Midwestern States Tax Comparison
(Taxable Income = $1,000,000; Employees = 100)| Total State Business Taxes | Business Income Tax | |
|---|---|---|
| Indiana |
$151,136 |
$85,000 |
| Illinois |
$250,746 |
$95,000 |
| Iowa |
$212,453 |
$120,000 |
| Kentucky |
$232,405 |
$60,000 |
| Michigan |
$168,927 |
$49,500 |
| Minnesota |
$266,435 |
$98,000 |
| Missouri |
$191,070 |
$62,500 |
| Ohio |
$162,303 |
$85,000 |
| Wisconsin |
$200,932 |
$79,000 |
Source: IEDC, 2010
Midwestern States Worker’s Comp. (WC) Comparison
(Taxable Income = $1,000,000; Employees = 100)
| WC Premium | WC Rate | Unemp. Insurance | |
|---|---|---|---|
| Indiana | $47,236 | $1.16 |
$18,900 |
| Illinois | $135,926 | $3.05 |
$41,820 |
| Iowa | $68,753 | $1.82 |
$23,700 |
| Kentucky | $110,805 | $2.29 |
$21,600 |
| Michigan | $95,127 | $2.12 |
$24,300 |
| Minnesota | $106,775 | $2.27 |
$61,360 |
| Missouri | $88,695 | $1.90 |
$43,875 |
| Ohio | $135,403 | $2.24 |
$24,300 |
| Wisconsin | $82,932 | $2.21 |
$39,000 |
Source: IEDC, 2010