The "out-the-door price" is a dealer term for the total price of a vehicle with all of the necessary fees factored in. Utah collects a 6.85% state sales tax rate on the purchase of all vehicles. 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. What to Buy: Jeep Cherokee or Jeep Grand Cherokee? 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). Thats also the only income tax youll pay, as there are no local income taxes in Utah. In addition to taxes, car purchases in Utah may be subject to other fees like registration, title, and plate fees. This means that you save the sales taxes you would otherwise have paid on the $5,000 value of your trade-in. For example, a $1,000 cash rebate may be offered on a $10,000 car, meaning that the out of pocket cost to the buyer is $9,000. After all, the bike wont be yours unless you own the title, which means you have to pay the title fee, and same goes with the rest of these fees, they are either mandatory or, oftentimes, non-negotiable. If your total itemized deductions are less than the standard deduction, the calculator will use the standard deduction. Please note that special sales tax laws max exist for the sale of cars and vehicles, services, or other types of transaction. 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. If youre ready to find an advisor who can help you achieve your financial goals, get started now. A financial advisor can help you understand how taxes fit into your overall financial goals. Previously, Collado was a copywriter at the ad agency TBWA/Chiat/Day where he worked on brand campaigns for Nissan, ABC Television, Sony PlayStation, and Energizer. If you are considering purchasing a property in Utah or are looking to refinance, check out our Utah mortgage guide. Are you sure you want to rest your choices? Pro Tip: 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. Utah Income Tax Calculator 2022-2023. Taxes can really put a dent in your paycheck. This is the case for self-employed people and some independent contractors. Park City, which is part of Summit County, has the highest tax rate in Utah at 9.05%. You receive the vehicle from an individuals revocable trust. In most cases, youre only responsible for paying 50% of your FICA taxes on your own. Traveling with a Pet Soon? Your average tax rate is 11.67% and your marginal tax rate is 22%. Thank you for your answer! Which Has the Lowest? . Get In Touch With A Pre-screened Financial Advisor In 3 Minutes. Sales Tax = ($30,000 - $5,000 - $2,000) * .0696 All Rights Reserved. Plus, get a rating on your deal to see how it compares to what others are paying in your area. Take a look - some of the best used SUVs have gone mostly overlooked or forgotten. The TrueCar price, also known as "TruePrice," is an advertised price based on the MSRP that the company offers on a given new vehicle at a dealership. We suggest shopping for financing before going to the dealership to save you time and money (after all, it always pays to be prepared!). A sales tax is required on all private vehicle sales in Utah. Because these fees are set by the dealerships and not the government, they can vary dealership to dealership or even vehicle to vehicle. Usage is subject to our Terms and Privacy Policy. The DMV collects sales taxes on many out-of-state dealer sales. you need to consider those fees in order to get an accurate OTD price. This calculator estimates the average tax rate as the state income tax liability divided by the total gross income. The Qualifying Solar Project Credit is 25% of the amount paid to purchase qualifying solar units, up to a maximum of $1,600. Instead, say your own magic words: "Your price sounds good, but first I need to know the out-the-door cost.". Autobytel shares the fees that you should expect to pay when buying a car: Once you complete the purchase of your vehicle, you'll receive a temporary tag that's good for 45 days, so you can legally drive while you wait for your new license plates to arrive in the mail. Use our income tax calculator to estimate how much tax you might pay on your taxable income. All investing involves risk, including loss of principal. Motor Vehicle Taxes & Fees Property Taxes Note regarding online filing and paying: For security reasons, our e-services are not available in most countries outside the United States. Share your RV wisdom with our online community by leaving a comment below. In other words, be sure to subtract the trade-in amount from the car price before calculating sales tax. You can do this on your own, or use an online tax calculator. 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. You are negotiating on a car at the dealership when the salesperson finally gives you the good price you've wanted. Bridgeland, Utah, has the lowest sales tax rate at 4.7 percent, while the highest rate belongs to Park City at 8.85 percent. Our income tax calculator calculates your federal, state and local taxes based on several key inputs: your household income, location, filing status and number of personal exemptions. Youll feel a lot better by studying up before you go to the dealership. Plus, towing fees, if needed, can be extremely costly depending on the size of your recreational vehicle. Both regular and diesel gasoline in Utah are taxed at a rate of 31.90 cents per gallon. All taxpayers in Utah pay a 4.85% state income tax rate, regardless of filing status or income tier. 2023 SalesTaxHandbook. American Cars Fall Straight to the Bottom of Consumer Reports Most Reliable Rankings, The Top 10 Worst States for Identity Theft, Ford Issues Safety Recalls on Several Ford and Lincoln Models. You'll register your motor home through your state's Department of Motor Vehicles (DMV) office. That means the actual rates paid in Utah range from 6.1% to 9.05%. 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. Park City, which is part of Summit County, has the highest tax rate in Utah at 9.05%. 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). It covers mortgage rates and other important information for moving to the city. Utah doesnt offer traditional tax deductions. Determining your take-home pay can be complicated. Receive pricing updates, shopping tips & more! SmartAssets free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. The new W-4 comes with significant revisions. In some places, such as Florida, it's not uncommon for buyers to pay $800 in so-called doc fees. Then you can proceed as a cash buyer, carrying a check from your lender into the dealership with you. Those are the 17th- and 15th-highest rates in the . id="calconic_", b="https://cdn.calconic.com/static/js/"; For example, if you want to withhold an extra $50 from each paycheck, simply write $50 on the corresponding line of your W-4. The money you put into these accounts can be used for certain medical expenses like copays. What is the most important reason for that score? Preapproval also lets you gauge whether the dealer's financing is a better deal for you. Choose the filing status you use when you file your tax return. ", Wait. Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. As an example, if you are purchasing a new car for $30,000 with a $5,000 rebate, you will pay sales tax on the $25,000 cost of the car. The state uses a flat tax rate of 4.95% for all income levels and the sales tax rate is 4.85%. As of 2020, the current county sales tax rates range from 0.25% to 2%. 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. Liquor and wine can only be purchased in state-run liquor stores. Enter household income you received, such as wages, unemployment, interest and dividends. One-Time Checkup with a Financial Advisor. Print Exemption Certificates. Heres what to expect when it comes to taxes and fees in the state of Utah. The basic DMV fees, like the title, license plate, and registration fees, are no biggie. - We regularly check for any updates to the latest tax rates and regulations. How to Calculate Utah Sales Tax on a Car You can calculate the sales tax in Utah by multiplying the final purchase price by .0696%. A withholding of 6.2% of your income goes toward Social Security taxes with an additional 6.2% coming from your employer. Do I Have to Pay Sales Tax on a Used Car? For example: $2,000 x 5% = $100. Contact us. Bridgeland, Utah, has the lowest sales tax rate at 4.7 percent, while the highest rate belongs to Park . Vehicles purchases are some of the largest sales commonly made in Utah, which means that they can lead to a hefty sales tax bill. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Term Length Summary Vehicle Price $25,000 Down Payment - $2,000 Est. How much you pay in federal income tax is based on factors like your salary, your marital status and if you asked for an additional dollar withholding. Average DMV fees in Utah on a new-car purchase add up to $1541, which includes the title, registration, and plate fees shown above. 1 - Average DMV and Documentation Fees for Utah calculated by Edmunds.com. Depending on where you live in Utah, your level of tax burden can vary a bit. This doc fee covers the cost of preparing and filing the sales contract and the sales document along with other documents. 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. The statewide average effective tax rate, which is the total amount of taxes paid each year as a percentage of a homes market value, is just 0.52%. SmartAssets free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. Not entirely sure why youre paying these fees? 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? The article called "What New Car Fees Should You Pay?" For our examples in this article, we'll use the average combined rate of 6.96%. To qualify for this credit, your contribution cannot also have been deducted from your federal return. 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. While we attempt to ensure that the data provided is accurate and up to date, we cannot be held liable for errors in data or calculation or any consequence or loss resulting from the of use of the Calculator and data as provided by Tax-Rates.org. You can use our Utah Sales Tax Calculator to look up sales tax rates in Utah by address / zip code. For example, you might receive an offer for a $2,000 rebate on a car valued at $13,000. 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. 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. The Alta Ski Area gets over 500 inches of snow per year. 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. Social Security and Medicare taxes together make up FICA taxes, and they are treated in the same way across all states. Most on- and off-road vehicles, boats, aircraft, and commercial vehicles must be registered to operate in Utah. In Utah, the state sales tax rate is 4.85%. The Department collects taxes when an applicant applies for title on a motor vehicle, trailer, all-terrain vehicle, boat, or outboard motor (unit), regardless of the purchase date. Rebates and incentives: Customer cash rebates and other incentives reduce the purchase price of the vehicle. 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. And of course, you always need to pay the government. Several types of products have their own rates. This is tied for the seventhth-lowest of any U.S. state (South Carolina). 2023 Forbes Media LLC. Utah has some of the most stringent alcohol laws in the nation. You can find information and pricing on titles and registration fees by state here. The credit is worth 6% of either your federal standard deduction or itemized deduction (less state taxes paid). In other words, be sure to subtract the rebate/incentive amount from the car price before calculating sales tax. There is a single, flat rate paid by all income earners: 4.85% of their taxable income. You can find these fees further down on the page. Taxpayers can receive a credit of $100 per qualifying child. No. Don't shake hands just yet. Many dealers offer cash incentives or manufacturer rebates on the sticker price of a vehicle in order to encourage sales. . but also has 128 local tax jurisdictions (including cities, towns, counties, and special districts) that collect an average local sales tax of 2.115% on top of the state tax. Exemptions can be claimed for filers, spouses and dependents. You receive the vehicle as a gift from a spouse, parent, child, grandparent, or grandchild. But with a Savings or CD account, you can let your money work for you. SalesTaxHandbook is a free public resource site, and is not affiliated with the United States government or any Government agency, Sales Tax Handbooks By State | 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. Utah Gas Tax. Please contact us at 801-297-2200 or taxmaster@utah.gov for more information. Your location will determine whether you owe local and / or state taxes. 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 Therefore the average combined sales tax rate is 6.96%. 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. 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