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For example, if your state charges a combined 8 percent in state and local taxes, and you buy a $40,000 car, you can expect to pay $3,200 in taxes. If you have a trade-in worth $10,000, you can ...
The federal tax was last raised on October 1, 1993, and is not indexed to inflation, which increased 111% from Oct. 1993 until Dec. 2023. On average, as of April 2019, state and local taxes and fees add 34.24 cents to gasoline and 35.89 cents to diesel, for a total US volume-weighted average fuel tax of 52.64 cents per gallon for gas and 60.29 ...
Buying a brand new car today requires some additional considerations. New vehicle average transaction prices (ATPs) are still near record highs, at $47,936 in October 2023, according to Kelley ...
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 $30,000 only, not the full amount of the new vehicle).
The federal estate tax is computed on the sum of taxable estate and taxable gifts, and is reduced by prior gift taxes paid. These taxes are computed as the taxable amount times a graduated tax rate (up to 35% in 2011). The estate and gift taxes are also reduced by a major "unified credit" equivalent to an exclusion ($5 million in 2011).
Paying for your car insurance in monthly installments might make it easier to manage your budget, but you might also pay extra fees if you don’t pay for your policy up front. You might be able ...
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