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Form 1099 Int for Wyoming: What You Should Know
Wyoming has low income tax but high tax rates — about 33.9% on adjusted gross income and a 7.35% state tax. If filing jointly, taxpayers will owe 7.35% more tax. Wyoming's tax rate is among the highest in the nation. Form W-2 is not an acceptable form for Wyoming, since it is not a tax-reporting document. Wyoming requires employers to withhold federal income and sales taxes. Income tax withholding and Wyoming state tax The amount you are required to withhold for Wyoming is the Wyoming tax rate times the withholding rate for the type of income. For example, the tax rate for married couple filing jointly is 0% unless additional income is reported in box 7d from your Wyoming income tax return, such as dividends or capital gains. The tax rate is 6.7% for self-employment income above the state minimum wage of 7.50 an hour. Form W-2 instructions and a breakdown of withholding The federal regulations for Form W-2 for Wyoming are in the Form W-2 Instructions. Wyoming's state income taxes are based on the state minimum wage level. Each state's minimum wage set by the Washington State Department of Labor (DOL) varies according to the number of employees per wage and the size of the employer's business. The state minimum wage for 2024 is 9.50 per hour. If you're working for an employer that exceeds this minimum wage level, and you are the sole wage earner, it's important to know whether withholding is required on the portion of your paycheck that's based on the federal minimum wage or on the portion with a Washington state minimum wage amount. Wyoming Minimum Wage — DOL The Washington Minimum Wage for 2024 is 9.50. If you are paid by hourly wage, that's 8.50 for the first half hour, increasing to 13.00 for each hour after that and 12.00 for each hour, after 45 hours. If you are paid by an hourly wage, that's 8.51 for the first half hour, increasing to 13.00 for each hour after that and 12.51 for each hour, after 45 hours. If you are paid by an hourly wage, that's 8.48 for the first half hour, increasing to 13.15 for each hour after that and 12.17 for each hour, after 45 hours. If you are paid by an hourly wage, that's 8.
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