Colorado Income Tax Calculator
Estimate your Colorado income tax burden
Updated for 2023 tax year on Jul 18, 2023
Income tax calculators by state
Colorado state taxes
Quick Colorado tax facts
- State income tax: 4.55%
- State payroll tax: 0.45%
- State sales tax: 2.9%
- Property tax: 0.49%
- Gas tax: 22 cents per gallon
- Tobacco tax: 84 cents per pack of 20 cigarettes
- Insurance premium tax: 2% on gross written premiums.
From Wikipedia
Colorado income taxes
Colorado’s income tax system employs a flat rate of 4.55%, ensuring that every taxpayer contributes to the state’s well-being at the same consistent rate.
Calculate your income tax in Colorado
Calculating your Colorado state income tax is similar to the steps we listed on our Federal income tax calculator:
- Determine your filing status
- Work out your adjusted gross income [Gross income − Retirement contributions = Adjusted gross income]
- Calculate your state taxable income [Adjusted gross income − Standard/Itemized deductions = State taxable income]
- Figure out your state/local tax liability [State taxable income × State tax rate = State tax liability]
- Deduce your state payroll tax liability [Gross income × State payroll tax rate = State payroll tax liability]
- Add up all state and local taxes [State tax liability + State payroll tax liability = Total state income taxes]
State payroll tax
| Tax year | Tax name | Percent of taxable wage | Up to taxable wage | Comment |
|---|---|---|---|---|
| 2023 | Paid Family and Medical Leave (PFML) | 0.45% | $160,200 | For employers of 10 or more, employees pay 50%; if fewer than 10 employees, employees pay 100% |
State income tax brackets
Refer to Tax Foundation for more details.
| Tax year | Filing status | Taxable income | Rate |
|---|---|---|---|
| 2022 | Any | Any | 4.40% |
| 2021 | Any | Any | 4.5% |
| 2020 | Any | Any | 4.55% |
State standard deduction
| Tax year | Filing status | Adjusted gross income | Standard deduction amount |
|---|---|---|---|
| 2023 | Single Married, Filing Separately |
Any | $13,850 |
| Married, Filing Jointly | Any | $25,900 | |
| Head of Household | Any | $20,800 | |
| 2022 | Single Married, Filing Separately |
Any | $12,950 |
| Married, Filing Jointly | Any | $25,900 | |
| Head of Household | Any | $19,400 | |
| 2021 | Single Married, Filing Separately |
Any | $12,550 |
| Married, Filing Jointly | Any | $25,100 | |
| Head of Household | Any | $18,800 | |
| 2020 | Any | Any | $0 |
Colorado sales tax
The state sales tax rate is 2.9%, with local jurisdictions adding their own taxes on top.
Colorado property tax
The average property tax rate is approximately 0.49% of the assessed market value.
Colorado capital gains tax
Colorado applies the same flat rate to capital gains as it does to regular income.
Colorado gas tax
Colorado’s gas tax rate is 22 cents per gallon.
Colorado tobacco tax
An additional 84 cents per pack of 20 cigarettes is applied under the tobacco tax.
Colorado insurance tax
Insurance companies pay a premium tax rate of 2% on gross written premiums.
FAQs
How do I calculate my Colorado income tax?
Calculate your Colorado income tax with the following steps.
- Determine your filing status
- Gross income − Retirement contributions = Adjusted gross income
- Adjusted gross income − Standard/Itemized deductions = State taxable income
- State taxable income × State tax rate = State tax liability
- Gross income × State payroll tax rate = State payroll tax liability
- State tax liability + State payroll tax liability = Total state income tax
How much is $73000 a year after taxes in Colorado?
A single filer will have a after-tax income of $56,403.67 after a total income tax of $16,596.33.