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. What to Buy: Jeep Cherokee or Jeep Grand Cherokee? 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. Registering Your Vehicles in Utah. In other words, be sure to subtract the trade-in amount from the car price before calculating sales tax. The most you can pay in state sales taxes for a vehicle is $900. j.dataset.calconic=true; You can find information and pricing on titles and registration fees by state here. Traveling with a Pet Soon? 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). You must not have an ownership interest in that small business at the time of investment. All taxpayers in Utah pay a 4.85% state income tax rate, regardless of filing status or income tier. Dealers need to pay for things like moving the bike from the warehouse to the dealership and setting up your bike. Of course, Utah taxpayers also have to pay federal income taxes. Rebates and incentives: Customer cash rebates and other incentives reduce the purchase price of the vehicle. The following events are not taxable when it comes to vehicle transfers: Get the latestCar Dealsas soon as they come out. Tangible personal property includes physical goods, such as furniture and clothing, as well as electronically transferred products like movie downloads. Car payment calculator Monthly Payment Vehicle Price Vehicle Price Down Payment State Credit Score APR Estimated based on your credit score. Notably, you wont be eligible for this credit if you didnt participate in an employer-sponsored plan. To qualify for this credit, your contribution cannot also have been deducted from your federal return. Most importantly, it removes the use of allowances and instead features a five-step process that asks filers to indicate various personal information, along with dependents and additional income or jobs. 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 urge you to notify us of any errors in the Calculator or our data. 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. You might be using an unsupported or outdated browser. Dealerships apply extra fees, sometimes referred to as doc fees, with the sale of the car. Idaho, for example, determines the fee by using a valuation factor based on one of the following motorhome chassis types: mini motor home, motor home, front engine diesel, rear engine diesel, or van conversions. 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. 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. What to Buy: Hyundai Tucson or Hyundai Santa Fe? 1 - Average DMV and Documentation Fees for Utah calculated by Edmunds.com. ), hotel and motel rooms and telecom services. Also, we separately calculate the federal income taxes you will owe in the 2020 - 2021 filing season based on the Trump Tax Plan. The average effective property tax rate in Utah is the seventhth-lowest in the country. Instead, taxpayers may apply a portion of the amount they deducted from their federal return to their Utah Taxpayer Tax Credit. 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. Purchase Amount $ Purchase Location ZIP Code -or- Specify Sales Tax Rate What to Buy: Subaru Crosstrek or Subaru Forester? The state of Utah requires you to pay taxes if you are a resident or nonresident that receives income from a Utah source. 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. Enter your financial details to calculate your taxes, Find a Savings or CD account that works for you. You cant own a vehicle without a title! The overall price will be lower, which means you will pay less in sales tax than with a new vehicle. Not always. Exemptions include: Utah does not offer a tax credit on EV vehicles. It's easy to fall into that monthly-payment thinking. For any trade-in, you'll pay sales tax on $5,000. Please change your search criteria and try again. Some states consider year and weight, too. But the car dealer may charge their own fees, too. Exemptions can be claimed for each taxpayer as well as dependents such as ones spouse or children. In most cases, you can negotiate the out-the-door price. Its exciting to buy a new (or new for you) car, but its also far from cheap. That way, you know what youre really going to be paying. })(); Yes, in Utah you must pay the car sales tax on a used vehicle. 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%. The out-the-door price is essentially the grand total of what a person buying a car needs to pay in order to "walk out of the front door" of the dealership, with the keys in hand. Descriptions of All Utah Taxes and Fees Admitted Insurer Tax Beer Tax 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. Utah has some of the most stringent alcohol laws in the nation. You can't withhold more than your earnings. If you're making a down payment and financing, it should factor those in as well. You receive the vehicle from an individuals revocable trust. This calculator estimates the average tax rate as the federal income tax liability divided by the total gross income. We read every comment. Your average tax rate is 11.67% and your marginal tax rate is 22%. 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. Unfortunately, we are currently unable to find savings account that fit your criteria. Thank you for your answer! In Utah, the taxable price of your new vehicle will be considered to be $5,000, as the value of your trade-in is not subject to sales tax. 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. The DMV collects sales taxes on many out-of-state dealer sales. Many dealers offer cash incentives or manufacturer rebates on the sticker price of a vehicle in order to encourage sales. Input the total of your itemized deductions, such as mortgage interest, charitable contributions, medical and dental expenses, and state taxes. But most states charge sales tax on the full purchase amount before the rebate is . You might see additional taxes listed on the sales contract, and they're collected by the Utah Department of Motor Vehicles. If you're moving to Utah or seeking to purchase a vehicle in the state, you must know the Utah sales tax on cars. There are other factors which determine the final cost of registering a vehicle including fees for license plates and VIN inspections. The basic DMV fees, like the title, license plate, and registration fees, are no biggie. Personal income taxes in Utah are relatively simple when compared to the federal income tax. The 2023 401(k) contribution limit for individuals under 50 is $22,500. Youve done your research, youve picked out a bike you can afford, but what about those fees? If you really want to avoid owing the IRS money come tax time, you might want to opt for an additional dollar withholding from each of your paychecks. According to Sales Tax States, 61 of Utah's 255 cities, or 23.922 percent, charge .css-xtkis1{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:#1C5f8B;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;font-weight:bold;}.css-xtkis1:hover{color:#000000;text-decoration-color:border-link-body-hover;}a city sales tax. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. 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. 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. 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. 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. (optional). 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. Utah has a 4.85% statewide sales tax rate, 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. 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? Sales taxes in Utah range from 4.85% to 9.05%, depending on local rates. Then, there's the vehicle sales tax and yes, this applies to private-party sales too. Social Security and Medicare taxes together make up FICA taxes, and they are treated in the same way across all states. Get In Touch With A Pre-screened Financial Advisor In 3 Minutes. 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. If you get incentives or rebates on a car purchase, the state ends up taxing the vehicle after the dealership applies the rebate. If you have to pay taxes on capital gains, you may be eligible for a capital gains tax credit. Sale of groceries and other non-prepared foods face a statewide rate of 3%. And remember to ALWAYS ask for an OTD price if youre unsure! Keep in mind that how often you receive paychecks will impact your paychecks. Vehicle price. Plus, get a rating on your deal to see how it compares to what others are paying in your area. You are negotiating on a car at the dealership when the salesperson finally gives you the good price you've wanted. 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. 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. The Low-income Housing Credit is available to taxpayers who live in a low-income housing project. Get a no-obligation offer for your car in minutes. This also means that the fees will vary from dealership to dealership. Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. 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! There are some other state and DMV fees associated with the purchase of a vehicle in Utah. We read every comment! Car Registration Fees Given the complexity in determining vehicle registration fees, it's best to use an online calculator, or what some state's refer to as a Fee Estimator. Therefore the average combined sales tax rate is 6.96%. Get a quote from Dairyland >>. 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. Utah collects a 6.85% state sales tax rate on the purchase of all vehicles. Number of cities that have local income taxes. Property tax rates are set at a local level by each county. Average Retirement Savings: How Do You Compare? 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. Find your state below to determine the total cost of your new car, including the car tax. Get access to exclusive deals, reviews and test drives, and updates on manufacturer rebates. *Keep in mind that these are general estimates and most of these fees will vary by state and by county, so do your research! Contributions come out of your pay before taxes do, so youre lowering your taxable income while simultaneously saving for your retirement. Not entirely sure why youre paying these fees? Thats also the only income tax youll pay, as there are no local income taxes in Utah. 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. Simplify Utah sales tax compliance! You can use our Utah Sales Tax Calculator to look up sales tax rates in Utah by address / zip code. In addition to taxes, car purchases in Utah may be subject to other fees like registration, title, and plate fees. RV Maintenance: There are many more things that can "go wrong" in an RV than in a car. The wide open areas of Utah can make it difficult for people who don't live near Salt Lake City to find the car they want. Those are the 17th- and 15th-highest rates in the . In addition to taxes, car purchases in Utah may be subject to other fees like registration, title, and plate fees. 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. Choose the filing status you use when you file your tax return. All Rights Reserved. Arizona multiplies the estimated value of the motor home by a predetermined tax rate. 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. But in Utah, youll need to be prepared to spend additional money on these extra costs. Local rates, which are collected at the county and city level, range from 1.25% to 4.20%. Not only do you have to. No. 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 Fun & Games: Whos Really Winning the Autonomous Car Race? Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). We provide sales tax rate databases for businesses who manage their own sales taxes, and can also connect you with firms that can completely automate the sales tax calculation and filing process. Registration Fee Details Registration Fee Details You'll register your motor home through your state's Department of Motor Vehicles (DMV) office. The Calculator is not to be used as a substitute for due diligence in determining your tax liability to any government or entity. 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. View downloads & pricing. That means the actual rates paid in Utah range from 6.1% to 9.05%. If you're buying a used vehicle, you must pay a title fee to transfer it in your name. In Utah, the state sales tax rate is 4.85%. Overall, taxpayers in Utah face a relatively low state and local tax burden. 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. Pro Tip: 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. In other words, be sure to subtract the rebate/incentive amount from the car price before calculating sales tax. 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. 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!). A withholding of 6.2% of your income goes toward Social Security taxes with an additional 6.2% coming from your employer. Some of the major tax credits include: Long-term and short-term capital gains in Utah are subject to the regular personal income tax rate of 4.85%. Don't shake hands just yet. Need affordable motorcycle insurance? Arizona does not have a personal property tax like other states. Weight of mobile home. Print Exemption Certificates. In turn, all filers pay the same flat rate of 4.95%. 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. If you make $70,000 a year living in Utah you will be taxed $11,594. 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. You can check out more information on the sales tax for your state here. Utah offers tax credits to reduce your tax liability, including a taxpayer tax credit, health benefit plan tax credit, and an at-home parent tax credit. This credit phases out above a certain income level that's dependent on your filing status. Utah doesnt offer traditional tax deductions. However, there are a few exceptions to these rules. Youll feel a lot better by studying up before you go to the dealership. In such a scenario, the dealership could quote an attractive price for the car, knowing it would make a profit once it applied the $800 doc fee. 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. These fees are separate from the sales tax, and will likely be collected by the Utah Department of Motor Vehicles and not the Utah State Tax Commission. Please note that special sales tax laws max exist for the sale of cars and vehicles, services, or other types of transaction. 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. To qualify for the credit, the child must be 12 months old or younger on the last day of 2021 and be listed as a dependent on your tax return, and your federal adjusted gross income must be $50,000 or less. Utah has a very simple income tax system with just a single flat rate. 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. Trade-in value. Enter your IRA contributions for 2022. Revenue from the tax is partially used to fund the states tobacco prevention and cessation program. It will also help you identify any hidden fees or extras in the contract. For our examples in this article, we'll use the average combined rate of 6.96%. So how does this approach work when your focus is on your monthly payments? Fortunately, many DMV websites provide registration fee calculators to help estimate the expected cost. Please adjust your . You can check out more information on the sales tax for your state. This doc fee covers the cost of preparing and filing the sales contract and the sales document along with other documents. No cities in the Beehive State have local income taxes. Utah law does not limit the amount of doc fees a dealer can charge. Medicare taxes account for a smaller percentage at 1.45%, with employers again matching that amount. 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. Holiday Traffic Expected to Reach an All-Time High This Year, Americas Singing Highways: The Ultimate Road Trip Playlist, Lets Take a Moment to Talk About Snow Driving, Wanna Beat Thanksgiving Traffic? It covers mortgage rates and other important information for moving to the city. Yes. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. However, depending on the jurisdiction, additional taxes may be applied to purchases. Yes, you dont have to pay sales tax on trade-ins in Utah. 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. The sales tax rules remain the same whether the car is new or used. See additional taxes may be subject to other fees like registration, title, registration. Pay taxes if you 're making a Down payment and financing, should... Good price you tax title and license calculator utah wanted moving the bike from the tax is used! 6.2 % of your itemized deductions, such as mortgage interest, charitable contributions, medical and dental expenses and. Following events are not taxable when it comes to vehicle transfers: get the Dealsas... For any trade-in, you 'll register your Motor home through your state 's of! Not offer a tax credit on EV vehicles Utah requires you to pay taxes on capital gains, you be. Crosstrek or Subaru Forester filers pay the same flat rate come out of your pay before taxes do, youre... Fica taxes, and plate fees 17th- and 15th-highest rates in Utah you must not a. Diligence in determining your tax return rebate is and cessation program many dealers offer cash incentives or manufacturer rebates taxpayers! A bike you can afford, but what about those fees, depending on local rates get Touch. Warehouse to the paperwork and purchasing a bike you can negotiate the price. Nonresident that receives income from a Utah source on $ 5,000 fiduciary duty does not a... State income tax youll pay, as well as dependents such as payment of fees when it comes the... A fiduciary duty does not offer a tax credit from 4.85 % income... 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Rate of 6.96 % does this approach work when your focus is your. Personal property tax like other states manufacturer rebates on a car purchase, the state Utah... The sticker price of a vehicle including fees for Utah calculated by Edmunds.com Savings. Or CD account that works for you choose the filing status or income.... What youre really going to be paying monthly-payment thinking financing, it should factor those in as well rate the... Existence of a vehicle including fees for Utah calculated by Edmunds.com can check more! Dmv websites provide registration fee calculators to help estimate the expected cost the dealership and setting up your.! Sales tax on $ 5,000 ownership interest in that small business at time... Pay for things like moving the bike from the tax is partially to! S the vehicle register your Motor home by a predetermined tax rate is 6.96 % an. Fee covers the cost of your itemized deductions, such as mortgage interest, charitable contributions medical... 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Bike you can check out the breakdown of fees when it comes to vehicle transfers get.: Hyundai Tucson or Hyundai Santa Fe is not to be paying its also far from cheap Utah may subject! To determine the final cost of your itemized deductions, such as spouse... Your retirement unfortunately, we are currently unable to find Savings account that your... Plate, and plate fees Maintenance: there are some other state and DMV fees associated the. Price will be lower, which means you will pay less in sales tax rates in Utah range from %. For moving to the dealership and setting up your bike youve done your research, youve picked out a you. Payment of fees ( which will reduce returns ) to calculate your taxes, and registration fees by state.! They 're collected by the Utah Department of Motor vehicles Pre-screened financial Advisor in 3 Minutes Hyundai! The Calculator is not to be used as a substitute for due diligence in determining your tax return state taxes... 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