Overview of Wyoming Taxes
Wyoming has no state income tax. At 4%, the state’s sales tax is one of the lowest of any state with a sales tax, though counties can charge an additional rate of up to 2%. Wyoming’s average effective property tax rate is also on the low side, ranking as the 10th-lowest in the country.
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Your Income Taxes Breakdown
| Tax Type | Marginal Tax Rate | Effective Tax Rate | 2020 Taxes* |
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* These are the taxes owed for the 2020 - 2021 filing season.
Your 2020 Federal Income Tax Comparison
- Your marginal federal income tax rate
- Your effective federal income tax rate
- Your federal income taxes
Total Estimated 2020 Tax BurdenIncome Tax $ Sales Tax $ Fuel Tax $ Property Tax$ Total Estimated Tax Burden $ Percent of income to taxes = % | $ |
- About This Answer
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. Also, we separately calculate the federal income taxes you will owe in the 2020 - 2021 filing season based on the Trump Tax Plan.
How Income Taxes Are Calculated
- 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).
- Next, from AGI we subtract exemptions and deductions (either itemized or standard) to get your taxable income. Exemptions can be claimed for each taxpayer as well as dependents such as one’s spouse or children.
- 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.
- Your location will determine whether you owe local and / or state taxes.
- Last Updated: January 1, 2021
When Do We Update? - We regularly check for any updates to the latest tax rates and regulations.
Customer Service - If you would like to leave any feedback, feel free to email info@smartasset.com.
- Our Tax Expert
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Jennifer Mansfield, CPA Tax
Jennifer Mansfield, CPA, JD/LLM-Tax, is a Certified Public Accountant with more than 30 years of experience providing tax advice. SmartAsset’s tax expert has a degree in Accounting and Business/Management from the University of Wyoming, as well as both a Masters in Tax Laws and a Juris Doctorate from Georgetown University Law Center. Jennifer has mostly worked in public accounting firms, including Ernst & Young and Deloitte. She is passionate about helping provide people and businesses with valuable accounting and tax advice to allow them to prosper financially. Jennifer lives in Arizona and was recently named to the Greater Tucson Leadership Program.
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Taxes in Wyoming
Wyoming State Tax Quick Facts
- Income tax: None
- Sales tax: 4.00% - 6.00%
- Property tax: 0.57% average effective rate
- Gas tax: 23 cents per gallon of regular gasoline and diesel
If you’re looking to lower your annual tax bill, the state of Wyoming would be a good choice for relocation. For starters, there’s no state income tax in the Cowboy State. But that’s not all that Wyoming has going for it. The state’s average effective property tax rate is just 0.57%,10th-lowest in the U.S. Likewise, the state’s average sales tax rate (incorporating state and local rates) is only 5.34%, seventh-lowest nationally. Even Wyoming’s gas tax is lower than average at 23 cents per gallon.
A financial advisor in Wyoming can help you understand how taxes fit into your overall financial goals. Financial advisors can also help with investing and financial plans, including retirement, homeownership, insurance and more, to make sure you are preparing for the future.
If you are planning on relocating to Wyoming and will be purchasing a home with a mortgage, check out our Wyoming mortgage guide for details on rates and getting a mortgage in the Cowboy State.
Wyoming Income Taxes
Whether you’re a doctor, rancher, teacher or carpenter, in Wyoming you won’t pay any state income tax. That’s right: Wyoming doesn’t tax personal income of any kind. This includes capital gains and income from interest. If you live in Wyoming, once you finish your federal tax return, you’re done with your taxes.
Wyoming Sales Tax
The state sales tax in Wyoming is 4%, tied for the second-lowest rate of any state with a sales tax. On top of that rate, counties in Wyoming collect local sales taxes of up to 2%. The table below shows the total state and county sales tax rates for every county in Wyoming.
Wyoming does not tax sales of prescription drugs, medical equipment or food that is typically consumed at home. Prepared food (that you would eat in a restaurant, for example) is taxable. Over-the-counter medicine is taxable as well.
In addition to those general sales tax rates, local county and city governments can levy lodging taxes which apply to hotels and motels. These taxes can be as high as 4%, bringing the total maximum tax on lodging to 13%.
Wyoming Property Tax
On average, homeowners in Wyoming pay about $1,352 per year in property taxes. The state’s average effective property tax rate (annual taxes as a percentage of home value) is just 0.57%, 10th-lowest nationally. Property taxes in Wyoming are collected by county tax districts. The revenue is used to fund local schools, hospitals, transportation authorities and other public programs.
If you are planning on relocating to Wyoming and will be purchasing a home with a mortgage, check out our Wyoming mortgage guide for details on rates and getting a mortgage in the Cowboy State.
Wyoming Gas Tax
The state gas excise tax in Wyoming is 23 cents per gallon. That’s the 21th-lowest tax in the country. The tax on diesel fuel is also 23 cents per gallon.
Wyoming Cigarette Tax
Cigarettes in Wyoming are taxed at a rate of 3 cents per cigarette or 60 cents per pack of 20. Cigarette vendors must purchase tax stamps and affix them to cigarette packages to demonstrate that the tax has been paid. Other tobacco products face an excise tax equal to 20% of the price, which is paid by the wholesaler.
Wyoming Alcohol Tax
Wyoming is a “control state” which means that it maintains a monopoly over the wholesale market for liquor and wine. Most control states replace traditional excise taxes with markups and fees, but in Wyoming markups and fees amount to less than 1 cent per gallon. According to the Tax Foundation, if Wyoming had an excise tax instead of its current system, it would be lowest excise tax in the country.
Wyoming does have an excise tax on beer, but it is extremely low. At just 2 cents per gallon, it is the lowest beer tax in the country.
Wyoming Estate Tax
There is no estate, inheritance or gift tax in Wyoming. While the federal estate tax may still apply to Wyoming estates, they will not be taxed by the state.
- With a population of just 577,737, Wyoming is the least populous of any state.
- Elected as Governor of Wyoming in 1925, Nellie Tayloe Ross was the first female governor of a U.S. State.
- The tallest building in Wyoming is the 200-foot White Hall, a campus housing building located on the campus of the University of Wyoming in Laramie.
Places with the Lowest Tax Burden
Are you curious how your tax burden stacks up against others in your state? SmartAsset’s interactive map highlights the counties with the lowest tax burden. Scroll over any county in the state to learn about taxes in that specific area.
Methodology
To find the places with the lowest tax burdens, SmartAsset calculated the amount of money a specific person would pay in income, sales, property and fuel taxes in each county in the country.
To better compare income tax burdens across counties, we used the national median household income. We then applied relevant deductions and exemptions before calculating federal, state and local income taxes.
In order to determine sales tax burden, we estimated that 35% of take-home (after-tax) pay is spent on taxable goods. We multiplied the average sales tax rate for a county by the household income after taxes. This balance is then multiplied by 35% to estimate the sales tax paid.For property taxes, we compared the median property taxes paid in each county.
For fuel taxes, we first distributed statewide vehicle miles traveled to the county level using the number of vehicles in each county. We then calculated the total number of licensed drivers within each county. The countywide miles were then distributed amongst the licensed drivers in the county, which gave us the miles driven per licensed driver. Using the nationwide average fuel economy, we calculated the average gallons of gas used per driver in each county and multiplied that by the fuel tax.
We then added the dollar amount for income, sales, property and fuel taxes to calculate a total tax burden. Finally, each county was ranked and indexed, on a scale of 0 to100. The county with the lowest tax burden received a score of 100 and the remaining counties in the study were scored based on how closely their tax burden compares.
Sources: US Census Bureau 2018 American Community Survey, Government Sources, Avalara, American Petroleum Institute, GasBuddy, UMTRI, Federal Highway Administration, SmartAsset
