Tax changes for NC residents in 2014

Tax changes for NC residents in 2014 (Image 1)
Tax changes for NC residents in 2014 (Image 1)

An overhaul of North Carolina's tax code kicked in Wednesday impacting taxpayers in several ways.

First the graduated income tax system has been replaced with a flat tax so Instead of paying 6% on the first $13,000 in earnings, you'll pay 7% on everything between $13,000 and $60,000 — and 7.75% on anything above that in 2014, everyone will be taxed at 5.8%.

But be aware, the new year comes with new taxes on the money you are spending. For example a ticket to the Panthers game will now be charged an additional 6.75% sales tax on top of the original ticket price. Registering an Electric car in North Carolina will now come with an additional $100 fee to support State Highway Trust Fund.

And that annual tax-free weekend for back-to-school shopping is no-more along with tax rebates on energy-efficient appliances.

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