Wyoming Income Tax Calculator

Overview of Wyoming Taxes

Wyoming stands out for its lack of state income tax, setting it apart from a multitude of U.S. states. The state counters this with its sales taxes, which hover around the national average. Meanwhile, it offers a fiscal balance with property tax rates that remain moderately lower than the national average.

To use the Wyoming income tax calculator, simply input your desired salary and filing status to begin.

USA income tax calculator for Wyoming

2023/24 Wyoming Income Tax Calculator

[Official] USA Federal Tax Calculator
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Your Income Taxes Breakdown


Your Income Taxes Breakdown


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Full Breakdown


Full Breakdown


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Wyoming offers a favorable tax environment, not just due to its lack of state income tax, but also through its nuanced approach to property, sales, and mineral taxes. This analysis provides a comprehensive look at the state’s tax landscape.

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State Income Tax

Absence of State Income Tax

  • Unique Selling Proposition: Wyoming belongs to the elite group of seven U.S. states that do not levy a state income tax.
  • Impact on Business: This configuration acts as a potent lure for business entities, high-net-worth individuals, and entrepreneurs, although it does prompt a focus on other avenues of revenue generation.

Property Taxes

Rate Variability

  • Average Rates: Wyoming’s mean property tax rate sits at 0.61%, significantly beneath the national average of 1.08%.
  • County Nuances: Counties in Wyoming display some fluctuation in property tax rates, generally oscillating between 0.5% and 0.8%.

Sales Tax

State and Local Additions

  • Base Rate: A base state sales tax rate of 4% is imposed in Wyoming.
  • Local Adjustments: Local jurisdictions can append an extra tax, commonly around 2%, which brings the combined rate to an average of 6%.

Exceptions

  • Grocery Exemptions: While groceries escape the clutches of the state’s sales tax, they may be subject to local impositions.

Mineral Taxes

Organizational Structure

  • Teams: The Mineral Tax Division consists of three teams focused on:
    1. Processing oil and gas returns
    2. Overseeing accounting, billing, and collection for all taxpayers
    3. Managing hard mineral returns, assessing mineral audits, and performing reconciliations

Assessment and Rates

  • Valuation: Minerals are assessed at 100% of their fair market value.
  • Severance Tax Rates: Surface coal attracts a severance tax of 6.5%, whereas oil and natural gas are taxed at 6% of fair market value.

Fiscal Impact

  • State Revenue: These mineral taxes serve as a significant revenue stream, reinforcing Wyoming’s fiscal infrastructure.

Previous Wyoming Income Taxes

Federal Income Tax: An Immutable Reality

The absence of a state income tax in Wyoming does not exonerate residents from their federal income tax commitments.

Federal Tax Bracket Evolution

Federal tax brackets have seen their structure undergo numerous transformations, frequently as a result of policy shifts under diverse Presidential administrations and Congressional mandates.

2012 and 2002 Wyoming Income Tax Calculator

Historical Federal Income Tax Calculator 2012 & 2002
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The TaxAssist+ calculator computes your federal and state income taxes for the 2023/24 tax year, using several key factors such as your household income, geographical location, and filing status.

HOW INCOME TAXES ARE CALCULATED

  • Initially, the calculator identifies your adjusted gross income (AGI) by reducing your total household income by specific, allowable adjustments.
  • We then subtract potential personal exemptions to arrive at your taxable income.
  • Your taxable income is subjected to relevant tax brackets based on your filing status to determine the total income tax you owe for the year.

Update Schedule: TaxAssist+ continuously monitors for amendments to tax rates and regulations, ensuring that our calculators remains current for the current tax year.

Customer Support: For any comments or inquiries, we encourage you to reach out directly to our support team via our contact page.

Step 1

Our US research professionals meticulously compile and scrutinize the latest tax laws and regulations to ensure foundational accuracy.
James Toth
Financial Services Research Expert

Step 2

A dedicated team of independent fact-checkers rigorously reviews and authenticates the compiled data for integrity and compliance.
Fact-checked
By independent fact-checkers

Step 3

Our tech team then integrates these verified updates into the TaxAssist+ calculators, ensuring they reflect the most current tax rates.
Liam Hollis
Product & IT Lead at TNGB Research

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