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Sales Tax Calculator
For Total Sales of $132,000
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Annual
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Rates
Income
$132,000
Sales Tax Rate
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Navigating the complexities of sales tax can be a daunting task for businesses and consumers alike. Vermont, with its unique blend of local charm and economic policies, presents its own set of challenges and opportunities when it comes to sales tax. Whether you're a small business owner or a consumer, understanding the nuances of sales tax in Vermont is crucial for compliance and financial planning.
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Table of contents
Sales tax in Vermont is a consumption tax imposed on the sale of goods and services. It is a crucial source of revenue for the state, funding various public services and infrastructure projects. The tax is collected at the point of sale, with businesses acting as intermediaries between consumers and the state tax authorities. Understanding the intricacies of Vermont sales tax is essential for anyone engaged in commercial activities within the state.
In Vermont, not all items are subject to sales tax. Here are some examples of taxable and exempt items:
Calculating sales tax in Vermont involves applying the Vermont sales tax rate to the total sale price of taxable goods and services. Businesses can use tools like the Vermont sales tax calculator or the VT sales tax calculator to ensure accurate calculations. The process requires careful attention to detail to avoid errors that could lead to penalties or audits.
With sales tax laws constantly evolving, apps like FlyFin make it easier to manage taxes. FlyFin is leading the change in the tax industry by using AI alongside experienced CPAs. Whether the filing is simple or complex, FlyFin ensures highly accurate filings 20 times faster and at 5 times the cost savings. Best of all, your first sales tax filing is free, letting you grow your business while FlyFin's CPAs handle the tricky tax stuff.
Sales tax plays a significant role in Vermont's local economy by providing essential funding for public services. It supports education, infrastructure, and healthcare, ensuring that residents have access to quality services. The revenue generated from sales tax in Vermont helps maintain the state's financial health and supports community development initiatives.
Businesses operating in Vermont must be aware of nexus rules, which determine their obligation to collect sales tax. Establishing a physical presence, such as a storefront or warehouse, can create a nexus. Understanding these rules is crucial to avoid penalties and ensure compliance with VT sales tax regulations.
Vermont requires businesses to issue detailed invoices that include the Vermont sales tax rate and the total amount of sales tax collected. Accurate invoicing is important for record-keeping and compliance, allowing businesses to track their sales tax obligations effectively.
Depending on their sales volume, businesses in Vermont may be required to file sales tax returns annually or quarterly. Understanding these deadlines is essential to avoid late fees and ensure timely compliance with Vermont sales tax regulations.
The history of sales tax in Vermont dates back to the mid-20th century, reflecting the state's evolving economic landscape. Initially implemented to address budgetary needs, the tax has undergone various changes to adapt to shifting economic conditions and consumer behaviors. Today, it remains a vital component of Vermont's fiscal policy.
Vermont's sales tax is distinct from other state taxes, such as income or property tax. While the sales tax is a consumption-based tax, state taxes are often based on income or property ownership. Local policies can also influence the sales tax Vermont residents pay, with municipalities occasionally imposing additional local taxes to fund specific projects or services.
Vermont's sales tax collection process includes unique administrative steps designed to streamline compliance and enforcement. The state offers resources like the Vermont sales tax calculator to assist businesses in accurately calculating and remitting taxes. Additionally, Vermont provides educational programs to help businesses understand their sales tax obligations and navigate the complexities of state tax law.
County
Total Sales Tax Rate
Facts and figures about
County, Vermont
1,263
CPAs across the state
643,077
Residents as of 2022
45,720
People claiming self- employment tax deductions
20,840
S-Corps statewide
21,270
People taking itemized deductions
58,040
People claiming the QBI deduction
😵💫 Smart CPAs are accessible and affordable, but there's only 1 Vermont CPA for every 300 residents.
😓 19 million taxpayers filed late last year. Smart CPAs can help taxpayers be prepared.
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Vermont State Income Tax Rates & Brackets for 2023
The following tables represents Vermont's income tax rates and tax brackets:
SINGLE FILER
Brackets
Rates
$0 - $40,950
3.35%
$40,950 - $99,200
6.60%
$99,200 - $ 2,06,950
7.60%
$ 2,06,950+
8.75%
MARRIED FILING JOINTLY
Brackets
Rates
$0 - $68,400
3.35%
$68,400 - $ 1,65,350
6.60%
$ 1,65,350 - $ 2,51,950
7.60%
$ 2,51,950+
8.75%
Filing Status
Standard Deduction Amt.
Single
$6,350
Couple
$9,525
Vermont State IRS Statistics of Income for 2020
Item
(All amounts are in 1000s of dollars)
Number of returns
Number of single returns
Number of joint returns
Number of head of household returns
Number of individuals
Adjusted gross income (AGI)
Total income: Number
Amount
Salaries and wages in AGI: Number
Amount
Business or profession net income (less loss): Number
Amount
Partnership/S-corp net income (less loss): Number
Amount
Self-employed health insurance deduction: Number
Amount
Student loan interest deduction: Number
Amount
Charitable contributions if took standard deduction: Number
Amount
Total itemized deductions: Number
Amount
State and local income taxes: Number
Amount
State and local general sales taxes: Number
Amount
Qualified business income deduction: Number
Amount
Child and dependent care credit: Number
Amount
Child and other dependent tax credit: Number
Amount
Self-employment tax: Number
Amount
Earned income credit: Number
Amount
Refundable education credit: Number
Amount
Recovery rebate credit: Number
Amount
Total tax liability: Number
Amount
Total additional Medicare tax: Number
Amount
Net investment income tax: Number
Amount
Tax due at time of filing: Number
Amount
Total overpayments: Number
Amount
All returns
344,800
186,250
121,920
29,200
584,230
23,255,624
339,050
23,655,461
269,530
15,228,207
58,580
898,235
20,840
1,174,694
13,160
94,508
33,850
27,573
92,010
22,262
21,270
771,774
19,270
310,653
1,670
1,509
58,040
337,990
10,880
5,647
67,600
151,124
45,720
156,160
38,870
70,987
9,300
8,589
53,170
69,936
258,210
2,842,964
6,590
10,339
9,300
47,209
59,910
353,236
267,560
841,033
Under $1
10,690
7,450
2,200
780
15,020
0
4,950
0
1,420
45,195
2,150
0
1,080
0
310
1,928
280
260
1,670
387
0
0
0
0
0
0
0
0
0
0
0
0
650
1,549
720
815
130
127
4,220
5,586
790
2,482
40
51
0
0
340
698
6,400
18,795
$1 under $10,000
44,750
37,510
4,600
2,090
42,920
207,961
44,740
216,080
26,860
138,345
5,570
13,307
580
0
610
1,761
910
719
5,090
1,026
410
10,532
150
313
190
72
140
59
0
0
30
21
4,280
3,019
10,460
9,317
770
671
8,220
11,212
5,630
3,464
0
0
0
0
2,570
1,162
32,520
38,034
$10,000 under $25,000
54,350
40,040
7,660
5,600
70,270
941,050
54,350
962,235
39,470
574,892
9,200
66,566
1,280
364
1,340
4,019
2,900
2,343
9,640
2,151
790
21,506
420
840
300
146
4,570
3,175
260
79
3,300
1,291
7,640
11,737
13,350
30,964
1,470
1,265
9,760
13,678
33,010
29,023
10
4
0
0
4,870
5,246
46,810
108,736
$25,000 under $50,000
87,500
57,810
15,160
11,940
131,890
3,225,089
87,500
3,275,199
75,110
2,423,742
11,470
123,681
2,350
10,650
2,340
9,169
10,120
7,904
17,760
4,009
2,120
53,066
1,700
3,864
340
231
11,120
17,778
1,770
880
17,500
23,982
9,050
22,475
13,820
29,620
1,830
1,572
11,040
14,338
74,970
188,679
0
0
0
0
10,390
14,998
76,490
187,597
$50,000 under $75,000
51,590
25,790
19,000
5,140
91,170
3,162,576
51,590
3,213,273
44,140
2,317,488
8,540
115,190
2,400
17,872
1,990
10,485
7,580
6,126
15,430
3,717
3,520
80,160
3,230
9,799
240
232
9,880
23,745
1,440
713
12,330
28,976
6,640
20,605
530
271
1,310
1,215
6,460
7,757
48,930
247,017
20
18
0
0
9,990
19,782
41,420
110,520
$75,000 under $100,000
32,270
8,970
20,720
1,960
70,590
2,799,899
32,270
2,844,605
27,590
1,976,563
6,450
102,486
2,280
31,480
1,460
9,823
4,550
3,713
11,920
2,969
3,350
82,147
3,170
13,876
150
159
8,040
24,921
1,850
1,015
10,200
28,174
5,040
18,419
0
0
1,110
1,057
5,050
5,232
31,570
244,191
0
0
0
0
7,800
20,564
24,380
79,751
$100,000 under $200,000
48,160
6,760
39,440
1,370
121,620
6,479,833
48,160
6,586,531
41,860
4,586,536
10,840
238,406
5,570
135,807
2,780
25,461
7,510
6,508
22,960
5,919
5,970
179,537
5,700
42,575
230
362
15,580
73,623
4,380
2,350
19,210
54,614
8,440
41,928
0
0
2,680
2,682
8,310
12,087
47,830
730,450
390
123
180
72
16,160
67,137
31,890
140,532
$200,000 under $500,000
12,980
1,580
11,030
280
34,040
3,695,873
12,980
3,771,944
11,070
2,190,898
3,610
185,979
3,870
320,086
1,720
21,867
0
0
6,640
1,826
3,760
149,893
3,590
76,089
160
241
7,090
83,957
1,040
532
5,030
14,052
3,190
25,471
0
0
0
0
110
46
12,970
627,701
4,690
3,589
6,800
9,233
6,430
84,347
6,490
71,254
$500,000 under $1,000,000
1,780
220
1,520
30
4,800
1,181,442
1,780
1,201,389
1,440
545,110
540
52,228
900
203,199
370
5,814
0
0
710
204
860
47,892
820
47,557
40
51
1,100
30,010
100
58
10
14
550
6,128
0
0
0
0
0
0
1,780
273,278
1,050
3,204
1,610
9,338
990
47,252
780
25,438
$1,000,000 or more
750
120
600
20
1,920
1,945,509
750
1,961,234
580
429,438
210
30,595
520
540,554
240
4,181
0
0
190
54
510
147,041
490
115,740
10
15
530
80,722
30
20
0
0
240
4,829
0
0
0
0
0
0
750
496,679
390
3,350
700
28,566
370
92,050
380
60,376
Sales Tax in other states
Sales Tax in other Counties of Vermont
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