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Old 11-27-2006, 11:41 AM
 
208 posts, read 972,898 times
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Just curious about what I can expect to net for pay in Florida, percentage wise. For example, in NY, I net about 76% of my gross salary. That does include me contributing a miniscule 2% towards 401k however.

Just trying to budget it all out and just trying to figure out how the lack of state income tax affects the net pay.
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Old 11-27-2006, 01:10 PM
 
Location: Fort Mill, SC
269 posts, read 1,054,861 times
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Quote:
Originally Posted by Nomoresubways View Post
Just curious about what I can expect to net for pay in Florida, percentage wise. For example, in NY, I net about 76% of my gross salary. That does include me contributing a miniscule 2% towards 401k however.

Just trying to budget it all out and just trying to figure out how the lack of state income tax affects the net pay.
Tough question without knowing which tax bracket you're in, it could vary greatly.
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Old 11-27-2006, 02:05 PM
 
208 posts, read 972,898 times
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Valid point. There has to be somewhat of a ballpark percentage I can base it on.
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Old 11-27-2006, 02:14 PM
 
Location: Florida
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I don't see how anyone in NY can net 76% of ones gross salary.
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Old 11-27-2006, 02:30 PM
 
208 posts, read 972,898 times
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I just did the math on my check stub. Not sure what else to say.
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Old 11-27-2006, 03:55 PM
 
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I'm not clear on what your question is. Florida has no income tax. Your Federal income tax will be based on your gross income no matter where you live in the US.
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Old 11-27-2006, 04:49 PM
 
208 posts, read 972,898 times
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So you're saying my gross pay minus federal taxes is exactly what I'll see in Florida? I know there's no state tax but I wasn't sure if the federal rate was the same.
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Old 11-28-2006, 01:23 PM
 
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Federal does not vary by State. You'll have Income tax, medicare and social security withheld on your paystub anywhere. Nothing withheld for Florida.
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Old 11-28-2006, 01:32 PM
 
208 posts, read 972,898 times
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Ok well I imagine that must help offset the lower wages a little bit. NYS income tax is about 5.75% of my income so that adds up after awhile.
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Old 11-29-2006, 11:45 PM
 
Location: Orlando, FL - used to be nice, a dump now. Anyone speak English down here???
340 posts, read 429,945 times
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No state income tax, but they will collect so much in property insurance that it will make up for the difference.

The other thing to consider is that wages are MUCH LOWER than everywhere else in the US.

Keep that in mind. You must not have researched much about FL before considering moving down.... have you checked the other forums around here?
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