Saturday, December 21, 2019

This is how much money you actually take home from a $100K salary

This is how much money you actually take home from a $100K salaryThis is how much money you actually take home from a $100K salaryMost Americans have to paytaxes, but exactly how much you pay depends partly on where you live.In January, the IRS releasednew tax brackets, which will apply to income earned in 2019. The tax brackets, known as tax withholding tables, tell employers how much to take out of employees paychecks forfederal income taxesbased on criteria such as single or joint filing status.On top of federal taxes,every state that taxes incomehas their own tax withholding tables. Seven US states haveno state income tax Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. New Hampshire and Tennessee dont have a state income tax, either, but they do tax interest and dividends.In the chart below, youll find the after-tax take-home pay for a $100,000-a-year salary in the 25 largest US cities, which SmartAsset calculated for Business Insider using its latestpayche ck calculator(soon to be updated on its website).For the purposes of its calculation, SmartAsset assumed the following situation a single filer with no pre- or post-tax deductions, who must pay federal income taxes, as well as Medicare and Social Security, and state income taxes where applicable.With that in mind, the amounts you see above will be lower if you pay for medical, dental, or vision insurance through your employer, which deducts a specific amount of money, pretax, from each paycheck if you contribute to a health savings account (HSA) or flexible spending account (FSA) or if you contribute to a tax-advantaged retirement plan like a401(k).In the chart below, youll find the bimonthly paycheck amount - thats 24 paychecks a year - for a $100,000 salary in the same cities listed above.This article originally appeared on Business Insider.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.