What Americans Really Earn After Taxes

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What Americans Really Earn After Taxes Taxes take a big chunk out of American paychecks, but the government's cut is higher in some states than in others. Most, but not all, of Americans pay both state and federal taxes to help each governing entity cover its expenses. States tend to spend most of their money on education and healthcare. States without income taxes usually find other sources of revenue including, for example, higher state sales tax. There are seven states that have no income tax. The no-tax states are Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Nationwide, residents of these states have some of the highest take-home paychecks — after taxes. The southern state of Tennessee has an income tax, but it applies primarily to income from stocks and bonds and not to money earned from salaries and wages. The median income in the United States is about $56,000. People earning a $50,000 salary take home about $39,129 each year, which comes to $3,261 per month, according personal banking site GOBankingRates, which analyzed take-home salaries in all 50 states. it comes to the top 10 percent of earners, someone with a $200,000 salary gets $136,700 after taxes, which is about $11,000 a month. The states with the highest average take-home income are Connecticut, New Jersey, Alaska, Massachusetts and Maryland. Connecticut residents have the highest average income in the country — $102,616 — but that's before taxes. Once taxes are paid, the average Connecticut worker takes home $6,027 month. Although people in New Jersey make a sliver less — $101,634 on average — than their Connecticut neighbors, they manage to take home a $1 more — $6,028 monthly — on average, than Connecticut workers. Alaskans take home an average of $70,607 annually. The state's average income of $92,191 is lower than incomes in Massachusetts and Maryland, but Alaskans hold onto more of their money because there's no state income tax. The states with the lowest average take-home income are Mississippi, West Virginia, Arkansas, Kentucky and Alabama. With an average yearly income of $56,358, the average Mississippi worker takes home $3,599 monthly. The average annual income in Arkansas is $58,850. Workers there take home $3,687 a month after taxes.
March 09, 2019 at 06:15AM