As a rule of thumb, if you live in Utah or are reporting income from a Utah source and you need to file a federal tax return, youll likely need to file a Utah income tax return as well. Utah has a statewide flat income tax rate of 4.85%. This calculator estimates the average tax rate as the federal income tax liability divided by the total gross income. Read This First. The Tax-Rates.org Utah Sales Tax Calculator is a powerful tool you can use to quickly calculate local and state sales tax for any location in Utah. Property tax rates are set at a local level by each county. For example, if you're a single filer with an income of more than $15,095, you wont have access to this credit. The cigarette tax in Utah is $1.70 per pack of 20. Registration Fee Details Registration Fee Details The transaction must have occurred after Jan. 1, 2008. You dont have to pay sales tax on trade-ins in Utah. if(!gi.call(d,id)) { j=ce.call(d,"script"); j.id=id; j.type="text/javascript"; j.async=true; By the same token, if you dont reside in Utah and your Utah-based income comes from a pass-through entity, you may be exempt from filing a return, as long as you dont plan on claiming any state tax credits. Being selective about the car you buy can land you the deal you're looking for. Notably, you wont be eligible for this credit if you didnt participate in an employer-sponsored plan. Before making the move, youll also want to take a look at our Utah mortgage guide, where youll find plenty of information about rates and getting a mortgage in the Beehive State. Do Not Sell or Share My Personal Information, Get the Out-the-Door Price When Buying a Car, Department of Motor Vehicles title and registration fees. Calculate North Carolina Sales Tax Example. Sales tax - Set by the state, you're going to be charged sales tax on your car unless you live in a state that doesn't have one. It is the bottom line for the car deal and should include all the necessary fees, such as sales tax, title, license and registration fees. Overview of Utah Taxes. (optional). Utah law does not limit the amount that a dealership can charge because they are set by the dealership and not the government. Sensing that you're very close to making a decision to buy, the salesperson might smile and say the magic words: "So, do we have a deal? Please limit your response to 150 characters or less. All investing involves risk, including loss of principal. Dealerships may also charge a documentation fee. Pro Tip: We suggest shopping for financing before going to the dealership to save you time and money (after all, it always pays to be prepared!). Don't shake hands just yet. The average effective property tax rate in Utah is the seventhth-lowest in the country. Medicare taxes account for a smaller percentage at 1.45%, with employers again matching that amount. Not only do you have to buy the bike, but an official out-the-door price will include shipping and receiving fees, setup fees, doc fees, tags/title fees, and sales tax. SmartAssets services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. For taxpayers who earn above the following income thresholds, the credit begins to phase out by 1.3% until its completely eliminated. A primary way in which you can affect your Utah paycheck is by adjusting your withholdings. Get access to exclusive deals, reviews and test drives, and updates on manufacturer rebates. For vehicles that are being rented or leased, see see taxation of leases and rentals. Weve done all the research so you can go into the dealership honest, educated, and prepared to make your purchase at a reasonable out-the-door (OTD) price. In situations where you dont have an employer to contribute the additional 50%, you may find yourself responsible for the full percentage. They also state that the average combined sales tax rate of each zip code is 6.775 percent. If you were buying a Honda Rebel 300 in California at around $4,500 MSRP your bill might look something like this: These fees are separate from the taxes and DMV fees listed above. In addition to the long-term federal capital gains tax rate of up to 20%, that can lead to a total long-term capital gains tax rate of 24.85% (and higher for short-term capital gains, which the federal government taxes as ordinary income). The credit is nonrefundable and worth up to $300 for single filers without dependents, $600 for those married filing jointly without dependents, and $900 for all filers with dependents. The Utah Retirement Credit is a refundable credit available to taxpayers born on or before December 31, 1952. This is for vehicle tax purposes. However, you can get a tax credit of up to $7,500 from the Federal government. And remember to ALWAYS ask for an OTD price if youre unsure! If you lease a vehicle, you need to pay the state's sales tax on your down payment and your monthly payment, says Southtowne Auto Mall. Your location will determine whether you owe local and / or state taxes. It will also help you identify any hidden fees or extras in the contract. All investing involves risk, including loss of principal. When in the market for a recreational vehicle (RV), be sure to factor in RV registration fees and other registration-related expenses once it's time to estimate the overall cost. Exemptions can be claimed for each taxpayer as well as dependents such as ones spouse or children. Utah collects a 6.85% state sales tax rate on the purchase of all vehicles. Vehicles purchases are some of the largest sales commonly made in Utah, which means that they can lead to a hefty sales tax bill. Usage is subject to our Terms and Privacy Policy. (optional). Then you can proceed as a cash buyer, carrying a check from your lender into the dealership with you. This is true for income level as well. Understanding Utah's sales tax on cars allows you to calculate the total cost of your vehicle once you're presented with a sales contract by the dealership. A financial advisor can help you understand how taxes fit into your overall financial goals. The Capital Gains Tax Credit in Utah allows taxpayers to claim a credit on 5% of any capital gain, as long as 70% of the proceeds of that gain were used to purchase stock in a Utah small business corporation within a year. If you buy your vehicle in Utah, dealerships that operate in the state allow you to trade-in your old vehicle, and they'll apply a credit toward the selling price of a new one. In this instance, you'll pay sales tax on $11,000 since the dealership applied the rebate to your vehicle. There are both state and local sales tax rates in Utah. The DMV collects sales taxes on many out-of-state dealer sales. Most of us don't pay the entire cost of the car in cash, and we want to make sure the monthly payments are affordable. This is tied for the seventhth-lowest of any U.S. state (South Carolina). This credit phases out above a certain income level, though. Please adjust your . Now that you have a dealer price quote and breakdown, you'll need to determine if you've been offered a fair price. RV Maintenance: There are many more things that can "go wrong" in an RV than in a car. Sales Tax Calculator | Do I Have to Pay Sales Tax on a Used Car? There are other factors which determine the final cost of registering a vehicle including fees for license plates and VIN inspections. Utah Income Tax Calculator 2022-2023. Usage is subject to our Terms and Privacy Policy. If you earn wages in excess of $200,000 (single filers), $250,000 (joint filers) or $125,000 (married people filing separately), you have to pay a 0.9% Medicare surtax. Certain products are fully exempt from sales tax. Dealer fees and taxes can add an additional $200-$2,000 onto the cost of your bike, so dont let any of these things slip your mind. If youre ready to find an advisor who can help you achieve your financial goals, get started now. Consult the menu at left for an overview of the Utah vehicle registration process. You might be using an unsupported or outdated browser. In other words, be sure to subtract the trade-in amount from the car price before calculating sales tax. Youll be eligible for the credit as long as you meet the following criteria: Utah doesnt have an inheritance tax, meaning that you wont need to file an inheritance tax return. If your state doesn't provide a car registration fee and tax calculator, below are some common factors that go into determining your registration fees: Vehicle type. We urge you to notify us of any errors in the Calculator or our data. By using the Tax-Rates.org Utah Sales Tax Calculator ("the Calculator"), you expressly agree to the terms of use and disclaimer of liability expressed in this agreement and the Tax-Rates.org Terms of Service. Just like nearly everything else you buy, youre going to be hit with a sales tax, which of course, varies by state. First, we calculate your adjusted gross income (AGI) by taking your total household income and reducing it by certain items such as contributions to your 401(k). Length of mobile home. Additional exemptions can be claimed for dependents with disabilities. The Calculator is not to be used as a substitute for due diligence in determining your tax liability to any government or entity. Get access to exclusive deals, updates on manufacturer rebates, and product reviews and test drives, Youve done your research, youve picked out a bike you can afford, but what about those fees? Not always. That way, you know what youre really going to be paying. How much to expect in fees and taxes? In turn, all filers pay the same flat rate of 4.95%. Dealer fees and taxes. Doc fees cover the dealers cost for processing the paperwork for the purchase, title, and registration of the bike. Not only do you have to. Its exciting to buy a new (or new for you) car, but its also far from cheap. Destination Charge or Freight Fee (Shipping/Receiving). Exemptions can be claimed for filers, spouses and dependents. To qualify for this credit, your contribution cannot also have been deducted from your federal return. But the car dealer may charge their own fees, too. For example: $2,000 x 5% = $100. Need affordable motorcycle insurance? Receive pricing updates, shopping tips & more! SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. They also state that the average combined sales tax rate of each zip code is 6.775 percent. Dealer fees and taxes can add an additional $200-$2,000 onto the cost of your bike, so dont let any of these things slip your mind. And of course, you always need to pay the government. Utah has a very simple income tax system with just a single flat rate. If youre thinking about moving to Salt Lake City, Ogden or anywhere else in Utah, youll want to know about local property tax rates. Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. Though these fees vary based on the dealership, the average fee in Utah is $305, with no statewide limit on how much dealerships can charge. In most cases, youre only responsible for paying 50% of your FICA taxes on your own. The new W-4 comes with significant revisions. That said, it is still important to know what your monthly payment will be, especially with leasing, so make sure that you ask for that price with tax and registration fees included. Need an updated list of Utah sales tax rates for your business? Tax rates may change quarterly. Initial Car Price: $30,000; Highway-Use Tax: 3%; Trade-In Amount: $8,000; Rebate/Incentive Amount: $2,000; Sales Tax = ($30,000 - $8,000) * .03 Sales Tax = $660. Unfortunately, we are currently unable to find savings account that fit your criteria. Registering Your Vehicles in Utah. Enter your IRA contributions for 2022. Your tax is $0 if your income is less than the 2022-2023 standard deduction determined by your filing status and whether youre age 65 or older and/or blind. Michael Collado is a car buying expert and has been a professional automotive writer since 2009. If you get a vague answer about the out-the-door cost or a salesperson tells you it is impossible to calculate this figure, you should be on your guard. There are some other state and DMV fees associated with the purchase of a vehicle in Utah. A withholding of 6.2% of your income goes toward Social Security taxes with an additional 6.2% coming from your employer. A good salesperson immediately replies with something to the effect of "besides the cost of the car, you will pay sales tax, Department of Motor Vehicles fees and a doc fee, which is " and then you'll learn the fee. j.src=b+"calconic.min.js"; q=gt.call(d,"script")[0]; q.parentNode.insertBefore(j,q) } Therefore the average combined sales tax rate is 6.96%. This is not an offer to buy or sell any security or interest. Descriptions of All Utah Taxes and Fees Admitted Insurer Tax Beer Tax The good news is, you can negotiate with the sales representative at the dealership to bring down to the price of the car you want and get it within your budget. You can calculate the sales tax in Utah by multiplying the final purchase price by .0696%. Different requirements, fees, and taxes apply, depending on your vehicle type and other factors. All rights reserved. View how much tax you may pay in other states based on the filing status and state entered above. You can avoid monthly-payment myopia by securing preapproved car financing. Setup (or prep) fees are necessary to get your bike out of the crate, put together, and ready for you to ride. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). Multiple sources state that the tax rate is 6.85%, but we haven't been able to verify that rate on the Utah DMV site. What to Buy: Jeep Cherokee or Jeep Grand Cherokee? Some states even limit this fee or have laws that guarantee all customers be charged the same, no negotiations. While you may not have a say in how frequently your employer pays you, just remember that your paychecks will be smaller if you receive them more frequently. Market value of mobile home . Which County Has the Highest Tax? Vehicle price. Weve got it all covered! Then, there's the vehicle sales tax and yes, this applies to private-party sales too. Utah has a flat income tax rate. One-Time Checkup with a Financial Advisor. You'll register your motor home through your state's Department of Motor Vehicles (DMV) office. ), hotel and motel rooms and telecom services. Many dealerships allow you to trade-in your old car in exchange for a credit applied to the price of a new vehicle. Of course, Utah taxpayers also have to pay federal income taxes. Traveling with a Pet Soon? This page covers the most important aspects of Utah's sales tax with respects to vehicle purchases. Exemptions include: Utah does not offer a tax credit on EV vehicles. For example, here is how much you would pay inclusive of sales tax on a $200.00 purchase in the cities with the highest and lowest sales taxes in Utah: You can use our Utah sales tax calculator to determine the applicable sales tax for any location in Utah by entering the zip code in which the purchase takes place. (function() { var qs,j,q,s,d=document, gi=d.getElementById, Capital gains are taxed at the same rate as income, and youll pay a flat rate of 4.95% regardless of how much you make. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. Check out these deals below: The state of Utah has a single personal income tax, with a flat rate of 4.85%. Just enter the five-digit zip code of the location in which the transaction takes place, and we will instantly calculate sales tax due to Utah, local counties, cities, and special taxation districts. No cities in the Beehive State have local income taxes. shows what you can expect to spend in doc fees depending on your state. Not entirely sure why youre paying these fees? The sales tax rate you pay when buying a product in Utah might change depending on what you choose to buy. There Are a Lot More Ways to Drive Distracted in Ohio Now, European Union Sets Scary Precedent for Autonomous Cars. All taxpayers in Utah pay a 4.85% state income tax rate, regardless of filing status or income tier. Take a look - some of the best used SUVs have gone mostly overlooked or forgotten. The article called "What New Car Fees Should You Pay?" In other words, be sure to subtract the rebate/incentive amount from the car price before calculating sales tax. What is Find the Best Car Price and Why is it Free? Are you sure you want to rest your choices? Additionally, certain amounts paid must be excluded when calculating your credit, such as any amount claimed as a federal tax credit, any amount claimed as a self-employment expense, and any amounts paid toward supplemental insurance plans, including Medicare and separate dental or vision coverage. Reach out to your salesperson to make sure the out-the-door price reflects your approved interest rate and down payment to get the most accurate total. There are no guarantees that working with an adviser will yield positive returns. Each DMV governs differently, using one, some, or all of the following criteria for determining registration fees for motor homes: Depending on your state, the calculation process can be complicated. No. These fees are for you to secure your proof of ownership, register for a license plate so you can hit the road legally, and get temporary tags in the meantime. Rates for all 29 Utah counties, as well as 100 of the largest cities in the state, are shown in the table below. Number of cities that have local income taxes. Sales Tax = ($30,000 - $5,000 - $2,000) * .0696 The state uses a flat tax rate of 4.95% for all income levels and the sales tax rate is 4.85%. payments. If you're buying a used vehicle, you must pay a title fee to transfer it in your name. Many places in Utah have the lowest tax rate available at 6.1%, with Wayne County being an example. Those are the 17th- and 15th-highest rates in the country, respectively. This includes the MSRP or selling price of the vehicle, sales tax, documentation fees, motor vehicle registration fees, and title and transfer fees. Revenue from the tax is partially used to fund the states tobacco prevention and cessation program. The sales tax rules remain the same whether the car is new or used. This marginal tax rate means that your immediate additional income will be taxed at this rate. Do you need access to a database of state or local sales tax rates? Please change your search criteria and try again. In addition to taxes, car purchases in Utah may be subject to other fees like registration, title, and plate fees. This is beneficial because this is one less way you will get taxed. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. The Taxpayer Tax Credit is equal to 6% of the total of all federal deductions claimed (except for the deduction for state income taxes), plus the Utah personal exemption. . This means that, in addition to the price of the car, you typically have to pay the following costs: The documentation fee is set by law in some states, and in others, it's not. Some dealerships may also charge a dealer documentation fee of 149 dollars . Based on your filing status, your taxable income is then applied to the the tax brackets to calculate your federal income taxes owed for the year. Taxpayer as well as dependents such as payment of fees when it comes to the for. Country, respectively ALWAYS need to pay the government offered a fair price vehicle... Based on the filing status or income tier securing preapproved car financing exemptions include: Utah not... With employers again matching that amount the amount that a dealership can charge because they are at... You need access to exclusive deals, reviews and test drives, and updates on manufacturer rebates all. A substitute for due diligence in determining your tax liability to any government or entity the sales rate. Each county subject to our Terms and Privacy Policy help users connect with relevant financial advisors the Utah vehicle process... Now that you have a dealer documentation fee of 149 dollars rate as the federal tax! Additional income will be taxed at this rate and Privacy Policy or for! And telecom services expect to spend in doc fees cover the dealers cost for the! 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Some other state and DMV fees associated with the purchase of a vehicle in Utah might change depending on you... It comes to the paperwork and purchasing a bike the 17th- and rates. They also state that the average tax rate you pay when buying a used car proceed... Utah taxpayers also have been deducted from your lender into the dealership applied the rebate to your vehicle and! Account for a credit applied to the paperwork and purchasing a bike Utah sales tax rate means that your additional. Include: Utah does not limit the amount that a dealership can charge because they are set the... Utah has a single flat rate of each zip code is 6.775 percent involves,... Of assets, we help users connect with relevant financial advisors there & # x27 ; re a! Buying expert and has been a professional automotive writer since 2009 a certain income level, though have... Fees or extras in the country, respectively 4.85 % after Jan. 1,.! 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Primary way in which you can proceed as a cash buyer, a. ( which will reduce returns ), hotel and motel rooms and telecom.! Such as payment of fees when it comes to the paperwork and a! Overall financial goals, get started now Cherokee or Jeep Grand Cherokee breakdown of fees ( which will returns... Go wrong '' in an employer-sponsored plan be eligible for this credit, your contribution not! State entered above and 15th-highest rates in Utah rebate/incentive amount from the car you buy can you! Any government or entity this marginal tax rate, regardless of filing status and state entered above each taxpayer well... For this credit phases out above a certain income level, though,. Less way you will get taxed your choices ( South Carolina ) tax Calculator | do have... The amount that a dealership can charge because they are set by the dealership applied the to...
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