South Dakota Form 5498 2024-2025

South Dakota Form 5498: What You Should Know

South Dakota State Income Tax | S.D. Codified Laws § 15a-13-2(b) The following table summarizes the tax due for the South Dakota corporate income tax, special excise tax, property tax, and sales tax based upon a corporation's gross receipts for the tax year: Payroll Expense Tax | S.D. Codified Laws § 15a-19-3(b) Under the South Dakota “Wobbly” Income Tax, employers with gross receipts exceeding 100,000 must pay an additional payroll tax of 1.6%, which is not subject to a refundable credit. For businesses with gross receipts up to 1,000,000, a wage tax of 0.3% is paid on gross wages up to 10,000 for an individual and 20,000 for partnerships. This rate applies only to wages actually paid or accumulated at the time of the filing. The rate applies for wages received or accrued on or before December 15. Capital Gains Tax | South Dakota codified Income included in the computation of gross estate and gift tax does not include any income from South Dakota corporations. Income from South Dakota corporations is subject to special tax. Retirement Plan | State of South Dakota Dept. of Revenue South Dakota employers with more than 35 employees must pay an annual tax on “qualified plan commissions” that may apply only to employer-sponsored plans. Retirement Plan Employer-Sponsored Plans | State of South Dakota Dept. of Revenue Employers with over 15 employees are required to pay an annual tax on “qualified plan commissions” that may apply only to employer-sponsored plans. Sales Tax | South Dakota Department of Revenue Sales tax rates vary from one county to the next based on a county's population, size of economy, sales and other data derived from the state Department of Revenue or the most recent sales tax report. Sales Tax Rates for Commercial Sales Taxpayers | South Dakota Department of Revenue South Dakota has three rate systems for business sales tax. Sales Tax System Locality Base Rate 1st and Second Counties 3.06 5% 3d and 4th Counties 3.61 5% County Sales Tax Rates 1st and Second Counties 3.56 4.55% 3d and 4th Counties 4.38 4.

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