You need to make significantly over $100,000 in many states just to bring home a six-figure paycheck when factoring in the slew of costs taken out.
For instance, just to take home $100,000 in Maryland and Hawaii, people need to make more than $154,000 annually.
Those two states are among those that have the highest salaries needed to take home $100,000 after taxes.
REAL ESTATE EXPERT WARNS ‘NO SIGNS’ HOUSING AFFORDABILITY WILL IMPROVE FOR BUYERS IN NEAR FUTURE
Not only are federal income taxes being pulled out, but as are state and local taxes. There is also withholding for Social Security and Medicare, according to personal finance website GOBankingRates, which calculated the exact salary you would need to earn to take home an annual pay of $100,000 in each state after taxes.
Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, Wyoming had the lowest salaries needed, about $137,290, to take home $100,000. What makes it easier in those states is they all lack a state income tax.
REAL ESTATE EXPERT’S ADVICE TO HOMEBUYERS: ‘DON’T BUY’ YOUR AMERICAN DREAM HOME NOW
Comparatively, Oregon had the highest salary needed at about $156,280. Maryland and Hawaii fell closely behind with the second and third-highest incomes needed.
However, California and Maine were also among the states with the highest income needed at $153,700 and $151,640.
To help people understand what type of careers will help them get past that benchmark, it cultivated a list of jobs that pay more than $150,000 on average.
For instance, specialist physicians, psychiatrists, family physicians and prosthodontists, which provide advanced care for people that have dental and facial disorders, were among those listed.
Read the full article here
