Wyoming Sales Tax: What You Need to Know

by
What is the sales tax in WY?
4% The state of Wyoming has a 4% state sales tax for all purchases of goods and services in Wyoming. In addition, many counties assess an optional 5th penny or 5% general purpose tax, which is also incurred on goods and services purchased in that county.
Read more on wyoextension.org

The sum that the government levies on the purchase of goods and services is known as the sales tax. In Wyoming, the sales tax rate is 4%. As a result, if you spend $100 on a goods, you will also need to pay $4 in sales tax. In comparison to other states, Wyoming has a relatively low sales tax.

In contrast, Colorado has a state sales tax of 2.9%. However, Colorado’s overall sales tax rate varies from city to city. As an illustration, Denver’s overall sales tax rate is 8.31%. Both the state and local sales taxes are included in this. So, before making a purchase, it’s crucial to confirm the local sales tax rate overall.

California, with a state sales tax rate of 7.25%, has the highest sales tax rate in the country. However, in some Californian communities, the overall sales tax rate might reach 10.25%.

The formula below can be used to calculate sales tax:

Sales tax sum equals (item price multiplied by sales tax rate) / 100

For instance, the sales tax charged on a $50 item purchased in Wyoming would be as follows:

Sales tax amount = (50 x 4) / 100 = $2

Consequently, you would be required to pay a total of $52 for the item.

There is a use tax in Colorado’s Larimer County. Items that are bought outside of the state but utilized inside the state are subject to use tax. For instance, you would be required to pay use tax on a product if you ordered it online from a store in another state and had it transported to Larimer County. Larimer County’s use tax is 2.9% at the moment, the same as the county’s current sales tax rate.

In conclusion, Wyoming’s 4% sales tax is quite modest compared to that of other states. The total sales tax rate varies from city to city in Colorado, where the state sales tax is 2.9%. At 7.25%, California’s sales tax is the highest in the country. Use the following equation to calculate sales tax: (Item’s price x Sales tax rate %) / 100. Last but not least, Larimer County in Colorado levies a use tax on goods bought outside the state but put to use there.