Here’s What A Salary of $100,000 Looks Like After Taxes in New York
If you live in New York state, you are more than aware that the taxes here are high, but there may be some things you never realized are being deducted from your from your income taxes and social security.
On the surface, you may somewhat understand the adjustment in compensation after these taxes have been deducted.
One certified public accountant (CPA) on TikTok (perhaps TikTok’s Favorite Accountant?) outlined how a salary of $100,000 actually looks like after income taxes and social security in New York.
If your gross pay is $100,000 per year, your federal taxes will come to $17,000 for the year. Then, you will be paying roughly $5,300 in state taxes to New York.
About $8,100 will be contributed to Social Security, such as FICA, Medicare, and Disability Insurance.
Additionally, if you live in the city of New York (NYC), there is a city surcharge of approximately $3,500.
You can see TikTok’s Favorite CPA break down the math below.
The net pay you take home at the end of the year is $66,100.
New York state is well-ranked on the list of states with the highest income taxes, sitting at the 7 spot according to TurboTax with an 8.82%. It’s no secret that the income tax is high, but to realize that you lose about 34% of your salary from taxes is more than a big pill to swallow.
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