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We are both professionals and total house hold income 200k+
We have lived in Fl our entire lives and are in process of finding jobs to relocate to NC.
So we just learned of the State Income tax of 5.25%(Florida has zero state income tax)
My question is, will my total tax burden truly be an extra like 11k, or are there other factors in play that cause this extra income tax to balance out. For example, will we owe less federal income tax bc of this large state tax.
Disclaimer: we are both in the medical field and know little about taxes and finance
My question is, will my total tax burden truly be an extra like 11k, or are there other factors in play that cause this extra income tax to balance out.
We are both professionals and total house hold income 200k+
We have lived in Fl our entire lives and are in process of finding jobs to relocate to NC.
So we just learned of the State Income tax of 5.25%(Florida has zero state income tax)
My question is, will my total tax burden truly be an extra like 11k, or are there other factors in play that cause this extra income tax to balance out. For example, will we owe less federal income tax bc of this large state tax.
Disclaimer: we are both in the medical field and know little about taxes and finance
Thank you
Yes you will pay the tax.
You get to write off a little but for us, no kids, and low mortgage, we took the standard deduction.
NC used to be 7.75% income tax.
The flipside of it is you'll get a really nice house up here versus Florida for similar money. And property taxes are much less, although it won't make up for the income tax.
We looked at FL before deciding on NC. I did an analysis of total taxes (including state, sales, property, etc.) for both states. Surprisingly, FL total taxes while less were not significantly less than those in NC.
We looked at FL before deciding on NC. I did an analysis of total taxes (including state, sales, property, etc.) for both states. Surprisingly, FL total taxes while less were not significantly less than those in NC.
It's really dependent on income and the house you buy. There is no blanket statement that can be made. I dislike those "total tax burdens" for that reason. It also doesn't factor in the income one may get in one area vs another for some professions.
It's really dependent on income and the house you buy. There is no blanket statement that can be made. I dislike those "total tax burdens" for that reason. It also doesn't factor in the income one may get in one area vs another for some professions.
FWIW, we are in a high income tax bracket and were looking at houses in the $1mil. range.
It's really dependent on income and the house you buy. There is no blanket statement that can be made. I dislike those "total tax burdens" for that reason. It also doesn't factor in the income one may get in one area vs another for some professions.
Thank you for your kind response
I understand there is no good blanket statement or value
But perhaps there is a general rule of thumb or general estimate
I understand there is no good blanket statement or value
But perhaps there is a general rule of thumb or general estimate
Thank you
The best way to do this is to go to paycheck city and use the paid annually option and put in your gross. It will show total tax for federal and state. It's not 100% but it will give you an idea.
You will probably end up paying more in tax. It may or may not be worth it to you.
The best way to do this is to go to paycheck city and use the paid annually option and put in your gross. It will show total tax for federal and state. It's not 100% but it will give you an idea.
You will probably end up paying more in tax. It may or may not be worth it to you.
Thanks,
Yeah we did that, it appears an extra 11500 off paycheck
But seems property taxes are a little less in NC
I did owe IRS like 7k last year, so i dont know if that will be less
Plus I will likely take a 40-50k cut in pay
But we really dont want to live in FL anymore
Temp for our kids soccer game this weekend will be like 95 degrees, and this weather stays this was all but about 6-8 weeks per year
So hard to put a price on moving to a place with more favorable weather for our active family( we are runners and kid is active)
Thanks,
Yeah we did that, it appears an extra 11500 off paycheck
But seems property taxes are a little less in NC
I did owe IRS like 7k last year, so i dont know if that will be less
Plus I will likely take a 40-50k cut in pay
But we really dont want to live in FL anymore
Temp for our kids soccer game this weekend will be like 95 degrees, and this weather stays this was all but about 6-8 weeks per year
So hard to put a price on moving to a place with more favorable weather for our active family( we are runners and kid is active)
Have you owned a property in Florida for years and was it homesteaded? If so, you will lose that lower tax value, so don't assume the taxes on a home in NC will be less. It may turn out to be much more that you have been paying.
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