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. Notably, you wont be eligible for this credit if you didnt participate in an employer-sponsored plan. The average doc fee in Utah is $3051, and Registration Fee Details Registration Fee Details 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. 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 | Also, we separately calculate the federal income taxes you will owe in the 2020 - 2021 filing season based on the Trump Tax Plan. Now that you understand why youre paying these dealers fees, find out more information on The True Cost of Motorcycle Ownership: Its More Than Just the Bike and search our nationwide inventory. For a one-year-old car of the same worth, this tax is $1,465. 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. (optional). But in Utah, youll need to be prepared to spend additional money on these extra costs. In Utah, you can claim a personal exemption of $579 for each dependent you claimed on your federal tax return. Once you have the tax rate, multiply it with the vehicle's purchase price. You will subtract the trade-in value by the purchase price and get $25,000. There Are a Lot More Ways to Drive Distracted in Ohio Now, European Union Sets Scary Precedent for Autonomous Cars. Just like nearly everything else you buy, youre going to be hit with a sales tax, which of course, varies by state. If you purchase any product or service in Utah, you're subjected to the state's general sales tax rate listed at 4.85 percent. Sales Tax = ($30,000 - $5,000 - $2,000) * .0696 Residential utilities such as gas and electricity are charged a sales tax rate of up to 6%. Cities and municipalities in Utah can collect sales taxes up to the rate of 2.1 percent. Still, purchasing a used car is a wise choice for many. 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. 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). But the car dealer may charge their own fees, too. 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. Of course, Utah taxpayers also have to pay federal income taxes. How would you rate your experience using this SmartAsset tool? Dealers need to pay for things like moving the bike from the warehouse to the dealership and setting up your bike. Doc fees cover the dealers cost for processing the paperwork for the purchase, title, and registration of the bike. if(!gi.call(d,id)) { j=ce.call(d,"script"); j.id=id; j.type="text/javascript"; j.async=true; You can find information and pricing on titles and registration fees by state. For additional information click on the links below: Motor vehicle titling and registration Motor vehicle title penalties 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. Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. Utah has some of the most stringent alcohol laws in the nation. Therefore, your car sales tax will be based on the $25,000 amount. Tax-Rates.org provides free access to tax rates, calculators, and more. Some states even limit this fee or have laws that guarantee all customers be charged the same, no negotiations. Utah Income Tax Calculator 2022-2023. If you're making a down payment and financing, it should factor those in as well. Dealerships apply extra fees, sometimes referred to as doc fees, with the sale of the car. You must not have an ownership interest in that small business at the time of investment. You can avoid monthly-payment myopia by securing preapproved car financing. Dealers need to pay for things like moving the bike from the warehouse to the dealership and setting up your bike. Please contact us at 801-297-2200 or taxmaster@utah.gov for more information. 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. You receive the vehicle as a gift from a spouse, parent, child, grandparent, or grandchild. You may also be interested in printing a Utah sales tax table for easy calculation of sales taxes when you can't access this calculator. . some purchases may be exempt from sales tax, others may be subject to special sales tax rates. However, many others (DE, DC, ID, LA, MA, MI, MT, NH, NM, NC, NE, TX, and WY) remain silent regarding whether, when, and in what amounts sales tax Social Security and Medicare taxes together make up FICA taxes, and they are treated in the same way across all states. They also state that the average combined sales tax rate of each zip code is 6.775 percent. All rights reserved. Enter household income you received, such as wages, unemployment, interest and dividends. Utah Gas Tax. If you're moving to Utah or seeking to purchase a vehicle in the state, you must know the Utah sales tax on cars. This will give you the confidence to proceed with that deal or search for a better offer. A sales tax is required on all private vehicle sales in Utah. Heres What Time You Should Plan on Leaving, Great Again? Some taxes that Utah has include ones on consumer use, rental cars, sales, sellers use, lodgings, and many others. Please adjust your . The Utah Educational Savings Plan Credit is equal to 5% of the contributions made to each plan over the course of the year, up to a maximum of $102.47 per qualified beneficiary, or $204.93 for joint filers. Please change your search criteria and try again. 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. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. For example: $2,000 x 5% = $100. 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. 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. 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? No. Keep in mind that some purchases may be exempt from sales tax, and others others may be subject to special sales tax rates. Trade-in value. You don't have to pay tax on dealer and manufacturer rebates in Utah. The amount of the credit is determined by the Utah Housing Corporation. Let us know in a single click. You'll register your motor home through your state's Department of Motor Vehicles (DMV) office. ", Wait. Print Exemption Certificates. Negotiating on the price of the car is a simpler way to go. 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. Youll feel a lot better by studying up before you go to the dealership. You'll need to focus your attention on the selling price of the vehicle and the trade-in offer, if you have one. The good news is that Utah has some of the lowest property taxes in the country. Tax information and rates are subject to change, please be sure to verify with your local DMV. Market value of mobile home . The "out-the-door price" is a dealer term for the total price of a vehicle with all of the necessary fees factored in. Tax-Rates.org The 2022-2023 Tax Resource. Unfortunately, we are currently unable to find savings account that fit your criteria. Do you have a comment or correction concerning this page? The state of Utah requires you to pay taxes if you are a resident or nonresident that receives income from a Utah source. Medicare taxes account for a smaller percentage at 1.45%, with employers again matching that amount. The following events are not taxable when it comes to vehicle transfers: Get the latestCar Dealsas soon as they come out. Businesses shipping goods into Utah can look up their customer's tax rate by address or zip code at tap.utah.gov . Taxable income is calculated by subtracting all personal exemptions from total income. In most cases, youre only responsible for paying 50% of your FICA taxes on your own. Let us know in a single click. It allows you to see all aspects of the car deal in one place and gives you a complete picture of what you're paying. Property tax rates are set at a local level by each county. Receive pricing updates, shopping tips & more! One-Time Checkup with a Financial Advisor. This is not an offer to buy or sell any security or interest. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. This is for vehicle tax purposes. Arizona multiplies the estimated value of the motor home by a predetermined tax rate. Your average tax rate is 11.67% and your marginal tax rate is 22%. 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. 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. In addition to state and local sales taxes, there are a number of additional taxes and fees Utah car buyers may encounter. Some states consider year and weight, too. 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 you're buying a used vehicle, you must pay a title fee to transfer it in your name. 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. Taxpayers can receive a credit of $100 per qualifying child. Contributions come out of your pay before taxes do, so youre lowering your taxable income while simultaneously saving for your retirement. This calculator estimates the average tax rate as the federal income tax liability divided by the total gross income. Most on- and off-road vehicles, boats, aircraft, and commercial vehicles must be registered to operate in Utah. There are approximately 4.7 billion tons of dissolved salt in the Great Salt Lake. If you're making a down payment and financing, it . In other words, be sure to subtract the rebate/incentive amount from the car price before calculating sales tax. 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. 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. These fees are separate from the taxes and DMV fees listed above. 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%. Tax, Title & Fees**Currently Unavailable Total $23,000 Estimated Monthly Payment $ 426 Shop With Budget Get Pre-Qualified 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. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. You do not have to pay sales tax if the vehicle is gifted to you from a spouse, parent, child, grandparent, or grandchild. Not only do you have to. 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 base phase-out amounts are as follows: Utah provides a nonrefundable tax credit for parents and legal guardians who are full-time caregivers of children 12 months old or younger. And of course, you always need to pay the government. . Utah collects a 6.85% state sales tax rate on the purchase of all vehicles. There are no guarantees that working with an adviser will yield positive returns. This calculator estimates the average tax rate as the state income tax liability divided by the total gross income. Why? That way, you know what youre really going to be paying. For our examples in this article, we'll use the average combined rate of 6.96%. It covers mortgage rates and other important information for moving to the city. Some dealerships may also charge a dealer documentation fee of 149 dollars. Plus, get a rating on your deal to see how it compares to what others are paying in your area. The new W-4 comes with significant revisions. View downloads & pricing. That means the actual rates paid in Utah range from 6.1% to 9.05%. Both retail sales and leases of tangible personal property are taxable under Utah sales tax law. The cigarette tax in Utah is $1.70 per pack of 20. How To Find The Cheapest Travel Insurance. It's also easier to ask the question that will reveal what you're actually going to pay for the car: the out-the-door cost. According to Utah's Department of Motor Vehicles, the amount you pay in fees depends on the vehicle you buy, its fuel type, the county where you bought the vehicle, and other variables. Consult the menu at left for an overview of the Utah vehicle registration process. The Utah Retirement Credit is a refundable credit available to taxpayers born on or before December 31, 1952. 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. 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. Dealer fees and taxes. Tax-Rates.org provides the Calculator on an AS-IS basis in the hope that it might be useful, with NO IMPLIED WARRANTY OF FITNESS. Utah Sales Tax Calculator You can use our Utah Sales Tax Calculator to look up sales tax rates in Utah by address / zip code. 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. What to Buy: Jeep Cherokee or Jeep Grand Cherokee? 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. Overall, taxpayers in Utah face a relatively low state and local tax burden. The sales tax rules remain the same whether the car is new or used. If you were buying a Honda Rebel 300 in California at around $4,500 MSRP your bill might look something like this: *Keep in mind that these are general estimates and most of these fees will vary by state and by county, so do your research! Employers also withhold federal income tax from each of your paychecks. Dealerships may also charge a documentation fee. Youve done your research, youve picked out a bike you can afford, but what about those fees? payments. For any trade-in, you'll pay sales tax on $5,000. So What Happens When an Autonomous Car Gets Pulled Over? At least 70% of any proceeds from the transaction must be used to buy stock in a qualified Utah small business within 12 months of when the sale occurred. Hes written about dealership sales, vehicle reviews and comparisons, and service and maintenance for over 100 national automotive dealerships. This is one way to have extra money in your possession, and you could do anything with it, from depositing it in a high-interest savings account to paying down student loan debt. Other filers may have different limits. But if you focus only on the monthly payments, you won't be able to easily see any add-ons or learn in advance how hefty that doc fee is going to be. 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. Find your state below to determine the total cost of your new car, including the car tax. 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. To qualify for this credit, your contribution cannot also have been deducted from your federal return. The state uses a flat tax rate of 4.95% for all income levels and the sales tax rate is 4.85%. Traveling with a Pet Soon? 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. Employers Again matching that amount personal exemption of $ 100 per qualifying child in most cases, only. Funds or hold custody of assets, we help users connect with relevant financial advisors must have... Are a number of additional taxes and fees Utah car buyers may encounter by securing preapproved financing... Number of additional taxes and fees Utah car buyers may encounter before December 31, 1952 lowering. Relevant financial advisors of interest buying a used car is new or used are set at a level. Car, including the car price before calculating sales tax rate of 6.96.... Code at tap.utah.gov lowering your taxable income while simultaneously saving for your retirement calculated subtracting... Dependent you claimed on your federal return off-road vehicles, boats, aircraft, and vehicles. 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