In terms of taxation, Utah is among the least expensive states in the union compared to others. In terms of overall tax burden, Utah is ranked 32nd out of 50 states by WalletHub’s 2021 Tax Burden by State study. The state’s property tax, sales tax, and income tax rates are taken into account in this ranking. Compared to the national average of 5.47%, Utah’s flat income tax rate is lower at 4.95%. Additionally, Utah’s property tax rate of 0.67% is quite low compared to the national average of 1.07%. However, Utah’s sales tax rate of 6.1% is a little bit higher than the 5.86% average for the US.
So what does a good income in Utah look like? Utah’s median household income, as reported by the US Census Bureau, is $74,048. The cost of living in Utah varies regionally, nevertheless. As an illustration, Salt Lake City has a greater cost of living than other areas of the state. Numbeo, a website that evaluates the cost of living in various places, reports that Salt Lake City has a cost of living that is 4.6% more than the national average. Nevertheless, it is still reasonably priced when compared to other large American towns.
A living salary in Utah is based on a number of variables, including your location, family size, and lifestyle. The living wage for a single adult in Utah is around $14 per hour, according to the MIT living wage calculator. The living wage increases to $29 per hour for a household of four. Remember that a comfortable pay, which would permit more discretionary spending and savings, may not be the same as a livable wage.
And last, does Amazon file income taxes with the IRS? Yes, Amazon must legally inform the IRS of its income. Amazon must submit yearly financial reports to the Securities and Exchange Commission (SEC) because it is a publicly traded firm. These reports provide data on the company’s earnings, costs, and profits, which are used to determine how much tax is owed. Through its annual tax return, which is required of all companies and people who earn revenue in the United States, Amazon also reports its income to the IRS.
In conclusion, as compared to other states in the US, Utah has a relatively modest overall tax burden. Depending on the region, Utah’s cost of living varies, although it is generally reasonable when compared to that of other large cities. Although it varies depending on a number of conditions, the minimum wage in Utah, which is $7.25 per hour, is typically greater than this. And sure, according to the law, Amazon must inform the IRS of its income.