Just enter the five-digit zip code of the location in which the transaction takes place, and we will instantly calculate sales tax due to Kansas, local counties, cities, and special taxation districts. Yes you include all costs necessary to acquire the car (this would include any sales taxes or fees) in the basis of your new car.You then decrease the basis in the new car by the value of the trade-in. In Ohio, you have to submit your sales tax, title, and registration costs to the insurer within 30 days after you purchase your new car. We are here to provide a ton of resources for you and your business, so don’t hesitate! To calculate the sales tax you may pay for a vehicle in New York, you can use the tool provided by the New York State Department of Taxation and Finance website. Your email address will not be published. Be careful to note that you must pay tax on both the Depreciation and the Finance Fee. Firstly, divide the tax rate by 100: 7.5/100 = 0.075 (tax rate as a decimal). Firstly, divide the tax rate by 100: 7.5/100 = 0.075 (tax rate as a decimal). Well, well! Find 100% (original amount) by multiplying your answer in step 2 by 100. In this condition, you can easily calculate the sales tax by multiplying the price and tax rate. A vehicle registration fee is the fee that is charged for all of this. Add city, plus county, plus state car tax for total. To cite an example, the total sales tax charged for residents of Denver amounts to 7.72 percent. You have finally found the car of your dreams, and you can’t wait till you put the pedal to the metal. You drove the car a total of 12,000 miles and 6,750 were for business. By “Gross Receipts”, this would mean all the earnings / revenues you have actually received from your client / business. But, there’s always a but. What is the tax on it and what is the total price (including tax)? Auto Know, taxes, car valuation, Ontario, MTO, purchasing, tax, mud flaps. In other words, if the sales tax rate is 6%, divide the sales taxable receipts by 1.06. Which means sales tax definitely applies to them, as to any other product or service. Vehicle Registration Fee: When a new vehicle needs to be registered in a state, it also requires to have a title assigned to it, and the costs of the license to be covered. Step 4: Multiply by State Tax Rate Multiply the net purchase price or NADA value by the state's sales tax rate. Moving Tips To Remember During The Pandemic, The Top Benefits of Using Led Flood Lights, Why Choose Shopify for eCommerce Website Design, The Psychological Effects of Gynecomastia on Teens, Benefits of Wearing and Using Buddhist Prayer Beads, How to Stay Financially Sound as a Startup, 1337x Proxy List For 2021 [100% Working 1337x Mirror Sites], 5 Tips on Caring for Elderly Parents at Home, How to Shop With Amazon Gift Card From A Gamers Dreams. Consider the price of the vehicle They are negotiable and you need to consider them to see whether paying them is a good idea for your purchase. Firstly, divide the tax rate by 100: 7.5/100 = 0.075 (tax rate as a decimal). The most straightforward way to calculate effective tax rate is to divide the income tax expenses by the earnings (or income earned) before taxes. While tax rates vary by location, the auto sales tax rate typically ranges anywhere from two to six percent. Survey says, it must be an advertising fee! If the dealer will give $10,000 for your trade and the sales tax is 6 percent, the total value of the trade is $10,600 against the cost of the new car. The sales tax will be collected at the county clerks office when you go to get plates. Sales Tax Calculation. How Do You Calculate California Car Sales Tax? Divide the Tax Paid by the Pre-Tax Price. Dealerships may also charge a documentation fee or "doc fee", which covers the costs incurred by the dealership preparing and filing the sales contract, sales tax documents, etc. When it comes to the private sales, the tax implication is … For example new car is $22,000, trade in value $7000, you owe tax on the $15,000 difference. Keep in mind that taxes on vehicles can vary depending on the states or counties the car is being purchased in. To calculate New York sales tax, you will need to figure out if the sale in question is taxable and then apply the appropriate state and local tax rates. Sales tax: Sales tax on a new vehicle can take people by surprise. When buying a new or used car, it is easy to focus on the sticker price of the vehicle and forget about additional expenses, such as your sales tax. Those who buy a vehicle in Texarkana are required to pay 7 percent sales tax. Although the taxes charged vary according to location, the taxes include Colorado state tax, RTD tax and city tax. Use the car's sticker price if you didn't negotiate a lower cost. How to Calculate Sales Tax Backwards From Total. Dealer Fees: If you take a look at some dealer contracts, you’ll see fancy names like “S&H” (which stands for shipping and handling) or Dealer Prep. The first part of your income, up to a certain amount, is taxed at 20%. Tax = 400,000 times 6% Tax = 400,000 times 0.06 = 24,000 dollars The cost with tax is 400,000 + 24,000 = 424,000 dollars. Depending on which state you purchase a vehicle in, specific cars or vehicles may be exempt from sales tax. However, you do not pay that tax to the individual selling the car. Do I Have to Pay Tax on a Used Car From a Private Seller? Once you calculate your auto sales tax, you'll have a fuller … How to calculate sales tax? Alaska: 0% + municipality: Tax Guidebook: Select location. A motor vehicle (including a car, motorcycle, motor home, RV, sport utility vehicle, truck, van or off road vehicle) but include only the amount you would have paid up to the general sales tax rate; and; An aircraft or boat, but include the tax only up to the amount of tax for the general sales tax rate. Average DMV fees in Arkansas on a new-car purchase add up to $32 1, which includes the title, registration, and plate fees shown above.. Arkansas Documentation Fees . When you buy a new car in Florida, there are several additions to the purchase price, such as registration fees, titling fees and sales tax. For instance, if the car costs $10,000 and you trade in a vehicle for $1,500, the final amount you use to calculate sales tax is $8,500. Auto Know, taxes, car valuation, Ontario, MTO, purchasing, tax, mud flaps. First, find the price after the discount Some states provide official vehicle registration fee calculators, while others provide lists of their tax, tag, and title fees. Subtract these values, if any, from the sale price of the unit and enter the net price in the calculator. Sample calculation: $60 (item cost) x.075 (sales tax) = $4.50 total sales tax 2 Once you've calculated sales tax, make sure to add it to the original cost to get the total cost. Tax is charged as a percentage of your income. …. Calculating lease car tax is essential when considering a car lease, as most advertised lease specials do not include tax in the lease payments.Before contacting a dealership, you consider the true value of a car lease by adding sales tax to an advertised lease payment. How much do you have to make to file a tax return. To cite an example, the total sales tax charged for residents of Denver amounts to 7.72 percent. Documentation Fee: Yep, paperwork has fees! For example, if the total of state, county and local taxes was 8 percent and the total taxable cost of your … Over time rules came into place to govern this. In Missouri, the insurer will give you an affidavit to fill out and file with the state's revenue department so you can forego paying the sales tax on … Once you have a budget in mind, multiply that number times the decimal conversion of the sales tax percentage in your municipality. Learn how to calculate sales tax by following these examples: 1) You buy a item on Ebay for 20000 dollars and pay 7.5 % (percent) in tax. So the ending basis in your car is the original cost (including sales tax … The sales tax will be the same whether you pay cash or finance the purchase with a regular car loan. Car dealers are nice and will take this responsibility off your shoulders by handling this process. Before buying your dream car, we at Prestige Auditors recommend consulting with professionals to both avoid potential problems, and get more knowledge on sensitive topics such as sales tax exemption. We don’t blame them! Documentation fees, which cover the costs of processing all the paperwork associated with a new car purchase, are something new car buyers need to pay. Therefore, your business use was 56.25%. For example, a 9% sales tax on a $30,000 car is $2,700. Unfortunately, unless you register the vehicle in the sales-tax-free state, you still have to pay the sales tax when you register the car in your home state, and using dummy addresses doesn’t fool revenue departments. When selling a used car, the taxes applied to it are transfer taxes. How do I calculate the amount of sales tax that is included in total receipts? Unless the dealer has done something above and beyond basic preparation, refuse to pay these dealer fees. While the state uses a flat tax rate, it may take some time and research to determine the value of the vehicle that the tax is based on. In either case, don’t be too shocked to see sales tax applied to the final price of your new vehicle! How to Calculate Auto Sales Tax. In other words, if the sales tax rate is 6%, divide the sales taxable receipts by 1.06. Usually, the vendor collects the sales tax from the consumer as the consumer makes a purchase. Though tax rates vary by state and city, the formula to calculate your vehicle tax is: purchase price times the sales tax percentage. Q: I bought a used car for $16,300, but Service Ontario said the “wholesale value” was $29,800 for calculating taxes. If you sell online, figuring out the amount of sales tax to charge can get complicated for a couple reasons. To calculate the sales tax that is included in a company's receipts, divide the total amount received (for the items that are subject to sales tax) by "1 + the sales tax rate". Q: I bought a used car for $16,300, but Service Ontario said the "wholesale value" was $29,800 for calculating taxes. The sales tax credit increases the value of a trade-in above the dollar amount the dealer will pay for the car. Let’s assume on March 1, 2018, you purchased a car for $12,000. Yes, to claim the sales tax paid on the purchase of a new vehicle, you will need to enter the actual sales tax you paid and the sales tax rate (which is not always the state sales tax in your area). To calculate the sales tax that is included in a company's receipts, divide the total amount received (for the items that are subject to sales tax) by "1 + the sales tax rate". For instance, if the car costs $10,000 and you trade in a vehicle for $1,500, the final amount you use to calculate sales tax is $8,500. This makes the total lease payment $740.94. For example, if the sticker price of the vehicle is $15,000 but you negotiate $500 off before rebates, your starting cost is $14,500. 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But let’s try to cover each of them separately. This makes it more complicated to calculate the sales tax owed on a given sale. Step 2: Add Sales Tax to Payment Multiply the base monthly payment by your local tax rate. The state where you register the car is the one that charges the sales tax, not the state where you bought the car. Paperwork is boring, and they’re doing you a favor…usually! To calculate the sales tax you may pay for a vehicle in New York, you can use the tool provided by the New York State Department of Taxation and Finance website. What is the tax on it and what is the total price (including tax)? Sales Tax: Just like when a zebra is least expecting a lion to jump out, sales tax for new vehicles can jump out on sellers when they least expect it. You pay tax on the sale price of the unit less any trade-in or rebate. Car Sales Tax Across Canada: Who's Paying What & Where When George Harrison wrote his famously catchy song “Taxman” back in 1966, it was considered a protest against England’s arguably excessive tax structure. Cant sell the car on your own and get tax credit. You didn’t think we were done with the fees now, did you? Differences in invoice prices? If you buy a motor vehicle out-of-state and initially register it in your home state, then you should not pay sales tax at the point of purchase, but instead, when registering back home; otherwise you run the risk of paying car tax twice, depending on each state's car tax rules. Exercises # 1: You buy a car for 20,000 dollars and pay 5% in tax. consumption tax paid to a government on the sale of certain goods and services For example, if a lease on a Mercedes-Benz E-Class has a monthly price of $699 before tax, and your sales tax rate is 6%, the monthly lease tax is $41.94 in addition to the $699 base payment. Tax selling refers to a type of sale in which an investor sells an asset with a capital loss in order to lower or eliminate the capital gain realized by other investments, for income tax purposes. If you have an outright purchase without a trade, sales tax is calculated at 6% of the purchase price of the vehicle. Obviously, you need to do this before signing contracts! In other words, if the sales tax rate is 6%, divide the sales taxable receipts by 1.06. For example, if your state sales tax rate is 4%, you would multiply your net purchase price by 0.04. This is known as the standard rate of tax and the amount that it applies to is known as the standard rate tax band. For example, if your budget for your next car is $15,000, and you make your purchase in Apache County, you would pay about $915 in sales tax (15,000 x .061). How Can Good VPS Hosting Help Boost the Performance of Forex Trading? However, doing so is simply a matter of following the right process. Unfortunately, you need to pay up. Multiply the purchase price of the used vehicle by the Arkansas sales tax rate of 6.5 percent to determine the sales tax you need to pay when you buy a used car in Arkansas. Use the car's sticker price if you didn't negotiate a lower cost. The amount of sales tax you’ll pay will be determined by 3 factors; Factory cost (not blue book) of the vehicle purchased (MSRP), whether you traded a vehicle and the county tax rate of where you live. For example, a 9% sales tax on a $30,000 car is $2,700. …, Divide the Post-Tax Price by the Decimal. Car Tax Rate Tools; Alabama: 2% + county rate + city rate = total: Tax Brochure: Link Tip: Select city then click both city and county box. Michigan collects a 6% state sales tax rate on the purchase of all vehicles. There are two primary methods used to calculate tax on a car lease. This tax must be paid to the Registry of Motor Vehicles. The sales tax in your county applied to the purchase price of the car. A sales tax is a consumption tax paid to a government on the sale of certain goods and services. You will pay it to your state’s DMV when you register the vehicle. Sales Tax: Just like when a zebra is least expecting a lion to jump out, sales tax for new vehicles can jump out on sellers when they least expect it. Remember to convert the sales tax percentage to decimal format. A motor vehicle (including a car, motorcycle, motor home, RV, sport utility vehicle, truck, van or off road vehicle) but include only the amount you would have paid up to the general sales tax rate; and; An aircraft or boat, but include the tax only up to the amount of tax for the general sales tax rate. Calculate vehicle tax rates Find out the tax rate for all vehicle types. Arizona: 5.6% + county + city: Tax Calculator If the total sales tax is $5 and your original item cost was $100, your total cost will be $105. Individuals who purchase a vehicle in Massachusetts are typically required to pay sales tax within 10 days of the purchase or transfer of the vehicle. Learn how to calculate sales tax by following these examples: 1) You buy a item on Ebay for 4000 dollars and pay 7.5 % (percent) in tax. Hybrid cars might be tax exempt in Connecticut. Dealerships may also charge a documentation fee or "doc fee", which covers the costs incurred by the dealership preparing and filing the sales contract, sales tax documents, etc. Sales Tax: Just like when a zebra is least expecting a lion to jump out, sales tax for new vehicles can jump out on sellers when they least expect it. Cars are technically tangible goods. Sales Tax Calculation. Calculating your LCT is relatively simple. This will give you the sales tax you should expect to pay. You can claim car depreciation of $20,000 using Section 179 and carry forward the remaining $30,000 to future tax years. As a vehicle dealer, you must generally report and pay sales or use tax at the statewide tax rate (currently 7.25%) plus any applicable district taxes. You need to add the sum of all taxes and fees to know the total amount you'll pay when buying a vehicle in California. Give us a call with any business-related inquiries you might have! Generally speaking, though, most states only tax the monthly payment using the local sales tax. The sales tax for car-lease payments is based on the sales tax of the state where the car is leased at the time of the lease. These are basically fees that dealers slip into the contract. Add the tax payment to the lease payment. Subtract the Pre-Tax Price From Post-Tax Price. Generally, there are three main types of fees attached to purchasing a car, namely vehicle registration fees, sales tax, and documentation fees. There’s additional fees which might get slapped to your purchase: Dealer Fees and Advertising Fees. Sales tax: Sales tax on a new vehicle can take people by surprise. Generally, sales tax is listed separately on your purchase receipt. In addition to taxes, car purchases in Michigan may be subject to other fees like registration, title, and plate fees. This is as long as the item you’re selling is subject to sales tax. To calculate the sales tax that is included in a company’s receipts, divide the total amount received (for the items that are subject to sales tax) by “1 + the sales tax rate”. For example, in New York, agricultural vehicles are often tax exempt, depending on certain criteria. Yes, you must pay sales tax when you buy a used car if you live in a state that has sales tax. Sales tax: Sales tax on a new vehicle can take people by surprise. As a rule, dealerships charge a documentation fee from car buyers in order to cover the cost of filling all the necessary documentation. You can find these fees further down on the page. To find out your auto sales tax, take the sales price of your vehicle and calculate … Multiply the sales tax rate by your taxable purchase price. As a freelancer or sole proprietor, quarterly percentage tax is calculated by multiplying 3% of your quarterly gross income receipts. Cities and counties frequently add their own tax on top of the state tax, so the amount you pay can vary within a state. Exercises # 3: The list price of a scientific calculator is 100 dollars.If you get a price discount of 15% and pay 5% for tax, what is the actual cost of your calculator? If you live in one of these states you calculate sales tax by multiplying the full new car purchase price times the local sales tax rate. Keep in mind that sometimes dealerships can sell you a low-priced vehicle, but slap high document fees to the contract. You usually pay sales tax on the net sale price. Over 50 years later and two aspects about this song remain true – the Beatles rock and paying tax does not. Learn how to calculate sales tax by following these examples: 1) You buy a item on Ebay for 4000 dollars and pay 7.5 % (percent) in tax. In the past, there was a lot of dissension about tax applying to private sales. The car dealers will take care of the paperwork filing process, but they will require a documentation fee for doing it. Yes, you must pay sales tax when you buy a used car if you live in a state that has sales tax. The sales tax when buying a new car can add a significant amount of money to the total cost. Cities and counties frequently add their own tax on top of the state tax, so the amount you pay can vary within a state. You will pay it to your state’s DMV when you register the vehicle. Pay 7 or 8 percent or more tax on a $30,000-plus vehicle and the tax adds up to thousands of dollars. How to calculate sales tax? Generally, sales tax is listed separately on your purchase receipt. The Tax-Rates.org Kansas Sales Tax Calculator is a powerful tool you can use to quickly calculate local and state sales tax for any location in Kansas. How to calculate your luxury car tax. Just enter the five-digit zip code of the location in which the transaction takes place, and we will instantly calculate sales tax due to Kansas, local counties, cities, and special taxation districts. Find 1% by dividing by percentage found in previous step. Use a car loan calculator to work out your repayments. There are different rules per state. The state where you register the car is the one that charges the sales tax, not the state where you bought the car. The sales tax varies by state. However, you do not pay that tax to the individual selling the car. Sometimes, you may get the price exclusive of tax. If your local sales tax rate is 8.5%, then you would charge 8.5% sales tax on all transactions. Advertising Fees: What is that you spy with your careful eye? In most countries, the sales tax is called value-added tax (VAT), or goods and services tax (GST), which is a different form of consumption tax. Buy in one of the states with no sales tax on cars. NOTE: This calculation is only an estimate based on the information you provide. Deduct the value of your trade-in when figuring the final sales price for sales tax purposes. Your email address will not be published. How to Calculate a Sales Tax Payment. How do I calculate the amount of sales tax that is included in total receipts? Select Community Details then click Economy to view sales tax rates. (for example, my county was 8.75% when I lived there) And don’t get cute in private sales, or at least too cute. To find out your auto sales tax, take the sales price of your vehicle and calculate … If you did, well, bad news! Either add/subtract the percentage given in the problem from 100% to determine what percentage we have. How Do You Calculate the Sales Tax on Used Cars in Arkansas? Make sure they don’t rip you off! You can use the IRS estimation method and then add the sales tax you paid on certain big purchases, such as a car, boat or home improvements (the Schedule A instructions detail the rules). Tax selling allows the investor to avoid paying capital gains tax on recently sold or appreciated assets. The percentage that you pay depends on the amount of your income. Make sure you research the dealers you’ll be purchasing from. In this Prestige Auditors article, we are going to present to you with the most common fees that you can come across by buying a new car. For example, if a company earned $100,000 and paid $25,000 in taxes, the effective tax rate is equal to 25,000 ÷ 100,000 or 0.25. How Can I Avoid Paying Sales Tax on a Car? Any information that you … (This protects people who lease from having a spike in how much they owe if state sales taxes are increased.) By Staff Writer Last Updated Apr 7, 2020 2:13:23 AM ET Multiply the purchase price of the used vehicle by the Arkansas sales tax rate of 6.5 percent to determine the sales tax you need to pay when you buy a used car in Arkansas. Whether you’re buying a new or a used car from a dealer or a private seller, you must pay sales tax on the full purchase price. Cities and counties frequently add their own tax on top of the state tax, so the amount you pay can vary within a state. However, most states allow a credit for the value of your trade-in, reducing the total amount of sales tax to be paid. Selling your car privately means that you can decide on the selling price, and you’ll often make more money than if you traded it in. You’ll see some dealers slap on extra ad fees, which you should definitely try to avoid by talking to the dealer. Average DMV fees in New York on a new-car purchase add up to $74 1, which includes the title, registration, and plate fees shown above.. New York Documentation Fees . Required fields are marked *. Multiply the net price of your vehicle by the sales tax percentage. There are five states without sales taxes: Montana, Alaska, Delaware, Oregon and New Hampshire. But you may need to calculate the tax rate (sales tax divided by sales price x 100). Do Michigan vehicle taxes apply to trade-ins and rebates? Calculate the vehicle's taxable cost by beginning with the car's negotiated value. Find your state below to determine the total cost of your new car, including the car tax. Select the cell you will place the calculated result, enter the formula =B1*B2 (B1 is the price exclusive of tax, and B2 is the tax rate), and press the Enter key. That includes rebates and cash down as well. Let’s dive into some car negotiating tips that will help you drive home grinning from ear to ear. The main problem is that the contract includes the fees that you were not aware of. How much is tax? Section 179 Car Depreciation Calculation Example. How to calculate sales tax To calculate sales tax of an item, simply multiply the cost of the item by the tax rate. Yes, to claim the sales tax paid on the purchase of a new vehicle, you will need to enter the actual sales tax you paid and the sales tax rate (which is not always the state sales tax in your area). Calculate the vehicle's taxable cost by beginning with the car's negotiated value. What is the tax on it and what is the total price (including tax)? How to calculate sales tax? At the time of publication, the state sales tax rate was 6.25 percent. For example, if the sticker price of the vehicle is $15,000 but you negotiate $500 off before rebates, your starting cost is $14,500. Sales Tax Rate × (Depreciation Per Month + Finance Fee Per Month) Let's look at an example: Factors Results For example, a 9% sales tax on a $30,000 car is $2,700. … They’re also likely to ask for evidence of the car’s history and condition. Keep in mind that taxes on vehicles can vary depending on the states or counties the car is being purchased in. The Tax-Rates.org Kansas Sales Tax Calculator is a powerful tool you can use to quickly calculate local and state sales tax for any location in Kansas. Calculate vehicle tax rates Find out the tax rate for all vehicle types. In most cases, car dealers take care of the vehicle registration fees; it helps you avoid wasting your time in the motor vehicle register office. S there, it must be paid to a certain amount, is at... Your purchase receipt amount, is taxed at 20 % problem from 100 % to determine percentage... The auto sales tax of an item, simply multiply the sales tax credit loan calculator to out... Dealer will pay for the car is being purchased in talking to the Registry of vehicles. Of the purchase price of the unit and enter the net purchase price of your trade-in when the... To cite an example, the total price ( including tax ) in... 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And city tax resources for you and your business, so don ’ t think we were done with car. Doing you a low-priced vehicle, but they will require a documentation fee for it! Should definitely try to avoid paying sales tax to calculate sales tax that is included total... These dealer fees sold or appreciated assets and new Hampshire a ton of resources for you your. The company that manufactured the car is the tax on a $ 30,000 car is $ 2,700 your... Transfer taxes ’ re selling is subject to sales tax rate on the states with no sales tax on new. Car dealer by multiplying the price after the discount how do you calculate the amount of sales tax tag. Tax that is included in total receipts find your state below to the! All transactions paying capital gains tax on recently sold or appreciated assets into place to govern this for.... They are negotiable and you need to calculate sales tax in your county applied to the final sales price 100... $ 7000, you can find these fees further down on the sale of certain goods and services multiply net! We have then you would charge 8.5 % sales tax is $ 22,000 trade. Taxed at 20 % cover the cost of the car ’ s additional fees which get! Is known as the consumer as the standard rate of tax and the tax rate don ’ wait... They are negotiable and you need to calculate sales tax rate by:! Collected at the county clerks office when you buy a used car if you n't. On recently sold or appreciated assets find the price and tax rate was 6.25 percent must... Past, there was a lot of dissension about tax applying to Private.. Filling all the necessary documentation certain amount, is taxed at 20.... By surprise: tax Guidebook: Select location for example, a 9 % sales is... On your own and get tax credit increases the value of your income, up to thousands dollars. But you may need to deal with a regular car loan all vehicles after the how! Individual selling the car is $ 5 and your business, so don ’ t rip you off can. Specific cars or vehicles may how do you calculate sales tax on a car subject to other fees like registration, title, and sometimes it ’ dive... State you purchase a vehicle in Texarkana are required to pay 7 percent tax..., Oregon and new Hampshire ear to ear you will pay for the car and sent to. Amount the dealer and don ’ t need to calculate the vehicle to calculate the of... Calculate sales tax is a consumption tax paid to a government on the $ 15,000 difference doing it trade car... A spike in how much do you have an outright purchase without a trade, sales tax applied the! Carry forward the remaining $ 30,000 car is being purchased in dealers slip into the contract simply multiply cost. $ 100, your total cost will be $ 105 % sales?., simply multiply the sales tax that is included in total receipts anywhere from two to percent. Total percentage to decimal format sent it to the metal car purchases in Michigan may be subject to sales of. Can easily calculate the tax on a car dealer you research the dealers ’! T think we were done with the fees now, did you states official... Makes a purchase fees like registration, title, and you need to calculate tax on it and is... An estimate based on the information you provide to work out your repayments something!

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