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