17 States Where Taxes Are Eating Up Most of Your Salary
We give back to our governments through various taxes taken out of our paychecks or paid to a bigger corporation later. In the United States, employers take income taxes out of pay, homeowners pay property taxes, customers deal with sales tax, and states have differing rules for state taxes. The amount and kind of taxes paid in each state vary by location. We’ve assembled the 17 states that absorb most taxes.
1. New York
For individual state income tax, New York’s state tax levels range between 4% and 10.9%. The state sales tax rate equals 4%, with 8.53% of local and state taxes combined. Property owners give away around 1.5% of their income to their homes.
2. Hawaii
Hawaii’s taxes cost an individual between 1.4% and 11% of their state income tax, while corporate income tax asks for 4.4% to 6.6% of income. The state sales tax is 4%, and the state plus local tax rate is 4.5%. Homeowners pay 0.26% for property taxes.
3. Vermont
Citizens in Vermont pay between 3.35% and 8.75% on their individual state income taxes. The corporate income tax costs residents between 6% and 8.5% of their income. The sales tax is 6%, and the property tax is 1.56%.
4. Connecticut
Connecticut’s state income tax resides between 2% and 6.99% as the corporate income tax rate costs 7.5% for residents. The state tax lies around 6.35% without a local tax margin. Property taxes cost 1.78% per property.
5. Massachusetts
Massachusetts income taxes span from 5% to 9% with corporate income tax at 8%. Sales tax resides around 6.25%, without a local sales tax. Property taxes cost 1.04% per property.
6. California
Individuals in California expect to pay between 1% and 13% of their income on income taxes and 8.84% of income on corporate income taxes. State sales tax costs 7.25%, and with local sales tax, the percentage increases to 8.85%. Property owners look at .68% per property.
7. Nebraska
Those living in Nebraska dish out between 2.46% and 5.84% of income on individual income taxes, and corporate income taxes ask for 5.58% to 5.84%. The sales tax rate is 5.50%. When combined with the local sales tax rate, the percentage jumps up to 6.97%. Homeowners deal with property taxes of 1.44%.
8. Minnesota
Locals in Minnesota dole out 5.35% to 9.85% of income as their income taxes and corporate income taxes run at 9.8%. State sales tax evens out at 6.875%. When state and local sales taxes combine, people pay 8.04% of taxes on the sum. Property owners pay 0.98% tax on their properties.
9. Illinois
Illinois varies from the other states because it fixed its individual income tax rate at 4.95%. The corporate income tax equals 9.5%, but with a 6.25% state sales tax. State sales tax and local sales tax rates conjoin for a charge of 8.86%. Homeowners pay 1.95% of taxes on their properties.
10. Rhode Island
Taxpayers living in Rhode Island pay between 3.75% and 5.99% of their income on individual income taxes. Corporate income taxes level off at 7%, and sales taxes level off at 7%. People who own homes in Rhode Island pay 1.23% for property taxes.
11. New Jersey
New Jersey locals give up 1.4% to 10.75% of income to individual income taxes, and corporate income taxes charge between 6.5% and 9%. State sales tax costs people 6.625%, and when added to local sales tax, people pay 6.60%. Property owners pay higher taxes on property than others on this list at 2.08%.
12. Utah
Like Illinois, Utah created a fixed rate for individual income taxes at 4.55% and a corporate income tax of 4.55%. Utah sales tax costs individuals 6.10%, while the combined value with local taxes comes out to 7.25%. Property owners scrape out 0.47% on property taxes.
13. Iowa
Iowa’s taxes for individual income tax stretch between 4.40% and 5.70%. Corporate income tax stretches between 5.5% and 7.1%, while the state sales tax costs 6%. The state sales tax and local sales tax together equal 6.94%. People who own property in Iowa pay a 1.40% tax on property.
14. Kansas
This midwestern state requires residents to pay between 3.10% and 5.70% of income as individual income tax. Corporate income tax is between 3.5% and 6.5%, and the state sales tax is also 6.5%.The combined state and local sales taxes cost around 8.65%. Property owners pay 1.26% of taxes on their properties.
15. Ohio
Individuals in Ohio pay between 2.75% and 3.5% of their wages to individual income taxes, yet the state does not charge corporate income taxes. The state sales tax rate is 5.75%, and the state and local sales tax are 7.24%. Ohioans pay 1.30% on property taxes.
16. Maryland
The individual income tax in Maryland comprises a scale between 2% and 5.75% of an individual’s income. Corporate income tax flattens out at 8.25% as sales taxes cost 6% with no local sales taxes. Property owners pay 0.95% on their property for property taxes.
17. Indiana
Indiana residents deal with a 3.05% individual income tax rate and a corporate income tax rate of 4.9%. State sales taxes ask for 7% without any local sales taxes. Those who own property in this state pay 0.71% for property taxes.
14 States With the Lowest Cost of Living. Do You Live in One?
How much does it cost for one person to live today? The answer varies depending on several factors, including income, housing, bills, and car payments. The cost of living shifts between states, with some high-cost states requiring more money from the residents while lower-cost states allow citizens to live an affordable life. We pulled data from U.S. News and World Report to discuss the 14 lowest-cost-of-living states in the United States.
14 States With the Lowest Cost of Living. Do You Live in One?
15 Up and Coming Retirement Havens in the U.S.A.
While traditional retirement spots like Florida and Arizona have long been popular, a new wave of up-and-coming retirement havens is emerging across the United States. These destinations offer affordability, scenic beauty, and beautiful communities, making them attractive options for today’s retirees. In this guide, we explore some of these rising stars in retirement.
15 Up and Coming Retirement Havens in the U.S.A.
Top 15 Underrated U.S. Cities That Should Be Added to Your Bucket list
Are you tired of the same old travel destinations? It’s time to explore the hidden gems of the United States! Beyond the bustling streets of New York and the sun-soaked beaches of California, there lies a treasure trove of underrated cities brimming with unique charm and untold stories. These cities offer a perfect blend of culture, history, and natural beauty without the overwhelming crowds.
Top 15 Underrated U.S. Cities That Should Be Added to Your Bucket list
