South Carolina collects taxes from its residents at the following rates over 6 income brackets: 1  There is no tax assessed on the first $2,910 of taxable income. 2  3% on taxable income between $2,911 and $5,820. 3  4% on taxable income between $5,821 and $8,730.  5% on taxable income between $8,731 and $11,640.