Taxes in Alaska

In Alaska there are exactly two marginal tax brackets. The tax brackets range from 0.00%, which is the lowest tax bracket in Alaska, and also 0.00% for the highest tax bracket in Alaska.
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Both marginal rates are only applied to applicable marginal tax brackets in the earnings. For people filing jointly as a couple, and for people filing as single, the rates are the same.

All though, for federal income tax, there are different tax brackets depending on how the taxes are filed for Head of Household tax payers, married tax payers, and single tax payers. It is not uncommon for states to change their tax brackets each year.

Taxes in Alaska 2015Technically speaking, a tax payer has to pay all Alaskan marginal tax rates, from the lowest to the highest. The Alaska tax bracket is the bracket that the last earned dollar in a tax period falls under. Bracketed income tax is a flat amount of the money that was earned up to the highest tax bracket, with an additional marginal percentage of any amounts earned over that amount.

In Alaska the sales tax rate is 0.000%. All though, for local tax rates, the total sales tax rate ranges from 0.000% to 7.500%. Alaska is not like other states. Alaska does not have a state sales tax. How ever, the boroughs, and cities may or may not utilize their own sales tax rates.

The property tax in Alaska depends on the county that the property is owned in. The average property tax rate in Alaska is $2,422.00 for each year. Alaska collects what they call property assessed fair market value of 1.04%. Alaska will collect this each year and considerate as their property tax. Out of the entire country, Alaska is one of the highest states with average property tax rates. Even though, the exact amount of property tax rates levied will go by which county the property is owned in.

As for individual tax rates, Alaska does not participate, and is the only state the does not require collection of state sales tax, or levy individual income tax, weather it was earned or unearned. The Alaskan state depends solely on petroleum revenues. How ever, some of the Alaskan cities and local jurisdictions do still collect sales tax revenue.

Every Alaskan, including adults, weather single or married, and children, are subject to receiving a payment each year from the Alaska Permanent Fund Corporation. A resident has the option of applying for this payment online. The department will also issue a over view each year of the operations the company complies with. This over view will include but is not subject to any new state laws that will affect any of the tax divisions.