This article provides an overview of the provisions governing Tax on Income in Oregon. We cover topics such as the rate of tax, Duty days, interest accrued under subsection (1), Rates, and the liability of a lender, surety, or other person. These provisions apply to most Oregon residents. For more information on taxation in Oregon, please visit the Oregon Department of Revenue website. Also, see the list of frequently asked questions.
Do you know that your professional athletic team member must report a portion of his or her compensation to the IRS? This amount bears the same relationship to his or her total compensation as do duty days within Oregon. If so, you need to pay the Oregon Department of Revenue those amounts by duty day. To qualify, you need to be a resident of Oregon, and the compensation is subject to withholding. Then, you need to pay your professional athletic team member’s income tax according to the Department of Revenue’s prescribed procedures.
Interest accrued under subsection (1)
Interest accrued under subsection (1) of the law is not taxable to individuals who were residents of the state for most of the taxable year. This section also provides relief for nonresidents who had a tax liability during the year and made quarterly estimated payments. Underpayments of estimated tax due to willful neglect are also not taxable. Therefore, underpayments may qualify for lower rates of interest.
Income taxes in Oregon vary from state to state, but the top marginal rate is the highest in the nation. Individuals and businesses are responsible for paying the state income tax, which ranges from 4.75% to 9.9%. In addition, employers in Lane and TriMet are required to withhold a 0.01% transit tax from each employee’s wages. Individuals make at least $125,000 per year in Oregon, and a couple pays up to $250,000 per year.
The Oregon DOR has issued a press release about income tax deadlines. The deadline for Oregon personal income tax filing has been delayed until July 15, 2020. Oregon corporate income tax is due on August 2 and April 30. Estimated tax payments are due on April 15, said a tax debt lawyer in Oregon.