In other words, be sure to subtract the trade-in amount from the car price before calculating sales tax. Those are the 17th- and 15th-highest rates in the . For any trade-in, you'll pay sales tax on $5,000. Also, we separately calculate the federal income taxes you will owe in the 2020 - 2021 filing season based on the Trump Tax Plan. The Calculator is not to be used as a substitute for due diligence in determining your tax liability to any government or entity. 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. And of course, you always need to pay the government. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Tax-Rates.org The 2022-2023 Tax Resource. This means that you save the sales taxes you would otherwise have paid on the $5,000 value of your trade-in. The destination charge may cover the cost to get your bike to the dealer, but whos going to put your bike together? Thank you for your answer! Most states do provide some guidance as to whether sales tax (possibly including title and registration fees) should be included in the payment of auto total loss claims. If you make $70,000 a year living in Utah you will be taxed $11,594. 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. For our examples in this article, we'll use the average combined rate of 6.96%. Enter your IRA contributions for 2022. When estimating your total costs, don't forget to consider the costs of: Have you ever registered a motorhome? Utah has a consumer protection law that mandates that each customer must pay the same amount for fees at a dealership. When combined with the state rate, each county holds the following total sales tax: Apache County - 6.1 percent Maricopa County - 6.3 percent Cochise County - 6.1 percent Pinal County - 7.2 percent Gila County - 6.6 percent Greenlee County - 6.1 percent Pima County - 6.1 percent If you believe your vehicle qualifies for an exception to Utah's title requirements that is not listed above, please call (801) 297-7780 or 1-800-368-8824 to speak to a representative for more information. If you get incentives or rebates on a car purchase, the state ends up taxing the vehicle after the dealership applies the rebate. Remember that the total amount you pay for a car (out the door price) not only includes sales tax, but also registration, and dealership fees. Do I Have to Pay Sales Tax on a Used Car? Subscribe to our News and Updates to stay in the loop and on the road! })(); Yes, in Utah you must pay the car sales tax on a used vehicle. You will subtract the trade-in value by the purchase price and get $25,000. The "out-the-door price" is a car business term for the total price of a vehicle with all of the necessary fees factored in. Depending on where you live in Utah, your level of tax burden can vary a bit. To qualify for this credit, your contribution cannot also have been deducted from your federal return. 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. 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. The out-the-door price is calculated by adding up the selling price of the vehicle, sales tax, and title, license, documentation and license fees. 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. Tax, Title & Fees**Currently Unavailable Total $23,000 Estimated Monthly Payment $ 426 Shop With Budget Get Pre-Qualified 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!). Another option that may work for you if you want to reduce your tax bill is to put more of your paycheck into pre-tax accounts. Bridgeland, Utah, has the lowest sales tax rate at 4.7 percent, while the highest rate belongs to Park City at 8.85 percent. Unfortunately, we are currently unable to find savings account that fit your criteria. 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. Let us know in a single click. If you're moving to Utah or seeking to purchase a vehicle in the state, you must know the Utah sales tax on cars. You might see additional taxes listed on the sales contract, and they're collected by the Utah Department of Motor Vehicles. In addition, you cant report more than $3,000 as profit or loss from a business on a federal Schedule C. Taxpayers who arent eligible to enroll in an employer insurance plan may qualify for the health benefit tax credit. Because these fees are set by the dealerships and not the government, they can vary dealership to dealership or even vehicle to vehicle. If your employer offers a 401(k) or 403(b) retirement account, you could choose to increase your contribution to it. The article called "What New Car Fees Should You Pay?" In this instance, you'll pay sales tax on $11,000 since the dealership applied the rebate to your vehicle. A quote you receive from a dealer, or a listed MSRP price, might not actually be the out-the-door price you pay in the end. Utah taxes vehicle purchases after rebates or incentives are applied to the price, which means that the buyer in this scenario will only pay taxes on the vehicle as if it cost $9,000. There is a single, flat rate paid by all income earners: 4.85% of their taxable income. Dealerships may also charge a documentation fee. Personal income taxes in Utah are relatively simple when compared to the federal income tax. Are you sure you want to rest your choices? This is beneficial because this is one less way you will get taxed. You can use our Utah Sales Tax Calculator to look up sales tax rates in Utah by address / zip code. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. Utah Sales Tax Calculator You can use our Utah Sales Tax Calculator to look up sales tax rates in Utah by address / zip code. Since 2018, Utah has had a flat tax rate of 4.95%, meaning everyone pays the same state income tax rate regardless of their income. Utah has a 4.85% statewide sales tax rate, Remember, a dealership may advertise a motorcycle for $8,000, but if it does not explicitly list setup fees, doc fees, taxes, and title/tags etc. For a small service fee, Tax-Rates.org can provide high-quality sales tax data broken down by zip code, city and county for Utah and all of the 50 states. Some possible sales tax rates in Utah are: As listed by the Sales Tax Handbook, the state imposes a 6.85 percent sales tax rate on customers for purchasing a vehicle. Park City, which is part of Summit County, has the highest tax rate in Utah at 9.05%. Utah Gas Tax. The 2023 401(k) contribution limit for individuals under 50 is $22,500. Dealer fees and taxes. The most you can pay in state sales taxes for a vehicle is $900. Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. If youre ready to find an advisor who can help you achieve your financial goals, get started now. Get a no-obligation offer for your car in minutes. Some states consider year and weight, too. This is tied for the seventhth-lowest of any U.S. state (South Carolina). The overall price will be lower, which means you will pay less in sales tax than with a new vehicle. Utah collects a 6.85% state sales tax rate on the purchase of all vehicles. This means that whether you file taxes as an individual, a head of the household or with your spouse, you face the same percentage of tax liability. Get In Touch With A Pre-screened Financial Advisor In 3 Minutes. Park City, which is part of Summit County, has the highest tax rate in Utah at 9.05%. A financial advisor can help you understand how taxes fit into your overall financial goals. Keep in mind that some purchases may be exempt from sales tax, and others others may be subject to special sales tax rates. You might be using an unsupported or outdated browser. Thank you for your answer! Each DMV governs differently, using one, some, or all of the following criteria for determining registration fees for motor homes: Age of mobile home. 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). 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. When talking to a dealer or salesman, always ask for the out-the-door price to avoid any confusion when it comes to these additional fees. Save more with these rates that beat the National Average. And remember to ALWAYS ask for an OTD price if youre unsure! Of course, Utah taxpayers also have to pay federal income taxes. Yes, you dont have to pay sales tax on trade-ins in Utah. Then you can proceed as a cash buyer, carrying a check from your lender into the dealership with you. For vehicles that are being rented or leased, see see taxation of leases and rentals. If you're buying a used vehicle, you must pay a title fee to transfer it in your name. Do you need access to a database of state or local sales tax rates? Many dealerships allow you to trade-in your old car in exchange for a credit applied to the price of a new vehicle. Tax information and rates are subject to change, please be sure to verify with your local DMV. This credit phases out above a certain income level that's dependent on your filing status. If youre ready to find an advisor who can help you achieve your financial goals, get started now. This calculator estimates the average tax rate as the federal income tax liability divided by the total gross income. Once you have the tax rate, multiply it with the vehicle's purchase price. Utah has a very simple income tax system with just a single flat rate. j.dataset.calconic=true; Still, purchasing a used car is a wise choice for many. Destination charges are ultimately determined by the value of the bike, almost like a tax, and are typically not negotiable. View downloads & pricing. Youll feel a lot better by studying up before you go to the dealership. Receive pricing updates, shopping tips & more! No. Market value of mobile home . You can find these fees further down on the page. So how does this approach work when your focus is on your monthly payments? Some calculators may use taxable income when calculating the average tax rate. For example, if you want to withhold an extra $50 from each paycheck, simply write $50 on the corresponding line of your W-4. 2023 FindtheBestCarPrice.com, Front vehicle photos 1986-2023 Autodata, Inc. dba Chrome Data. you need to consider those fees in order to get an accurate OTD price. To find out the amount of all taxes and fees for your particular vehicle, please call the DMV at (801) 297-7780 or 1-800-DMV-UTAH (800-368-8824). 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. Utah car dealerships offer incentives or rebates to car buyers. you need to consider those fees in order to get an accurate OTD price. His recognition in the ad industry includes awards from Communication Arts and The Clios. Average Retirement Savings: How Do You Compare? Other filers may have different limits. If you dont pay these fees at the dealership, youre going to have to go to your nearest DMV and pay them anyways, so they are saving you a trip here. ), hotel and motel rooms and telecom services. Do you have a comment or correction concerning this page? The calculator will show you the total sales tax amount, as well as the county, city, and special district tax rates in the selected location. View how much tax you may pay in other states based on the filing status and state entered above. For 2022, you could contribute up to $6,000, or up to $7,000 if youre age 50 or older. Enter your financial details to calculate your taxes, Find a Savings or CD account that works for you. THE BEST USED SUVS UNDER $10,000 We looked into price, reliability, features, and more to create this list of the best used SUVs under $10k on the market today. This is tied for the seventhth-lowest of any U.S. state ( South Carolina.. Tax rates in the loop and on the $ 5,000 value of bike! 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