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Old 12-16-2012, 09:30 AM
 
1 posts, read 5,380 times
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Hi everyone,

Tomorrow I will officially be receiving a job offer in the Silver Spring MD area. If I accept the offer, I was thinking of checking out Bethesda or Silver Spring for an apartment. An important thing for me when considering an offer is thinking of some kind of budget. As I'm from a very affordable city in PA (Pittsburgh), moving to this area will certainly be different.

I was just wondering what the specific tax rates are in the Silver Spring/Bethesda areas so I can have a rough idea of what my income will be after taxes. Do the taxes increase based on income? Thanks!
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Old 12-16-2012, 10:08 AM
 
Location: Sneads Ferry, NC
11,713 posts, read 21,093,620 times
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Quote:
Originally Posted by jjj17 View Post
I was just wondering what the specific tax rates are in the Silver Spring/Bethesda areas so I can have a rough idea of what my income will be after taxes. Do the taxes increase based on income? Thanks!
Yes taxes increase with income, but there is a large bracket from $3,000 to $100,000. Here is a calculator: https://www.nfc.usda.gov/publication.../taxmdold.html

In simple terms for most single people: between $3,000 - $100,000, the tax is $90 plus 4.75% of the excess over $3,000. Then there is another 3.20% of income to be withheld for Montgomery County.
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Old 12-16-2012, 12:29 PM
 
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Maryland is 4.5 + 3.x for local, so around 8-9% for state tax (ouch).
DC is roughly the same, and VA is around 5%
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Old 10-30-2016, 03:50 PM
 
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Considering moving to Silver springs, what's percentage of taxes be applied to my social security disability and pensions coming from Michigan. Total income $87,000 year
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Old 10-30-2016, 07:13 PM
 
Location: Sneads Ferry, NC
11,713 posts, read 21,093,620 times
Reputation: 5422
Quote:
Originally Posted by Mrstturner View Post
Considering moving to Silver springs, what's percentage of taxes be applied to my social security disability and pensions coming from Michigan. Total income $87,000 year
You don't pay taxes on Social Security. You can exclude up to $29,200 of other pension income if you are 65 or older, or disabled. The rest is subject to ordinary income tax rates from the tax table. I think you would pay $90 plus 4.75% of your non-excluded income. Details here:

http://taxes.marylandtaxes.com/Indiv...ion/Tax_Rates/

That's the State income tax, then you add another 3.2% for Montgomery County income taxes. It is not especially cheap to be retired in Maryland.
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