Overview of Nevada Taxes
Nevada is one of a handful of states that does not have a state income tax. In addition, no cities in Nevada have local income taxes. However, residents still have to pay federal taxes.
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Nevada Paycheck Calculator
Nevada Paycheck Quick Facts
- Nevada income tax rate: 0%
- Median household income: $76,364 (U.S. Census Bureau)
- Number of cities that have local income taxes: 0
How Your Nevada Paycheck Works
Nevada may not charge any state income taxes, but residents still have to pay federal income taxes and FICA taxes. Your Nevada employer will withhold federal income taxes from each of your paychecks and send that money to the IRS, which counts it toward your annual income taxes. How much you pay in federal income taxes depends on factors including your marital status, how much your annual salary is and if you choose to have additional tax withheld from your paycheck.
Your employer determines how much to withhold from your paychecks using the information you indicate on your Form W-4. You have to fill out a new form every time you start a job or if you want to make changes to your withholding at any time. You should look to change your withholding information whenever you experience big life changes, such as getting married or having a child.
It’s worth noting that withholding calculations for the federal income tax changed for the 2018 tax year because of President Trump’s new tax plan. In addition to this, the IRS has made notable revisions to the W-4. The new form no longer asks you to list total allowances, but it requires filers to instead enter annual dollar amounts for income tax credits, non-wage income, total annual taxable wages and itemized and other deductions. The form also has a five-step process which allows filers to enter personal information, claim dependents and enter any additional income or jobs.
FICA taxes consist of Social Security tax and Medicare tax. Your employer will withhold 6.2% of your taxable income for Social Security tax from each of your paychecks and 1.45% in Medicare tax. Your employer matches these amounts, so the total contribution is double that. Any earnings that single filers, heads of household and qualifying widow(er)s have in excess of $200,000 are subject to a 0.9% Medicare surtax, which employers do not match. This additional tax kicks in on income above $250,000 for married couples filing jointly and $125,000 for married couples filing separately. If you are self-employed, you have to pay the full taxes, including the employee and employer portions, on your own.
You can also elect to have additional withholdings taken out of your paycheck. If you are enrolled in an employer-provided health insurance plan, any premiums you pay will come from your salary. Similarly if you choose to invest in a 401(k) or 403(b) retirement plan, your contributions are deducted from your pay. These contributions are also pre-tax, which means they come out of your pay before taxes are applied. So putting money in one of these accounts will lower your taxable income.
A financial advisor can help you understand how taxes fit into your overall financial goals. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
As is mentioned above, Nevada does not have a state income tax and no cities in the state levy local income taxes. Property taxes are also not a major source of financial concern for most Nevadans. The average homeowner in the state pays annual property taxes that are equal to 0.50% of their home's market value, so annual property taxes shouldn't take a significant chunk out of your bank account. Nevada largely earns money from its sales tax, which is 4.6%. Local sale tax levies can push this total number as high as 7.96%, among the highest in the nation.
Low property taxes and the absence of any state or local income taxes in Nevada can make it a particularly affordable place to own a home. If you’re looking to refinance a mortgage or purchase a home in the Silver State, make sure to look at our Nevada mortgage guide.
How You Can Affect Your Nevada Paycheck
One option that Nevadans have to shelter more of their paycheck from Uncle Sam is to put more money into pre-tax retirement accounts, such as a 401(k) or 403(b). The money that you put into these accounts is taken out of your paycheck before taxes are applied, helping you to lower your taxable income, which leads to tax savings.
For the same reason, you can consider making use of a health savings account (HSA) or flexible spending account (FSA), if your employer offers them. Just keep in mind that FSAs only allow $640 to roll over in 2024, increasing to $660 in 2025. So if you do not use the money you put in, you chance losing it.
