Write Off Sales Tax

Originally Posted by zmyride Mine is $32000. Tax is $3120 (9.75% in CA where i live) I'm in the 30% tax bracket. so $3120 x 30% = $936 tax refundable.

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Write Off Sales Tax

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12-06-2009, 11:10 AM

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dudafunk

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Quote:

Originally Posted by zmyride

Mine is $32000.
Tax is $3120 (9.75% in CA where i live)

I'm in the 30% tax bracket. so $3120 x 30% = $936 tax refundable.

Not bad.

Your 30% sounds like FEDERAL TAX. Where does the question of federal tax brackets come in? I was thinking this is how it works:

Car: 30,000
NY sales tax: 8.625% = $2587
NY sales tax table for salary $20k+ = 6.85%
So refund = 6.85% of 2,587 = $177.

And so, agree with the OP - savings are really negligible. When the quoted post said $936, I felt I had been wrong about this tax credit law. Can someone confirm?

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