Then, there's the vehicle sales tax and yes, this applies to private-party sales too. There are no guarantees that working with an adviser will yield positive returns. Do you have a comment or correction concerning this page? Instead, taxpayers may apply a portion of the amount they deducted from their federal return to their Utah Taxpayer Tax Credit. In Utah, you can claim a personal exemption of $579 for each dependent you claimed on your federal tax return. Descriptions of All Utah Taxes and Fees Admitted Insurer Tax Beer Tax Of course, Utah taxpayers also have to pay federal income taxes. 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. Unfortunately, we are currently unable to find savings account that fit your criteria. 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. When estimating your total costs, don't forget to consider the costs of: Have you ever registered a motorhome? RV Maintenance: There are many more things that can "go wrong" in an RV than in a car. For additional information click on the links below: Motor vehicle titling and registration Motor vehicle title penalties 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. In some places, such as Florida, it's not uncommon for buyers to pay $800 in so-called doc fees. All investing involves risk, including loss of principal. Calculate North Carolina Sales Tax Example. Both regular and diesel gasoline in Utah are taxed at a rate of 31.90 cents per gallon. Over the last few years, there have been a number of changes made to the Form W-4 and withholding calculations. Your tax, title, and license fees (also called registration fees) go straight to the government and will vary depending on your city and state. ), hotel and motel rooms and telecom services. 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. Many places in Utah have the lowest tax rate available at 6.1%, with Wayne County being an example. 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. 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. And remember to ALWAYS ask for an OTD price if youre unsure! What to Buy: Jeep Cherokee or Jeep Grand Cherokee? 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. As an example, lets say you are purchasing a new SUV for $35,000 and your trade-in is worth $10,000. Utah has a 4.85% statewide sales tax rate, The average effective property tax rate in Utah is the seventhth-lowest in the country. Length of mobile home. You can use our Utah Sales Tax Calculator to look up sales tax rates in Utah by address / zip code. 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. Utah has a consumer protection law that mandates that each customer must pay the same amount for fees at a dealership. 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, Insert details about how the information is going to be processed. Your feedback is very important to us. Taxable income is calculated by subtracting all personal exemptions from total income. 2023 FindtheBestCarPrice.com, Front vehicle photos 1986-2023 Autodata, Inc. dba Chrome Data. Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. Overall, taxpayers in Utah face a relatively low state and local tax burden. This page covers the most important aspects of Utah's sales tax with respects to vehicle purchases. 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%. Additionally, anyone who is asking for a refund on overpaid income tax will also need to file a Utah tax return. Some taxes that Utah has include ones on consumer use, rental cars, sales, sellers use, lodgings, and many others. shows what you can expect to spend in doc fees depending on your state. Utah has a flat income tax rate. Sales tax jurisdiction rules can sometimes be too complicated to describe rate areas by zip code, so this calculator is provided for reference purposes only. Setup (or prep) fees are necessary to get your bike out of the crate, put together, and ready for you to ride. The credit can be up to $450, or $900 for joint filers. Please contact us at 801-297-2200 or taxmaster@utah.gov for more information. If you can't find what you want in Salt Lake City, American Fork, Orem, and in and around Provo are also good places to look. As a buyer, it's better to learn about such fees at this point, before the deal is final, than when you are in the finance and insurance office about to sign the contract. Dealers need to pay for things like moving the bike from the warehouse to the dealership and setting up your bike. The fee for a first-time Nevada title is $28.25. Sales Tax Calculator | 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. You can't withhold more than your earnings. Average Retirement Savings: How Do You Compare? The DMV collects sales taxes on many out-of-state dealer sales. Use Edmunds Price Checker to input your specific details. Liquor and wine can only be purchased in state-run liquor stores. So, now that youre caught up on everything there is to know about these dealer fees, you can have peace of mind knowing exactly what you should expect to pay when you walk out the door. Estimating Your RV Registration Fees and Expenses. All investing involves risk, including loss of principal. Several types of products have their own rates. 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. Utah collects a 6.85% state sales tax rate on the purchase of all vehicles. By using the Utah Sales Tax Calculator, you agree to the Disclaimer & Terms of Use. 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. The sales tax rate here is also near the U.S. average. Taxpayers can receive a credit of $100 per qualifying child. These fees are separate from the taxes and DMV fees listed above. 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. Get a free Edmunds appraisal report for your car in minutes, Ready to sell? Not entirely sure why youre paying these fees? 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 Qualifying Solar Project Credit is 25% of the amount paid to purchase qualifying solar units, up to a maximum of $1,600. Utah Income Tax Calculator 2022-2023. The credit is worth 6% of either your federal standard deduction or itemized deduction (less state taxes paid). Arizona does not have a personal property tax like other states. 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. 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. Thats because every pay period your Utah employer will deduct money from your wages for a variety of reasons. Dealer fees and taxes. Now that you have a dealer price quote and breakdown, you'll need to determine if you've been offered a fair price. It's possible to get an out-the-door price from a dealer that doesn't include interest, so if you're financing, make sure to request that the numbers be updated to include it. 2023 Forbes Media LLC. Weve got it all covered! This means that, depending on your location within Utah, the total tax you pay can be significantly higher than the 4.85% state sales tax. For example, if you're a single filer with an income of more than $15,095, you wont have access to this credit. This doc fee covers the cost of preparing and filing the sales contract and the sales document along with other documents. Input the total of your itemized deductions, such as mortgage interest, charitable contributions, medical and dental expenses, and state taxes. Fortunately, many DMV websites provide registration fee calculators to help estimate the expected cost. Destination Charge or Freight Fee (Shipping/Receiving). 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). Likewise, Social Security income in Utah is taxable, but the Retirement Income Tax Credit helps alleviate the tax burden for retirees. 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. Yes. 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. Youve done your research, youve picked out a bike you can afford, but what about those fees? 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. His recognition in the ad industry includes awards from Communication Arts and The Clios. Park City, which is part of Summit County, has the highest tax rate in Utah at 9.05%. 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. Utah taxes on beer total 41 cents per gallon, or about 4 cents per beer. Then you can proceed as a cash buyer, carrying a check from your lender into the dealership with you. You can find information and pricing on titles and registration fees by state here. (function() { var qs,j,q,s,d=document, gi=d.getElementById, Utah taxpayers may qualify for the taxpayer tax credit. For example: $2,000 x 5% = $100. The "out-the-door price" is a dealer term for the total price of a vehicle with all of the necessary fees factored in. Enter how many dependents you will claim on your 2022 tax return. 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. Some dealerships may also charge a dealer documentation fee of 149 dollars. Need affordable motorcycle insurance? And remember to ALWAYS ask for an OTD price if youre unsure! Businesses shipping goods into Utah can look up their customer's tax rate by address or zip code at tap.utah.gov . j.dataset.calconic=true; Print Exemption Certificates. Contact us. Utah law does not limit the amount of doc fees a dealer can charge. 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. Shop and compare prices at multiple dealerships before you decide on a vehicle and the price you'll pay for it. 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. Exemptions can be claimed for filers, spouses and dependents. 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. Tangible personal property includes physical goods, such as furniture and clothing, as well as electronically transferred products like movie downloads. 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. Your location will determine whether you owe local and / or state taxes. The new W-4 comes with significant revisions. 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. That means the actual rates paid in Utah range from 6.1% to 9.05%. Get In Touch With A Pre-screened Financial Advisor In 3 Minutes. The Edmunds content team brings you industry-leading vehicle reviews, news and research tips that make it easier for you to find your perfect car. Don't shake hands just yet. The basic DMV fees, like the title, license plate, and registration fees, are no biggie. There is no estate or inheritance tax in Utah. Medicare taxes account for a smaller percentage at 1.45%, with employers again matching that amount. 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. Simplify Utah sales tax compliance! No. Keep in mind that how often you receive paychecks will impact your paychecks. 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. In this instance, you'll pay sales tax on $11,000 since the dealership applied the rebate to your vehicle. You dont have to pay sales tax on trade-ins in Utah. There are some other state and DMV fees associated with the purchase of a vehicle in Utah. Utah has a statewide flat income tax rate of 4.85%. 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. 2023 SalesTaxHandbook. If you're moving to Utah or seeking to purchase a vehicle in the state, you must know the Utah sales tax on cars. Utah offers two temporary permits, a 96-hour permit that costs $2.50, and a 15-day permit for $6. Arizona multiplies the estimated value of the motor home by a predetermined tax rate. In other words, be sure to subtract the trade-in amount from the car price before calculating sales tax. 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. 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. 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. There are no guarantees that working with an adviser will yield positive returns. Both retail sales and leases of tangible personal property are taxable under Utah sales tax law. 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. 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. On consumer use, lodgings, and registration fees by state here joint filers an adviser will yield positive.! Advisor in 3 minutes can expect to spend in doc fees a dealer can charge your will. Federal income tax title and license calculator utah protection law that mandates that each customer must pay same. 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