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You must pay vehicle sales tax when you buy a used car if you live in a state that has sales tax. However, you do not pay that tax to the car dealer or individual selling the car.
When renting a car for less than 30 days in Seattle, the total sales tax is 18.6%. When buying an automobile, if one trades in a car, the state deducts the price of the trade when calculating the sales tax to be paid on the automobile (e.g., purchasing a $40,000 car, and trading a $10,000 car, a person would be taxed on the difference of ...
State taxes are generally treated as a deductible expense for federal tax computation, although the 2017 tax law imposed a $10,000 limit on the state and local tax ("SALT") deduction, which raised the effective tax rate on medium and high earners in high tax states.
The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the ...
Voters in Benton and Franklin counties may be asked to increase the tax rate in November.
A significant part of the plan includes the broadening of the Child Tax Credit to include more families, increase the financial benefits the credit provides, and to get these benefits into the ...
A "mirror" tax is a tax in a U.S. dependency in which the dependency adopts wholesale the U.S. federal income tax code, revising it by substituting the dependency's name for "United States" everywhere, and vice versa. The effect is that residents pay the equivalent of the federal income tax to the dependency, rather than to the U.S. government.
So if you're buying a car worth $30,000 and your trade-in is worth $20,000, you'd be charged taxes only on the $10,000 difference between your new vehicle and your old one.