Overview of Wyoming Taxes
Wyoming does not levy its own state income tax. Additionally, no Wyoming cities levy local income taxes. However, taxpayers in the state do still have to pay federal income taxes.
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Wyoming Paycheck Calculator
Wyoming Paycheck Quick Facts
- Wyoming income tax rate: 0%
- Median household income: $72,495 (U.S. Census Bureau)
- Number of cities that have local income taxes: 0
How Your Wyoming Paycheck Works
Wyoming residents do not have to pay any state income taxes, which means more of your salary ends up in your pocket. However, that doesn't mean that there are no deductions to your wages. Wyoming workers will still pay FICA taxes and federal income taxes, so it's important to still create an effective tax planning strategy.
FICA (Federal Insurance Contributions Act) taxes are Social Security and Medicare taxes. For the Social Security tax, your employer will deduct a flat rate of 6.2% from your paycheck. Employers are responsible for contributing an additional 6.2%, as well. You pay 1.45% of your income for Medicare, and your employer matches that so the total contribution is doubled. If you earn more than $200,000 (single filers), $250,000 (joint filers) or $125,000 (married people filing separately), wages in excess of these amounts are taxed an additional 0.9% for Medicare. Employers do not match this extra rate.
If you are self-employed, you must pay the entire 12.4% in Social Security and 2.9% in Medicare taxes yourself. However, there is a deduction available when you file your taxes.
Next up, you’ll notice that federal income tax is withheld from each of your paychecks. How much you pay in federal income tax depends on a slew of factors, like your salary, marital status and if you want an additional dollar amount withheld from your paychecks. You enter information about your filing status and dependents on your Form W-4, which is how your employer knows how much to withhold from your pay.
The Form W-4 and withholding calculations have seen a few changes over the last few years. In particular, the new W-4 replaces the option to claim allowances with a five-step process that asks filers to enter personal information, claim dependents and enter annual dollar amounts for any additional income or jobs.
Other circumstances that can directly affect your Wyoming paycheck are contributions to employer-sponsored health or life insurance plans, as any premiums you pay come from your wages. The same is true for contributions you make to a retirement account through your employer, like a 401(k) or 403(b). Money you put in medical expense accounts, like health savings accounts (HSAs) and flexible spending accounts (FSAs), will also come out of your paycheck. While many people get paychecks on a bi-weekly basis, some receive them monthly. If you get paid bi-weekly, your paychecks will be smaller and more frequent than if you’re paid monthly.
Calling Wyoming home means living in a state with a minimal tax burden, which is excellent news for your paycheck. This is primarily due to the Cowboy State’s complete lack of state or local income taxes. Even though it's easier than most states, you still should consider whether you need to complete some tax planning to help you prepare for what you might owe on your federal taxes.
As an example of the ease for local taxes in Wyoming, let’s say you make $50,000 per year. This income will get you much further than it would for someone making the exact same amount of money in a state with a high income tax, like California or Minnesota. Though your salary is the same, your take-home pay in Wyoming is much higher. More good news for your bank account: Wyoming residents enjoy one of the lowest sales tax rates of any state with a sales tax and the 10th-lowest property tax rate in the nation on average.
A financial advisor can help you understand how taxes fit into your overall financial goals. Fidning a financial advisor doesn't have to be hard. 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.
If you are considering buying a home in the Cowboy State or if you are looking into refinancing a property there, our Wyoming mortgage guide has the most important information to help get you started on the process of getting a mortgage in the state.
How You Can Affect Your Wyoming Paycheck
If you're looking to hold onto more of the wages you are currently making, start by reviewing your Form W-4. You can choose to withhold an additional dollar amount from your paycheck, which will help you save on your tax bill come April each year. There's a line on the W-4 form that allows you to do this very easily. Simply enter the amount you want withheld from each paycheck.
If you can afford it, consider putting more into an employer-sponsored retirement account like a 401(k) or 403(b). Increasing your contribution will help you reach your retirement savings goals and it will also help you lower how much you pay in taxes. Money that you contribute to a 401(k) or 403(b) comes out of your paycheck before taxes are applied, so you are actually lowering your taxable income. And while Wyoming doesn’t collect income taxes, you can still save on federal taxes.
Another option is to put more of your paycheck into an HSA or FSA, which are accounts that let you use pre-tax dollars for medical expenses. One important difference between these accounts is that only $500 rolls over from year to year in an FSA (as of 2023). This amount increases to $610 in 2024 and $650 in 2025. If you contribute more than the year's limit to an FSA but you don’t use it all within the year, you can kiss it goodbye.
