How to Calculate My State Taxes for Colorado Springs
Colorado imposes a flat rate income tax on all residents. This flat tax differs from the graduated income tax imposed by the Internal Revenue Service that requires taxpayers to pay a higher percentage of tax as income increases. If you live in Colorado Springs, you can calculate your Colorado state tax liability if you know the gross amount of income earned for the tax year and the current tax rate.
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Instructions
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Determine your gross income for the current tax year. For example, assume you made $65,000 during the tax year.
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Determine the current state income tax rate imposed by Colorado. As of 2011, Colorado imposes a 4.63 percent tax.
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Multiply your gross annual income by the current tax rate expressed as a percentage. Continuing the same example, $65,000 x .0463 = $3,009.50. This figure represents your Colorado state income tax liability for the current tax year.
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