Michael Collado is a car buying expert and has been a professional automotive writer since 2009. Because these fees are set by the dealerships and not the government, they can vary dealership to dealership or even vehicle to vehicle. 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). Rebates and incentives: Customer cash rebates and other incentives reduce the purchase price of the vehicle. And remember to ALWAYS ask for an OTD price if youre unsure! Taxes can really put a dent in your paycheck. If you have to pay taxes on capital gains, you may be eligible for a capital gains tax credit. Hes written about dealership sales, vehicle reviews and comparisons, and service and maintenance for over 100 national automotive dealerships. For example: $2,000 x 5% = $100. What to Buy: Jeep Cherokee or Jeep Grand Cherokee? })(); Yes, in Utah you must pay the car sales tax on a used vehicle. Therefore, your car sales tax will be based on the $25,000 amount. The vehicle license tax is the most expensive, which we have calculated above for $100,000 worth of a new car ($1,680). For 2022, you could contribute up to $6,000, or up to $7,000 if youre age 50 or older. Estimating Your RV Registration Fees and Expenses. 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. You are negotiating on a car at the dealership when the salesperson finally gives you the good price you've wanted. Still, purchasing a used car is a wise choice for many. The state rate is 4.85%. How would you rate your experience using this SmartAsset tool? If you make $70,000 a year living in Utah you will be taxed $11,594. Registration Fee Details Registration Fee Details You dont have to pay sales tax on trade-ins in Utah. Purchase Amount $ Purchase Location ZIP Code -or- Specify Sales Tax Rate You can use our Utah Sales Tax Calculator to look up sales tax rates in Utah by address / zip code. Just like nearly everything else you buy, youre going to be hit with a sales tax, which of course, varies by state. 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. Negotiating on the price of the car is a simpler way to go. For 2022, individuals under 50 could contribute up to $20,500 (up to $30,000 if youre age 50 or older). However, there are a few exceptions to these rules. As of 2020, the current county sales tax rates range from 0.25% to 2%. Are you sure you want to rest your choices? 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. This doc fee covers the cost of preparing and filing the sales contract and the sales document along with other documents. 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. Some dealerships may also charge a dealer documentation fee of 149 dollars . Being selective about the car you buy can land you the deal you're looking for. Youll feel a lot better by studying up before you go to the dealership. At some dealerships, the out-the-door costs are abbreviated as "TTL fees" or tax, title and license. 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. Social Security and Medicare taxes together make up FICA taxes, and they are treated in the same way across all states. But with a Savings or CD account, you can let your money work for you. The sales tax rate you pay when buying a product in Utah might change depending on what you choose to buy. Unfortunately, we are currently unable to find savings account that fit your criteria. To find out the amount of all taxes and fees for your particular vehicle, please call the DMV at (801) 297-7780 or 1-800-DMV-UTAH (800-368-8824). To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. 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. We may earn a commission for purchases made through our links. Auto sales tax and the cost of a new car tag are major factors in any tax, title, and license calculator. The amount you need to pay at the time of vehicle registration varies depending on vehicle type, fuel type, county, and other factors. 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!). 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. In addition, you cant report more than $3,000 as profit or loss from a business on a federal Schedule C. Taxpayers who arent eligible to enroll in an employer insurance plan may qualify for the health benefit tax credit. You can find information and pricing on titles and registration fees by state here. 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. ), hotel and motel rooms and telecom services. Dealerships may also charge a documentation fee or "doc fee", which covers the costs incurred by the dealership preparing and filing the sales contract, sales tax documents, etc. 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. Some states consider year and weight, too. Fun & Games: Whos Really Winning the Autonomous Car Race? If youre thinking about moving to Salt Lake City, Ogden or anywhere else in Utah, youll want to know about local property tax rates. Different requirements, fees, and taxes apply, depending on your vehicle type and other factors. Travel: If you're buying a mobile home with the intent of traveling, don't forget to estimate campground fees, gas expenses and cost of living overhead (including everything from food to RV furniture). Determining your take-home pay can be complicated. 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. 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. Heres What Time You Should Plan on Leaving, Great Again? Please adjust your . Over the last few years, there have been a number of changes made to the Form W-4 and withholding calculations. These fees are separate from the taxes and DMV fees listed above. Revenue from the tax is partially used to fund the states tobacco prevention and cessation program. When estimating your total costs, don't forget to consider the costs of: Have you ever registered a motorhome? In situations where you dont have an employer to contribute the additional 50%, you may find yourself responsible for the full percentage. If youre ready to find an advisor who can help you achieve your financial goals, get started now. There is a single, flat rate paid by all income earners: 4.85% of their taxable income. 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. Destination charges are ultimately determined by the value of the bike, almost like a tax, and are typically not negotiable. 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. Your feedback is very important to us. This credit phases out above a certain income level that's dependent on your filing status. There is no estate or inheritance tax in Utah. In addition to state and local sales taxes, there are a number of additional taxes and fees Utah car buyers may encounter. Car payment calculator Monthly Payment Vehicle Price Vehicle Price Down Payment State Credit Score APR Estimated based on your credit score. 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. Your location will determine whether you owe local and / or state taxes. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. Get a no-obligation offer for your car in minutes. Read This First. That means the actual rates paid in Utah range from 6.1% to 9.05%. Which Has the Lowest? 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. The Alta Ski Area gets over 500 inches of snow per year. 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). 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. It's easy to fall into that monthly-payment thinking. The amount of the credit is determined by the Utah Housing Corporation. Enter household income you received, such as wages, unemployment, interest and dividends. Hybrid/EV fee - Due to the loss of gasoline . All taxpayers in Utah pay a 4.85% state income tax rate, regardless of filing status or income tier. Then you can proceed as a cash buyer, carrying a check from your lender into the dealership with you. Weight of mobile home. Need an updated list of Utah sales tax rates for your business? Exemptions can be claimed for filers, spouses and dependents. 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. Those are the 17th- and 15th-highest rates in the country, respectively. Your average tax rate is 11.67% and your marginal tax rate is 22%. In Utah, the state sales tax rate is 4.85%. For example, you might receive an offer for a $2,000 rebate on a car valued at $13,000. 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. 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. If you're making a down payment and financing, it should factor those in as well. Tax-Rates.org provides free access to tax rates, calculators, and more. Youll feel a lot better by studying up before you go to the dealership. Those are the 17th- and 15th-highest rates in the . Input the total of your itemized deductions, such as mortgage interest, charitable contributions, medical and dental expenses, and state taxes. Tax-Rates.org reserves the right to amend these terms at any time. Print Exemption Certificates. This marginal tax rate means that your immediate additional income will be taxed at this rate. This marginal tax rate . Which County Has the Highest Tax? You can do this on your own, or use an online tax calculator. The transaction must have occurred after Jan. 1, 2008. Instead, taxpayers may apply a portion of the amount they deducted from their federal return to their Utah Taxpayer Tax Credit. This credit phases out above a certain income level, though. The credit is worth 6% of either your federal standard deduction or itemized deduction (less state taxes paid). If you get incentives or rebates on a car purchase, the state ends up taxing the vehicle after the dealership applies the rebate. Exemptions include: Utah does not offer a tax credit on EV vehicles. That way, you know what youre really going to be paying. Next, from AGI we subtract exemptions and deductions (either itemized or standard) to get your taxable income. 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. 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. Ready to find an advisor who can help you achieve your financial goals, get started.. Negotiating on the $ 25,000 amount typically not negotiable to $ 6,000 or! Any tax, title and license at the dealership with you, we users! And more for you for the full percentage enter household income you received, such as interest!, or use an online tax calculator with relevant financial advisors determined by value. 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