The 2024 picture for South Carolina residents
In 2024, South Carolina residents paid federal ordinary income tax at brackets topping out at 37%, plus South Carolina state tax up to 6.2%, plus Medicare (1.45% + 0.9% additional above $200k single MAGI), plus a federal supplemental-withholding layer on RSU-style income.
2024 federal capital gains brackets
In $2024, federal long-term capital gains rates were 0% up to approximately $44,625, 15% up to approximately $492,300, and 20% above. The 3.8% NIIT added for MAGI above $200,000 single, producing a 23.8% top federal rate on long-term equity sales.
South Carolina treatment in 2024
South Carolina offered preferential treatment for long-term capital gains in 2024. The specific exclusion percentage depended on the state's statute; confirm the 2024 version before applying.
Frequently asked
- What supplemental-wage withholding rate applied to RSU income in South Carolina in 2024?
- The federal supplemental-wage withholding rate was 22% on the first $1,000,000 of supplemental wages per calendar year, rising to 37% above that. South Carolina state withholding ran up to 6.2% at the top bracket.
- Did South Carolina recognize federal QSBS exclusion in 2024?
- South Carolina's conformity status varies year by year and by type of taxpayer. As of 2024, most states other than California, New Jersey, Pennsylvania, and Mississippi either conformed fully or partially to Section 1202. Check the 2024 filing instructions for the specific language.
- What was the top federal ordinary bracket in 2024, and how did it apply to South Carolina residents?
- The 37% federal ordinary bracket started around $609,350 of taxable income for single filers in 2024. South Carolina stacked 6.2% on top of that for high earners, producing a combined top marginal rate of approximately 43.2%.