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Tax Breakdown
Deduction Breakdown
Our Colorado Paycheck Calculator provides a quick, accurate estimate of your take-home pay for both hourly and salaried roles by factoring in federal, state, and local taxes. The calculator automatically applies Colorado’s flat state income tax rate alongside your federal W‑4 withholdings to deliver precise net pay figures.
Customize your results by including deductions for benefits such as health insurance, retirement contributions, and paid leave to see how they impact your actual paycheck. Built on the same reliable calculations powering top market tools, our calculator ensures consistent accuracy across various pay frequencies and deduction scenarios.
Best of all, it’s free to use with no registration required—get your numbers instantly and plan your budget with confidence.
Colorado State Income Tax Information
Colorado uses a flat income tax rate for all income levels. The rate may vary slightly from year to year due to inflation adjustments or ballot initiatives.
| Filing Status | Tax Rate |
|---|---|
| All Filers | 4.40% |
Standard Deduction: Same as the federal standard deduction
Personal Exemption: Colorado follows the federal exemption rules (currently $0)
Federal Income Tax
Federal income taxes apply based on a tiered system. Rates range from 10% to 37%, depending on your income and filing status. These taxes are withheld from your paycheck by your employer.
FICA Taxes
| Component | Rate | Income Limit |
|---|---|---|
| Social Security | 6.2% | Up to $168,600 |
| Medicare | 1.45% | No Limit |
| Additional Medicare | 0.9% | Above $200,000 (Single) / $250,000 (Married) |
Pre-Tax Deductions
These deductions reduce your taxable income and can significantly lower your tax burden:
- 401(k), 403(b), and similar retirement contributions
- Health and dental insurance premiums
- Health Savings Account (HSA) and Flexible Spending Account (FSA) contributions
- Pre-tax commuter and transit benefits
Colorado–Specific Deductions and Credits
| Credit or Deduction | Description |
|---|---|
| Child Tax Credit | Available for qualifying families; based on income and number of children |
| Earned Income Tax Credit (EITC) | Colorado offers a refundable EITC equal to 20% of the federal amount |
| 529 College Savings Plan Deduction | Contributions are deductible from Colorado income taxes |
| Retirement Income Deduction | Up to $24,000 of pension and retirement income may be deductible for seniors |
| Property Tax and Rent Credit | Available for low-income seniors and disabled individuals |
Interesting Facts About Colorado Taxes
- Colorado has a flat tax rate, making it simpler than many progressive state systems.
- The state adjusts its flat tax rate via ballot initiatives — voters recently approved a reduction to 4.40%.
- Colorado conforms closely to federal definitions of income and deductions, simplifying tax preparation.
- Some cities like Denver impose local occupational taxes on top of state and federal taxes.
- Colorado offers generous renewable energy and conservation tax credits for homeowners.
FAQs – Colorado Paycheck Tax
- 1. Does Colorado have a flat income tax?
- Yes, Colorado uses a flat income tax rate of 4.40% for all residents, regardless of income level.
- 2. Is retirement income taxable in Colorado?
- Yes, but up to $24,000 may be deducted if you’re age 65 or older (less for those 55–64).
- 3. Are Social Security benefits taxed in Colorado?
- Social Security benefits are partially taxable, but most retirees can deduct a portion or all of them.
- 4. Does Colorado offer a state Earned Income Tax Credit?
- Yes, Colorado provides a refundable EITC equal to 20% of the federal credit.
- 5. Can I deduct 529 contributions on my Colorado tax return?
- Yes, contributions to Colorado’s 529 CollegeInvest plans are fully deductible.