes each year. Source: Tax Policy Center, 'Individual State Income Tax Rates 2000-2015,' accessed September 29, 2015 Note: For complete notes and annotations, please see the source below. Because some states are excluded from the rankings and a few share common uppermost rates, there are 34 numerical rankings, with 1 indicating the highest uppermost rate and 34 indicating the lowest. Numerical rankings are tabulated by excluding states with no personal income tax (as well as New Hampshire and Tennessee, which charge income tax only on dividends and interest) and are based on the highest possible tax rate for which an individual might be liable. The table below summarizes personal income tax rates for Oklahoma and neighboring states in 2015. In Oklahoma, there are seven income tax brackets. A tax bracket is the income range to which a tax rate applies. An individual's tax liability varies according to his or her tax bracket. The personal income tax rates in Oklahoma for the 2015 tax year ranged from 0.50 percent to 5.25 percent.

Tax rates Personal income tax See also: Personal income tax The state's tax revenues per capita were $2,347, ranking 35th highest in the United States.

In 2014, according to the Federation of Tax Administrators, Oklahoma collected $9.103 billion in tax revenues.

For more current information regarding tax policy, click here. The historical Oklahoma tax policy information below is presented as it was written on Ballotpedia in 2015. If you would like to help our coverage grow, consider donating to Ballotpedia. This article does not contain the most recently published data on this subject.

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Oklahoma income tax brackets 2021