Income Tax Brackets Puerto Rico

This page provides puerto rico personal income tax rate actual values historical data forecast chart statistics economic calendar and news.

Income tax brackets puerto rico. You can learn more about how the puerto rico income tax compares. 7 of the excess over 9 000. Boost your productivity with powerful solution. The personal exemption for 2018 and future tax years is usd 3 500 per individual and usd 7 000 for married tax payers living together and filing jointly.

Income from personal services performed within puerto rico will not be considered from puerto rican sources if it is usd 3 000 or less and the individual was present in puerto rico for 90 days or less during the calendar year. The exemption for each dependant is usd 2 500. A new eitc is made available for puerto rico resident taxpayers with earned income. Notably puerto rico has the highest maximum marginal tax bracket in the united states.

You can earn up to 25 000 in abt income for free and up to 50 000 will incur an abt rate of 1. If you are a self employed individual rendering services you may choose to pay puerto rico s optional self employed tax rates instead of the regular income tax rates. Fill out documents electronically utilizing pdf or word format. Abt income in excess of 250 000 is subject to an abt rate of 25.

1 120 plus 14 of the excess over 25 000. Puerto rico has a de minimis rule to avoid sourcing to puerto rico very small amounts of income from personal services. Download forms on your pc or mobile device. Puerto rico collects a state income tax at a maximum marginal tax rate of spread across tax brackets.

Make them reusable by creating templates include and complete fillable fields. The veteran s exemption is usd 1 500. Unlike the federal income tax puerto rico s state income tax does not provide couples filing jointly with expanded income tax brackets. Your tax will be.

3 430 plus 25 of the excess over 41 500 61 500. Puerto rico income tax rates. Approve forms with a lawful digital signature and share them by way of email fax or print them out. The corporate tax rate in puerto rico comprises a base rate of 18 5 reduced from 20 as from taxable years beginning after 31 december 2018 plus a graduated surcharge.

There is no standard deduction in puerto rico. The eitc ranges from 300 to 2 000 with the amount of the credit depending on various factors such as marital status number of dependents and adjusted gross income.