South Carolina State Tax formula updated
Effective 1 January 2022, the South Carolina State Tax formula has been updated:
- The lowest tax rate used decreased from 0.5% to 0.2%.
- The highest tax rate used remains 7%
- The supplemental wage rate remains 7%
- The tax bracket thresholds have increased.
- Value of state allowance increased from $2,670 to $2,750.
- The maximum standard deduction increased from $4,200 to $4,580.