The sales tax rate in Horry County’s most well-known tourist destination, Myrtle Beach, is 9%, the same as the county’s rate. You will pay 9% in total sales tax in Myrtle Beach because the city does not impose a separate sales tax. The same 9% sales tax applies to Murrells Inlet, a well-liked tourist area in Horry County, as it does to the whole region and Myrtle Beach. You will only pay the state, county, and local option sales taxes because the town does not levy a separate sales tax.
Let’s now discuss South Carolina’s state income tax rate. Currently, South Carolina uses a progressive income tax system, which means that as your income increases, so does the amount of taxes you’ll have to pay. Depending on your income level, the tax rate on income might be anywhere from 0% and 7%. You won’t be required to pay any state income tax, for instance, if your annual income is less than $3,070. However, you must pay 7% of your income in state income tax if your annual income is greater than $15,400.
Finally, you might be curious in how much South Carolina taxes your pension if you’re a retiree living there. The good news is that South Carolina does not tax retirement income from public pensions, including military pensions, or Social Security benefits. You could need to pay state income tax on any additional income you may have, such as through a side job or investment income.
In conclusion, both locals and visitors alike should be aware of the sales tax and income tax rates in Horry County and South Carolina. The state income tax rate varies from 0% to 7% depending on your income level, whereas the sales tax rate in Horry County, Myrtle Beach, and Murrells Inlet is 9%. Retirement income from state pensions and Social Security benefits are both tax-free for retirees in South Carolina.