What are the income tax rates in Vermont?

Vermont imposes a progressive income tax system with rates that vary according to income levels. As of the latest information, the income tax rates range from 3.35 percent to 8.75 percent depending on the taxpayer's filing status and their income level. For individual filers, the lowest rate of 3.35 percent applies to taxable income up to a certain threshold, while higher income levels are taxed at progressively higher rates. For example, the next tax bracket increases to 6.60 percent for income over a specified amount, and the top tax bracket of 8.75 percent applies to income above the highest threshold. Married couples filing jointly have slightly different thresholds that determine their tax rates. The Vermont Department of Taxes regularly updates these rates, and it is advisable for individuals to refer to the current tax tables available on their official website. Additionally, tax credits and deductions may also influence the effective tax rate for individual taxpayers, making it important for residents to consider their overall financial situation. For the most up-to-date information and specific details, referring to the Vermont Department of Taxes website is recommended.