The Geographic Information System (GIS) now allows Colorado taxpayers to look up the specific sales tax rate for an individual address. The Department will begin accepting Form 1099-NEC, Nonemployee Compensation, on January 15th. Income 15: Colorado Capital Gain Subtraction Qualifying taxpayers can claim a subtraction on their Colorado income tax returns for certain qualifying capital gain income included in their federal taxable income. § 6051. The goal of the information we are providing you with is to give you an overview of the likely tax you will pay on your earnings in Colorado. Colorado’s median household income is around $70,000, according to the U.S. Census Bureau. For information on how to file a Fiduciary Income Tax Return , visit the Filing Information web page. The GIS not only shows state sales tax information, but it also includes sales tax information for counties, municipalities, and special taxation districts. If you live and work in Colorado your paycheck will reflect 4.63% for income tax deductions regardless of the amount of your paycheck. Colorado - Single Tax Brackets Colorado - Married Filing Jointly Tax Brackets Colorado has a flat income tax of 4.63% — All earnings are taxed at the same rate, regardless of total income level Colorado income tax credits are then subtracted from this amount to arrive at the net Colorado income tax (the amount paid by a Colorado taxpayer). Income Tax Rank ($) Effective Sales & Excise Tax Rate. For 2019 only, both the individual and corporate income tax rates will be temporarily reduced to 4.5 percent to refund a TABOR surplus. Refund Help. Finally, if you work in Aurora, Denver, or Greenwood Village, you will also have to pay local taxes. The range we have provided in the Colorado income tax calculator is from $1,200 per month or $14,400 per year, to $12,000 per month, or $144,000 per year. Check the 2018 Colorado state tax rate and the rules to calculate state income tax 5. Taxes are a certainty that legally, you must pay, and we are going to specifically cover the Colorado state income tax rate when you take into consideration the other taxes you will be liable to pay on your income if you reside in Colorado. If the estate or trust receives income, a fiduciary income tax return must be filed. What is Colorado's marginal tax rate? If you want to simplify payroll tax calculations, you can download ezPaycheck payroll software, which can calculate federal tax, state tax, Medicare tax, Social Security Tax and other taxes for you automatically. The income tax rate in Colorado is one of the states that lock in their income tax rate regardless of whether you earn $20,000 a year or $200,000+ per year. If you want to simplify payroll tax calculations, you can download ezPaycheck payroll software, which can calculate federal tax, state tax, Medicare tax, Social Security Tax and other taxes for you automatically. Single Bracket: Joint Bracket: Marginal Tax Rate: $0+ $0+ 4.63%: Wyoming Income Tax. Pay Tax Bill. If you work in Aurora, $2 is taken out of your pay every month if you earn over $250. One thing you must always remember is that a flat 4.63% income tax rate in Colorado does not mean that you will not be liable to pay other taxes on your earnings – it might just mean you will pay less than if you lived or worked in another state with a higher income tax rate. DENVER – Colorado voted to pass Proposition 116, which cuts the state income tax rate from 4.63% to 4.55% and will reduce the state’s revenue by millions in the midst of a recession. The Colorado income tax bracket is fixed at 4.63% as noted on the table, but you are still responsible for paying Social Security (6.2%) and Medicare (1.45%), totaling 7.65%. Field Audit: (303) 355-0400. CDOR Website Colorado Income Tax. To calculate the Colorado income tax, a “flat” tax rate of 4.63 percent is applied to federal taxable income after adjusting for state additions and subtractions, the largest and most common of which are listed below. Use this list to compare the Denver income tax with local income taxes in nearby cities. 21 Amazing Facts about the State of Indiana. Download POA Form ... Now that you have filed your income tax return, you are probably wondering when you can expect to get your refund. Colorado has a single tax bracket on individual income, with a top rate of 4.63 percent, the study by policy analyst Morgan Scarboro said. The tax applies generally to every C corporation that is organized or commercially domiciled in Colorado and to every C corporation that has property, payroll, or sales in Colorado in excess of certain thresholds. Request Payment Plan. The following Colorado income tax calculator should be used for approximation purposes and does not represent legal authority, or the exact amount of Colorado income tax (including Federal and FICA tax) that you will be liable for – it is just a guide based on information from the IRS and other sources. Among these states, Colorado’s rate ranks in about the middle of the pack. The current flat tax rate for Colorado is 4.63%. Calculate your state income tax step by step 6. The official Facebook page for the Colorado Department of Revenue. There are eight other states with a flat income tax. Single Bracket: Joint Bracket: Marginal Tax Rate: $0+ $0+ 0.00% More about the Colorado Income Tax: More about the Wyoming Income Tax Colorado vs. Wyoming. Colorado is the highest state in America, towering over the rest at an average of 6,800 feet above sea level. Tax Rate. PO Box 17087 Intercepted Refunds. The above table provides you with a broad range of different Colorado income tax bracket scenarios. Colorado has a flat income tax of 4.63%, meaning everyone should theoretically pay the same rate regardless of their income. § 3401. The current state income tax rate in Colorado is a flat rate of 4.63 percent. Time for filing returns and other documents. Electronic Funds Transfer. Colorado voted to pass Proposition 116, which cuts the state income tax rate from 4.63% to 4.55% and will reduce the state’s revenue by millions in the midst of a recession. Among the District of Columbia and the 43 states that levy individual income taxes, Colorado ranked No. Denver, CO 80203 If you want to simplify payroll tax calculations, you can download ezPaycheck payroll software, which can calculate federal tax, state tax, Medicare tax, Social Security Tax and other taxes for you automatically. Copyright 2021 Scripps Media, Inc. All rights reserved.