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. Choose the filing status you use when you file your tax return. Instead, say your own magic words: "Your price sounds good, but first I need to know the out-the-door cost.". Next, from AGI we subtract exemptions and deductions (either itemized or standard) to get your taxable income. The destination charge may cover the cost to get your bike to the dealer, but whos going to put your bike together? Tax information and rates are subject to change, please be sure to verify with your local DMV. Trade-in value. 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. Find your state below to determine the total cost of your new car, including the car tax. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. 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 Not entirely sure why youre paying these fees? you need to consider those fees in order to get an accurate OTD price. In addition to taxes, car purchases in Utah may be subject to other fees like registration, title, and plate fees. if(!gi.call(d,id)) { j=ce.call(d,"script"); j.id=id; j.type="text/javascript"; j.async=true; Registration Fee Details Registration Fee Details Don't shake hands just yet. The Alta Ski Area gets over 500 inches of snow per year. The amount you need to pay at the time of vehicle registration varies depending on vehicle type, fuel type, county, and other factors. Consult the menu at left for an overview of the Utah vehicle registration process. 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. 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. Utah doesnt offer traditional tax deductions. 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. Use Edmunds Price Checker to input your specific details. - We regularly check for any updates to the latest tax rates and regulations. 2023 FindtheBestCarPrice.com, Front vehicle photos 1986-2023 Autodata, Inc. dba Chrome Data. . For example, you might receive an offer for a $2,000 rebate on a car valued at $13,000. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). Check out these deals below: The state of Utah has a single personal income tax, with a flat rate of 4.85%. 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!). Registering Your Vehicles in Utah. Sales Tax = $1,600.80. The Qualifying Solar Project Credit is 25% of the amount paid to purchase qualifying solar units, up to a maximum of $1,600. 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. Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. However, you can get a tax credit of up to $7,500 from the Federal government. Why? 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. 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. Plus, towing fees, if needed, can be extremely costly depending on the size of your recreational vehicle. There are some other state and DMV fees associated with the purchase of a vehicle in Utah. Please note that special sales tax laws max exist for the sale of cars and vehicles, services, or other types of transaction. Dealers need to pay for things like moving the bike from the warehouse to the dealership and setting up your bike. Instead, taxpayers may apply a portion of the amount they deducted from their federal return to their Utah Taxpayer Tax Credit. Weight of mobile home. You can use our Utah Sales Tax Calculator to look up sales tax rates in Utah by address / zip code. 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. A primary way in which you can affect your Utah paycheck is by adjusting your withholdings. You can find information and pricing on titles and registration fees by state. 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. 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. Exemptions include: Utah does not offer a tax credit on EV vehicles. Michael Collado is a car buying expert and has been a professional automotive writer since 2009. 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. And of course, you always need to pay the government. Number of cities that have local income taxes. 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. Market value of mobile home . If you're moving to Utah or seeking to purchase a vehicle in the state, you must know the Utah sales tax on cars. 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. Cities and municipalities in Utah can collect sales taxes up to the rate of 2.1 percent. 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). Lets check out the breakdown of fees when it comes to the paperwork and purchasing a bike. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). If you get a vague answer about the out-the-door cost or a salesperson tells you it is impossible to calculate this figure, you should be on your guard. 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. Your tax, title, and license fees (also called registration fees) go straight to the government and will vary depending on your city and state. Likewise, Social Security income in Utah is taxable, but the Retirement Income Tax Credit helps alleviate the tax burden for retirees. Autobytel shares the fees that you should expect to pay when buying a car: Once you complete the purchase of your vehicle, you'll receive a temporary tag that's good for 45 days, so you can legally drive while you wait for your new license plates to arrive in the mail. 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. Social Security and Medicare taxes together make up FICA taxes, and they are treated in the same way across all states. Do you have a comment or correction concerning this page? 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. Exemptions can be claimed for filers, spouses and dependents. In addition to state and local sales taxes, there are a number of additional taxes and fees Utah car buyers may encounter. You receive the vehicle from an individuals revocable trust. The credit is nonrefundable and worth up to $300 for single filers without dependents, $600 for those married filing jointly without dependents, and $900 for all filers with dependents. 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. 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. All Rights Reserved. Many dealers offer cash incentives or manufacturer rebates on the sticker price of a vehicle in order to encourage sales. Though no title is issued to an OHV that is 1987 or older, registration requirements may still apply. Dealers need to pay for things like moving the bike from the warehouse to the dealership and setting up your bike. Collado has a Bachelors degree from the University of South Florida, with a major in Psychology and a minor in Marketing. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. And remember to ALWAYS ask for an OTD price if youre unsure! Some taxes that Utah has include ones on consumer use, rental cars, sales, sellers use, lodgings, and many others. Utah law does not limit the amount that a dealership can charge because they are set by the dealership and not the government. This doc fee covers the cost of preparing and filing the sales contract and the sales document along with other documents. Do you need access to a database of state or local sales tax rates? Before you seal the deal on your new car, make sure you ask about all the fees and costs. Utah has a consumer protection law that mandates that each customer must pay the same amount for fees at a dealership. Not always. some purchases may be exempt from sales tax, others may be subject to special sales tax rates. Utah law does not limit the amount of doc fees a dealer can charge. Sales Tax = ($30,000 - $5,000 - $2,000) * .0696 Utah has a flat income tax rate. 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 fee for a first-time Nevada title is $28.25. 2023 Forbes Media LLC. Enter your total 401k retirement contributions for 2022. Prescription drugs, medical equipment, prosthetic devices, wheelchairs, newspapers, college sports events, textbooks and fuel cells are all exempt. 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. Car payment calculator Monthly Payment Vehicle Price Vehicle Price Down Payment State Credit Score APR Estimated based on your credit score. Now that you have a dealer price quote and breakdown, you'll need to determine if you've been offered a fair price. Please limit your response to 150 characters or less. 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. If youre ready to find an advisor who can help you achieve your financial goals, get started now. That way, you know what youre really going to be paying. Finding the sales tax rate for car purchases in Utah can get confusing. Average Retirement Savings: How Do You Compare? Dealerships may also charge a documentation fee. The state rate is 4.85%. Get a free Edmunds appraisal report for your car in minutes, Ready to sell? Those are the 17th- and 15th-highest rates in the country, respectively. For similar tax reasons, you may also want to utilize a health savings account (HSA) or flexible spending account (FSA). 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. Most on- and off-road vehicles, boats, aircraft, and commercial vehicles must be registered to operate in Utah. Utah collects a 6.85% state sales tax rate on the purchase of all vehicles. Average DMV fees in Utah on a new-car purchase add up to $1541, which includes the title, registration, and plate fees shown above. Need affordable motorcycle insurance? Revenue from the tax is partially used to fund the states tobacco prevention and cessation program. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. 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. Remember, a dealership may advertise a motorcycle for $8,000, but if it does not explicitly list setup fees, doc fees, taxes, and title/tags etc. How would you rate your experience using this SmartAsset tool? You do not have to pay sales tax if the vehicle is gifted to you from a spouse, parent, child, grandparent, or grandchild. 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. 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. 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. 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). 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. Please contact us at 801-297-2200 or taxmaster@utah.gov for more information. Then, there's the vehicle sales tax and yes, this applies to private-party sales too. Download our Utah sales tax database! 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. Also, we separately calculate the federal income taxes you will owe in the 2020 - 2021 filing season based on the Trump Tax Plan. *Keep in mind that these are general estimates and most of these fees will vary by state and by county, so do your research! You can find these fees further down on the page. This marginal tax rate means that your immediate additional income will be taxed at this rate. Do I Have to Pay Sales Tax on a Used Car? Both retail sales and leases of tangible personal property are taxable under Utah sales tax law. Get In Touch With A Pre-screened Financial Advisor In 3 Minutes. Employers also withhold federal income tax from each of your paychecks. The vehicle license tax is the most expensive, which we have calculated above for $100,000 worth of a new car ($1,680). Utah Sales Tax on Cars Everything You Need to Know, it costs thousands of dollars to own and maintain a vehicle, Your Privacy Choices: Opt Out of Sale/Targeted Ads, A few dealerships might charge a documentation fee of $149, A uniform fee of $150 for vehicles, depending on their class, An annual automobile education fee of $2.50 per year, An annual uninsured motorist identification fee of $1.00 per year. Subscribe to our News and Updates to stay in the loop and on the road! Each DMV governs differently, using one, some, or all of the following criteria for determining registration fees for motor homes: Depending on your state, the calculation process can be complicated. 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. You can do this on your own, or use an online tax calculator. The transaction must have occurred after Jan. 1, 2008. No cities in the Beehive State have local income taxes. Tax-Rates.org The 2022-2023 Tax Resource. Weve got it all covered! You can avoid monthly-payment myopia by securing preapproved car financing. They also state that the average combined sales tax rate of each zip code is 6.775 percent. You will subtract the trade-in value by the purchase price and get $25,000. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. 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. All investing involves risk, including loss of principal. ), hotel and motel rooms and telecom services. You can find these fees further down on the page. Your employer does not match this surtax. j.src=b+"calconic.min.js"; q=gt.call(d,"script")[0]; q.parentNode.insertBefore(j,q) } One-Time Checkup with a Financial Advisor. 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. That way, you know what youre really going to be paying. A financial advisor can help you understand how taxes fit into your overall financial goals. For any trade-in, you'll pay sales tax on $5,000. 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 youre thinking about moving to Salt Lake City, Ogden or anywhere else in Utah, youll want to know about local property tax rates. If your total itemized deductions are less than the standard deduction, the calculator will use the standard deduction. 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. 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