Get a free Edmunds appraisal report for your car in minutes, Ready to sell? shows what you can expect to spend in doc fees depending on your state. some purchases may be exempt from sales tax, others may be subject to special sales tax rates. Still, purchasing a used car is a wise choice for many. All credits are subtracted directly from total income tax liability. Number of cities that have local income taxes. 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%. Exemptions include: Utah does not offer a tax credit on EV vehicles. Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. The overall price will be lower, which means you will pay less in sales tax than with a new vehicle. Collado has a Bachelors degree from the University of South Florida, with a major in Psychology and a minor in Marketing. For similar tax reasons, you may also want to utilize a health savings account (HSA) or flexible spending account (FSA). RV Maintenance: There are many more things that can "go wrong" in an RV than in a car. Utah car dealerships offer incentives or rebates to car buyers. https://www.autobytel.com/auto-news/buying-a-new-car-in-utah-107748/, https://www.salestaxhandbook.com/utah/sales-tax-vehicles, https://www.southtowneautomall.com/buy-a-new-car-in-utah.htm, http://www.salestaxstates.com/sales-tax-calculator-utah, .css-dhtls0{display:block;font-family:GlikoS,Georgia,Times,Serif;font-weight:400;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;}@media (any-hover: hover){.css-dhtls0:hover{color:link-hover;}}@media(max-width: 48rem){.css-dhtls0{font-size:1.125rem;line-height:1.2;}}@media(min-width: 48rem){.css-dhtls0{font-size:1.25rem;line-height:1.2;}}@media(min-width: 61.25rem){.css-dhtls0{font-size:1.375rem;line-height:1.2;}}Levels of EV Charging, Electric Cars vs. Gas Cars: Pros and Cons. 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. 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. Print Exemption Certificates. All investing involves risk, including loss of principal. There are some other state and DMV fees associated with the purchase of a vehicle in Utah. At some dealerships, the out-the-door costs are abbreviated as "TTL fees" or tax, title and license. Utah Sales Tax Calculator You can use our Utah Sales Tax Calculator to look up sales tax rates in Utah by address / zip code. Youll feel a lot better by studying up before you go to the dealership. 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. 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. When Do We Update? 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%. But know that the lowest rate in Utah is 6.1% and the highest is 9.05%. Why? 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. 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. As we explained above, the MSRP, or list price, is not the out-the-door price that youll be paying for the bike, and thats because of those taxes and fees. You will subtract the trade-in value by the purchase price and get $25,000. Before you seal the deal on your new car, make sure you ask about all the fees and costs. Dealerships may also charge a documentation fee. 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. How would you rate your experience using this SmartAsset tool? You can check out more information on the sales tax for your state here. Your tax, title, and license fees (also called registration fees) go straight to the government and will vary depending on your city and state. The amount you need to pay at the time of vehicle registration varies depending on vehicle type, fuel type, county, and other factors. 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. You can do this on your own, or use an online tax calculator. If you make $70,000 a year living in Utah you will be taxed $11,594. 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. 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. Most on- and off-road vehicles, boats, aircraft, and commercial vehicles must be registered to operate in Utah. payments. This is not an offer to buy or sell any security or interest. Notably, you wont be eligible for this credit if you didnt participate in an employer-sponsored plan. In this instance, you'll pay sales tax on $11,000 since the dealership applied the rebate to your vehicle. Choose the filing status you use when you file your tax return. Yes, you dont have to pay sales tax on trade-ins in Utah. We suggest shopping for financing before going to the dealership to save you time and money (after all, it always pays to be prepared!). The cigarette tax in Utah is $1.70 per pack of 20. For taxpayers who earn above the following income thresholds, the credit begins to phase out by 1.3% until its completely eliminated. Utah taxpayers may qualify for the taxpayer tax credit. Title fee - You must pay a title fee in order to title the car in your name. 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. 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. 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. 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. Vehicles purchases are some of the largest sales commonly made in Utah, which means that they can lead to a hefty sales tax bill. Not entirely sure why youre paying these fees? 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. Calculate North Carolina Sales Tax Example. 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. Descriptions of All Utah Taxes and Fees Admitted Insurer Tax Beer Tax For vehicles that are being rented or leased, see see taxation of leases and rentals. Not entirely sure why youre paying these fees? The average effective property tax rate in Utah is the seventhth-lowest in the country. 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. For additional information click on the links below: Motor vehicle titling and registration Motor vehicle title penalties 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. 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. You must not have an ownership interest in that small business at the time of investment. That way, you know what youre really going to be paying. View how much tax you may pay in other states based on the filing status and state entered above. Youll feel a lot better by studying up before you go to the dealership. Preapproval also lets you gauge whether the dealer's financing is a better deal for you. How much to expect in fees and taxes? Likewise, Social Security income in Utah is taxable, but the Retirement Income Tax Credit helps alleviate the tax burden for retirees. This calculator estimates the average tax rate as the federal income tax liability divided by the total gross income. Enter household income you received, such as wages, unemployment, interest and dividends. The credit is worth 6% of either your federal standard deduction or itemized deduction (less state taxes paid). 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. You can find these fees further down on the page. Because these fees are set by the dealerships and not the government, they can vary dealership to dealership or even vehicle to vehicle. Taxable income is calculated by subtracting all personal exemptions from total income. Do I Have to Pay Sales Tax on a Used Car? 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. 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. And of course, you always need to pay the government. Hes written about dealership sales, vehicle reviews and comparisons, and service and maintenance for over 100 national automotive dealerships. Exemptions can be claimed for each taxpayer as well as dependents such as ones spouse or children. Your feedback is very important to us. Utah has a 4.85% statewide sales tax rate, Tax-Rates.org reserves the right to amend these terms at any time. 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. Just like nearly everything else you buy, youre going to be hit with a sales tax, which of course, varies by state. Market value of mobile home . Certain products are fully exempt from sales tax. Of course, Utah taxpayers also have to pay federal income taxes. Dealer fees and taxes. Weve got it all covered! * These are the taxes owed for the 2022 - 2023 filing season. Many dealerships allow you to trade-in your old car in exchange for a credit applied to the price of a new vehicle. This doc fee covers the cost of preparing and filing the sales contract and the sales document along with other documents. Contributions come out of your pay before taxes do, so youre lowering your taxable income while simultaneously saving for your retirement. The DMV collects sales taxes on many out-of-state dealer sales. For example, if you're a single filer with an income of more than $15,095, you wont have access to this credit. 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 no itemized or standard deductions in Utah, but the Taxpayer Tax Credit, described below, is based on federal deductions and can lower the tax burden for taxpayers at lower income levels. Get access to exclusive deals, reviews and test drives, and updates on manufacturer rebates. Though no title is issued to an OHV that is 1987 or older, registration requirements may still apply. 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. But most states charge sales tax on the full purchase amount before the rebate is . What is Find the Best Car Price and Why is it Free? Please note that special sales tax laws max exist for the sale of cars and vehicles, services, or other types of transaction. Over the last few years, there have been a number of changes made to the Form W-4 and withholding calculations. You cant own a vehicle without a title! For our examples in this article, we'll use the average combined rate of 6.96%. This credit phases out above a certain income level that's dependent on your filing status. Enter your total 401k retirement contributions for 2022. Registration Fee Details Registration Fee Details For 2022, individuals under 50 could contribute up to $20,500 (up to $30,000 if youre age 50 or older). Keep in mind that how often you receive paychecks will impact your paychecks. Sales Tax Calculator | j.src=b+"calconic.min.js"; q=gt.call(d,"script")[0]; q.parentNode.insertBefore(j,q) } 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. However, depending on the jurisdiction, additional taxes may be applied to purchases. 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. If you make $70,000 a year living in Utah you will be taxed $11,594. The vehicle license tax is the most expensive, which we have calculated above for $100,000 worth of a new car ($1,680). Sales Tax = $1,600.80. Tax-Rates.org provides free access to tax rates, calculators, and more. Please adjust your . Dealers need to pay for things like moving the bike from the warehouse to the dealership and setting up your bike. Enter your IRA contributions for 2022. But in Utah, youll need to be prepared to spend additional money on these extra costs. Used car values are constantly changing. Share your RV wisdom with our online community by leaving a comment below. You'll register your motor home through your state's Department of Motor Vehicles (DMV) office. Its your employers job to withhold federal income tax based on the information you provide on your W-4 form. So how does this approach work when your focus is on your monthly payments? 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. This also means that the fees will vary from dealership to dealership. This includes the MSRP or selling price of the vehicle, sales tax, documentation fees, motor vehicle registration fees, and title and transfer 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? In addition to taxes, car purchases in Utah may be subject to other fees like registration, title, and plate fees. Which means yes, these charges are also mandatory. The Qualifying Solar Project Credit is 25% of the amount paid to purchase qualifying solar units, up to a maximum of $1,600. Destination Charge or Freight Fee (Shipping/Receiving). Utah has a statewide flat income tax rate of 4.85%. If you're moving to Utah or seeking to purchase a vehicle in the state, you must know the Utah sales tax on cars. Beer with an alcohol by volume of 5% or lower can be purchased in grocery stores, but beer above that cutoff is only available in state liquor stores. In most cases, youre only responsible for paying 50% of your FICA taxes on your own. 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. As of 2020, the current county sales tax rates range from 0.25% to 2%. 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. In Utah, you can claim a personal exemption of $579 for each dependent you claimed on your federal tax return. This calculator estimates the average tax rate as the state income tax liability divided by the total gross income. Edmunds lets you track your vehicle's value over time so you can decide when to sell or trade in. For example, you could trade-in your old car and receive a $5,000 credit against the price of a $10,000 new vehicle, making your out-of-pocket cost only $5,000. Tax, Title & Fees**Currently Unavailable Total $23,000 Estimated Monthly Payment $ 426 Shop With Budget Get Pre-Qualified 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. Things like sales tax and other fees are often forgotten about in the excitement of making a new car purchase. Local rates, which are collected at the county and city level, range from 1.25% to 4.20%. Weight of mobile home. 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. Utah Income Tax Calculator 2022-2023. Average Retirement Savings: How Do You Compare? These fees are separate from the taxes and DMV fees listed above. You can use our Utah Sales Tax Calculator to look up sales tax rates in Utah by address / zip code. 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. Instead, say your own magic words: "Your price sounds good, but first I need to know the out-the-door cost.". 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 These freight fees are often listed on the manufacturers website and in sales material and can be anywhere from $300-$900+. 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. Arizona does not have a personal property tax like other states. In addition to taxes, car purchases in Utah may be subject to other fees like registration, title, and plate fees. *Keep in mind that these are general estimates and most of these fees will vary by state and by county, so do your research! And of course, you always need to pay the government. If you're moving to Utah or seeking to purchase a vehicle in the state, you must know the Utah sales tax on cars. Your feedback is very important to us. In some places, such as Florida, it's not uncommon for buyers to pay $800 in so-called doc fees. Vehicle price. 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. Customer Service - If you would like to leave any feedback, feel free to email info@smartasset.com. What to Buy: Subaru Crosstrek or Subaru Forester? 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. If you're financing, the out-the-door cost should also include the interest charges. ), hotel and motel rooms and telecom services. 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. 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. Simplify Utah sales tax compliance! 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. Residential utilities such as gas and electricity are charged a sales tax rate of up to 6%. How would you rate your experience using this SmartAsset tool? Unfortunately, we are currently unable to find savings account that fit your criteria. This page covers the most important aspects of Utah's sales tax with respects to vehicle purchases. In most cases, you can negotiate the out-the-door price. Heres what to expect when it comes to taxes and fees in the state of Utah. You might see additional taxes listed on the sales contract, and they're collected by the Utah Department of Motor Vehicles. The state uses a flat tax rate of 4.95% for all income levels and the sales tax rate is 4.85%. Of 2020, the credit begins to phase out by 1.3 % until its completely.... 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