- The highest tax rates were found in Oregon, Maryland, Hawaii, California, and Maine.
- Florida, Nevada, Tennessee, Texas, and Wyoming stood out for their more permissive policies.
Earning $100,000 before and after tax can vary significantly, with some states having larger discrepancies than others.
In Oregon A worker would require an annual salary exceeding $156,000 to end up with $100,000 per year, which equates to roughly $8,300 each month.
At the opposite extreme, in several states without state income tax, earning a salary as low as $137,000 could result in approximately $100,000 after-tax pay.
Residents of Florida , Nevada , New Hampshire , South Dakota , Tennessee , Texas , Washington and Wyoming will have the mildest taxes - ending up with 72.8 percent of their pre-tax earnings upon return.
Even though Alaska doesn’t have a state income tax, certain areas might levy local taxes with an overall average rate below 2 percent.
Following Oregon, states with the highest tax rates were Maryland, Hawaii , California and Maine — included in sequence.
Interestingly, as many as 13 states have higher tax rates compared to New York, where individuals must earn approximately $149,500 annually to net $100,000.
When looking at all 50 states, the average pre-tax income needed was approximately $146,500. Both Oklahoma and Colorado fell within this range.
The statistics were released in a recent study by GOBankingRates which takes into account the average federal income taxes along with withholding for Social Security and Medicare, as well as state and local taxes.
Read more
0 Comments