A recent analysis by GoBankingRates reveals that to take home a six-figure income of at least $100,000, workers in California must earn approximately $144,939 before taxes, reflecting a significant tax burden. Nationally, an income of around $130,000 is necessary to net $100,000. Other states facing high tax obligations include Oregon and Maryland, where similar earnings before taxes are required. This financial reality highlights the impact of federal, state, and local taxes on perceived high earnings.
If you've landed a job making $100,000 or more, the reality is that money isn't all yours for the keeping. Federal income taxes and Social Security and Medicare take a chunk. Then state and local taxes can take another bite. That six-figure salary could quickly shrink to a take-home pay of five figures.
GoBankingRates identified the Golden State as one of five states - along with Oregon, Maryland, Hawaii, and Minnesota - where you needed to earn the most to net $100,000.
California workers need to make a gross salary of roughly $144,939 to take home six figures, the report found, due to a so-called 'tax burden' of about 31%.
Nationally, GoBankingRates found that the average person needed to earn $130,000 to take home $100,000 after factoring in federal and state income taxes.
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