Need an updated list of Utah sales tax rates for your business? Your employer does not match this surtax. A financial advisor can help you understand how taxes fit into your overall financial goals. 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%. 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. 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. 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. 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. Though no title is issued to an OHV that is 1987 or older, registration requirements may still apply. Many places in Utah have the lowest tax rate available at 6.1%, with Wayne County being an example. Just like nearly everything else you buy, youre going to be hit with a sales tax, which of course, varies by state. There is a single, flat rate paid by all income earners: 4.85% of their taxable income. 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. (optional). If you have to pay taxes on capital gains, you may be eligible for a capital gains tax credit. That way, you know what youre really going to be paying. You can check out more information on the sales tax for your state here. But with a Savings or CD account, you can let your money work for you. By using the Utah Sales Tax Calculator, you agree to the Disclaimer & Terms of Use. Still, purchasing a used car is a wise choice for many. Utah taxpayers may qualify for the taxpayer tax credit. Michael Collado is a car buying expert and has been a professional automotive writer since 2009. 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. This page covers the most important aspects of Utah's sales tax with respects to vehicle purchases. We value your feedback! For vehicles that are being rented or leased, see see taxation of leases and rentals. Taxes can really put a dent in your paycheck. Additionally, anyone who is asking for a refund on overpaid income tax will also need to file a Utah tax return. 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. The amount of the credit is determined by the Utah Housing Corporation. We value your feedback! 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. 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. 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. Enter household income you received, such as wages, unemployment, interest and dividends. Both regular and diesel gasoline in Utah are taxed at a rate of 31.90 cents per gallon. You can use our Utah Sales Tax Calculator to look up sales tax rates in Utah by address / zip code. In most cases, youre only responsible for paying 50% of your FICA taxes on your own. If you believe your vehicle qualifies for an exception to Utah's title requirements that is not listed above, please call (801) 297-7780 or 1-800-368-8824 to speak to a representative for more information. When estimating your total costs, don't forget to consider the costs of: Have you ever registered a motorhome? 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. Keep in mind though that only $500 of FSA funds will roll over from year to year. Just like nearly everything else you buy, youre going to be hit with a sales tax, which of course, varies by state. In addition to taxes, car purchases in Utah may be subject to other fees like registration, title, and plate fees. 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. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Length of mobile home. Please change your search criteria and try again. 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. 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. To qualify for this credit, your contribution cannot also have been deducted from your federal return. 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. You dont have to pay sales tax on trade-ins in Utah. 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. Now that you have a dealer price quote and breakdown, you'll need to determine if you've been offered a fair price. As of 2020, the current county sales tax rates range from 0.25% to 2%. Please adjust your . 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. 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 making a down payment and financing, it should factor those in as well. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. Some states provide official vehicle registration fee calculators, while others provide lists of their tax, tag, and title 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? This marginal tax rate means that your immediate additional income will be taxed at this rate. Setup (or prep) fees are necessary to get your bike out of the crate, put together, and ready for you to ride. Different requirements, fees, and taxes apply, depending on your vehicle type and other factors. 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. Of course, Utah taxpayers also have to pay federal income taxes. Get a quote from Dairyland >>. There are no guarantees that working with an adviser will yield positive returns. All investing involves risk, including loss of principal. 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. 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. The Utah Retirement Credit is a refundable credit available to taxpayers born on or before December 31, 1952. 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. payments. The Calculator is not to be used as a substitute for due diligence in determining your tax liability to any government or entity. 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. 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. Heres What Time You Should Plan on Leaving, Great Again? Some of this money goes to FICA taxes and federal income taxes. Hybrid/EV fee - Due to the loss of gasoline . Utah doesnt offer traditional tax deductions. You do not have to pay sales tax if the vehicle is gifted to you from a spouse, parent, child, grandparent, or grandchild. Most on- and off-road vehicles, boats, aircraft, and commercial vehicles must be registered to operate in Utah. For similar tax reasons, you may also want to utilize a health savings account (HSA) or flexible spending account (FSA). If youre ready to find an advisor who can help you achieve your financial goals, get started now. All Rights Reserved. Sales taxes in Utah range from 4.85% to 9.05%, depending on local rates. Utah has a consumer protection law that mandates that each customer must pay the same amount for fees at a dealership. There are approximately 4.7 billion tons of dissolved salt in the Great Salt Lake. id="calconic_", b="https://cdn.calconic.com/static/js/"; This is the case for self-employed people and some independent contractors. Term Length Summary Vehicle Price $25,000 Down Payment - $2,000 Est. What is the most important reason for that score? 2023 Forbes Media LLC. For taxpayers who earn above the following income thresholds, the credit begins to phase out by 1.3% until its completely eliminated. 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. Average Retirement Savings: How Do You Compare? Arizona does not have a personal property tax like other states. 2023 SalesTaxHandbook. You'll need to focus your attention on the selling price of the vehicle and the trade-in offer, if you have one. So What Happens When an Autonomous Car Gets Pulled Over? But know that the lowest rate in Utah is 6.1% and the highest is 9.05%. The new W-4 comes with significant revisions. 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. Vehicle price. Medicare taxes account for a smaller percentage at 1.45%, with employers again matching that amount. Not always. Dealers need to pay for things like moving the bike from the warehouse to the dealership and setting up your bike. Trade-in value. 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. It will also help you identify any hidden fees or extras in the contract. Dealer fees and taxes. Weve got it all covered! 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. Take a look - some of the best used SUVs have gone mostly overlooked or forgotten. Consult the menu at left for an overview of the Utah vehicle registration process. , but an official out-the-door price will include shipping and receiving fees, setup fees, doc fees, tags/title fees, and sales tax. 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. Enter how many dependents you will claim on your 2022 tax return. The amount you need to pay at the time of vehicle registration varies depending on vehicle type, fuel type, county, and other factors. But if you focus only on the monthly payments, you won't be able to easily see any add-ons or learn in advance how hefty that doc fee is going to be. This is true for income level as well. 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. View how much tax you may pay in other states based on the filing status and state entered above. Title fee - You must pay a title fee in order to title the car in your name. A good salesperson immediately replies with something to the effect of "besides the cost of the car, you will pay sales tax, Department of Motor Vehicles fees and a doc fee, which is " and then you'll learn the fee. 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. SalesTaxHandbook is a free public resource site, and is not affiliated with the United States government or any Government agency, Sales Tax Handbooks By State | SmartAssets free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. You can avoid monthly-payment myopia by securing preapproved car financing. 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. Instead, say your own magic words: "Your price sounds good, but first I need to know the out-the-door cost.". If you're moving to Utah or seeking to purchase a vehicle in the state, you must know the Utah sales tax on cars. This is for vehicle tax purposes. Social Security and Medicare taxes together make up FICA taxes, and they are treated in the same way across all states. Registering Your Vehicles in Utah. We read every comment. For a one-year-old car of the same worth, this tax is $1,465. Used car values are constantly changing. All taxpayers in Utah pay a 4.85% state income tax rate, regardless of filing status or income tier. (optional). Get a free Edmunds appraisal report for your car in minutes, Ready to sell? The cigarette tax in Utah is $1.70 per pack of 20. Other filers may have different limits. 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. Thats also the only income tax youll pay, as there are no local income taxes in Utah. 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. 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. Registration Fee Details Registration Fee Details This credit phases out above a certain income level, though. 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