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Old 08-07-2012, 05:30 AM
 
30 posts, read 45,541 times
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Please help me to figure out a few things. When I completed my W-4 for employment, I selected married with 2 allowances both for federal and state. In trying to calculate MS wages and take home pay, I use a paycheck calculator website. It had a dollar amount for Mississippi. I did a little research and best I can figure is that you enter $6,000 per spouse if you both work and $1,500 for each child. So if you have a family of four with two adults working, you could deduct $15,000 between the two of you. Is this at all correct?

Secondly, how do you even guestimate how much it will cost to register a vehicle? Will it cost this much each year or is the high cost one-time only and after that is is less?

Don't want to make a big move and maybe forget to ask any questions which could have an impact on our lives.

Thanks. These are questions we are trying to figure out. Yes, we visited the Gulf Coast this summer and enjoyed it very much. Lived in Florida for a few years before heading further north but really want to return south. Mississippi seemed to be small city with all the amenities but not too crowded.

Please answer these questions if you can help us out. Thank you.
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Old 08-07-2012, 03:12 PM
 
19 posts, read 37,506 times
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Default Costs for moving to MS

Hello! I can attempt to answer a few of your questions, as my husband and I recently relocated to MS. We do not have any children, so when we filled out our W-4 forms, we each claimed the $6,000 exemption for each of us working. So together, ours totaled $12,000. I think we did this correctly, as we did a little research beforehand, and that is what the regs seemed to indicate... that a couple, if both individuals were working, would claim $12,000. I'm not sure about children, as we don't have any.

As far as car registration and tags go... it was a pretty significant up-front cost for us. For us to register two cars with new plates, tags, etc., it came to about $250. We haven't yet experienced what the costs will be for us to renew, but that is some info regarding our upfront costs. There is also a $5 inspection fee per car that needs to be paid. This was new for us, as we don't have inspection fees in Michigan, where we moved from. However, $5/car isn't going to break the bank.

We moved from MI, and comparatively, income taxes seem to be lower. We have fewer taxes taken out of our paychecks, which has been great.

Hope these tidbits of info are helpful! So far, we are enjoying life in MS. Very different from where we came, but it's been a smooth transition so far!
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Old 08-07-2012, 06:17 PM
 
475 posts, read 718,896 times
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my new truck tag for a 41,000.00 work truck was 956.00 last week. next year it will go down to probably about 700.00, and then 500.00 and so on. This is registered in the city so it has county and city taxes. My wife's new truck tag, registered in the same county but not in city limits, cost 325 for a 28,000.00 truck. My truck is registered to the company, thus why it had to have a city tag. this price varies WIDELY by county/city thru the state.

just as an example my previous truck the original tag was over 350.00. by 7 years later when i traded it the tag was less than 50.00 a year. Also, if you move here and THEN buy a vehicle out of state your 1st tag will include a 5% car sales tax.

MS income tax is strange. you pay 3% on the first 5k of taxable income, 4% on the next 5k, and then everything over that with no limit is 5%. so if your taxable income is 20k you would pay 150.00 + 200.00 + 500.00 for a total of 850.00 income tax due prior to any deductions. as far as how many dependants to claim, yes you can exempt 15k between the 2 of you, split equally or 1 can claim themselves and the dependants.
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Old 08-07-2012, 07:31 PM
 
30 posts, read 45,541 times
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Thanks. I can now determine wage information based on the personal allowance of $6,000 (and $1,500 per dependant). The income tax structure is quite different with the 3, 4 and 5%.

Based on the two responses above, the auto registration costs are all over the place. It seems based on county, city and price of vehicle. What a difference from $250 to $956. If the registration is based on the book value of the vehicle then I should drive a used less expensive model! Oh well..

Renters insurance (near the coast) will be the last thing to figure out. We don't feel home ownership is a good idea for the first year until we figure out which town along the 26 miles of beach will be home. Schools, work and those things will play a role in determining that.

Thanks again for helping to answer our questions.
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Old 08-08-2012, 03:31 PM
 
19 posts, read 37,506 times
Reputation: 11
Default MS costs

Wow! I did not realize that car tag/plate costs varied that much! I thought $250 was pricey, but apparently it is cheap.

We don't live on the coast, but our renter's insurance was pretty much that same as it was in Michigan. Slightly cheaper, but only by a few dollars per year.
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Old 08-08-2012, 04:27 PM
 
Location: Chattanooga, TN
2,791 posts, read 3,883,348 times
Reputation: 4296
Car tags cost vary so much because they include a "Personal Property Tax" that is set by the local jurisdiction (town or county). County tags are typically far cheaper than town tags. In some states (Missouri) they send you a separate bill for PPT. Other states (Tennessee) don't charge it at all. The tax is based on the value of the vehicle, so it gets lower as the vehicle gets older and depreciates in value.
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