Tax season is quickly approaching and for most people, it's time to get their paperwork in order. But for Californians, it's particularly important to know what the current tax rates are for the upcoming tax year. In this article, we'll be taking a look at the current California tax rates for the 2022 tax year.
Income Tax Rates in California
California's income tax rates are progressive, meaning that the more you earn, the higher your tax rate is. California's rates range from 1% on the lowest incomes up to 13.3% on the highest incomes. The current tax rates for the 2022 tax year are as follows:
- 1% on incomes up to $8,223
- 2% on incomes between $8,223 and $19,495
- 4% on incomes between $19,495 and $30,769
- 6% on incomes between $30,769 and $42,711
- 8% on incomes between $42,711 and $53,980
- 9.3% on incomes between $53,980 and $275,738
- 10.3% on incomes between $275,738 and $551,491
- 11.3% on incomes between $551,491 and $1,103,982
- 12.3% on incomes between $1,103,982 and $1,556,474
- 13.3% on incomes over $1,556,474
Sales Tax Rates in California
In addition to income taxes, California also has a sales tax that applies to most goods and services. The current sales tax rate in California is 7.25%, which is broken down into two components: the 6% state sales tax and the local sales tax, which is levied by counties and cities. The local tax rate varies by jurisdiction and can range from 0.25% to 2.5%.
Property Tax Rates in California
California also has a property tax that applies to real estate. The property tax rate in California is 1% of the assessed value of the property. However, the actual tax rate can vary widely depending on the county or city in which the property is located. For example, the property tax rate in Los Angeles County is 0.7%, while the property tax rate in San Bernardino County is 1.25%.
Gas Tax Rates in California
California also has a gas tax that applies to the purchase of gasoline. The current gas tax rate in California is 53.5¢ per gallon. This is broken down into two components: the 18¢ state gas tax and the 35.5¢ local gas tax, which is levied by counties and cities. Again, the local tax rate varies by jurisdiction and can range from 0.5¢ to 11.5¢ per gallon.
Other Taxes in California
In addition to the taxes mentioned above, California also has a number of other taxes that may apply to individual taxpayers or businesses. These include estate taxes, inheritance taxes, alcohol taxes, tobacco taxes, and more. In order to determine which taxes may apply to you or your business, it's important to consult a tax professional or visit the California Franchise Tax Board website.
Conclusion
Taxes in California can be complicated, but it's important to understand the current tax rates in order to properly prepare your taxes. The current California tax rates for the 2022 tax year are as follows: income tax rates ranging from 1% to 13.3%, sales tax rate of 7.25%, property tax rate of 1%, and gas tax rate of 53.5¢ per gallon. In addition, there are a number of other taxes that may apply, depending on your situation. If you have any questions about these taxes or any other taxes, it's best to consult a tax professional or visit the California Franchise Tax Board website.
