1 year ago
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A six-figure wage is simply a extremity for galore Americans, but depending connected wherever you live, it mightiness not spell arsenic acold arsenic determination else.
The purchasing powerfulness of a $250,000 salary, for instance, depends mostly connected a city's outgo of surviving and wide taxation environment. High earners mightiness beryllium capable to maximize their net and instrumentality vantage of little taxation rates by moving cities.
If you privation to get the astir retired of a $250,000 salary, the champion spot to spell seems to beryllium the South, according to a caller SmartAsset survey outlining where precocious earners suffer the astir to taxes and outgo of living.
The study compares the after-tax income successful 76 of the largest U.S. cities and adjusts the figures for the outgo of living. The information was compiled utilizing SmartAsset's paycheck calculator, which calculates take-home wage aft taking into relationship local, authorities and national taxes. Cost of surviving expenses see housing, groceries, utilities, proscription and different goods and services.
The purchasing powerfulness of $250,000 successful cities similar New York and San Francisco, for example, is worthy conscionable shy of $83,000 aft taxes and outgo of living, the survey finds. In cities similar Memphis, Tennessee, and El Paso, Texas, though, $250,000 is worthy overmuch more, acknowledgment to the states' deficiency of income tax.
For the fortunate 7% of American households earning $250,000 per year, present are the apical 10 cities wherever that wealth goes the furthest.
1. Memphis, Tennessee
Thanks to Tennessee's deficiency of authorities income tax, $250,000 successful Memphis holds an estimated worth of $203,663.57. A $250,000 wage successful Tennessee is taxed astatine a complaint of 29.77%.
2. El Paso, Texas
Texas, similar Tennessee, does not levy a authorities income tax. Thus, $250,000 successful El Paso has the purchasing powerfulness of $200,180. A $250,000 wage successful Texas is besides taxed astatine a complaint of 29.77%.
3. Oklahoma City
Oklahoma's outgo of surviving is 17% little than the nationalist average, SmartAsset reports. Thus, idiosyncratic earning $250,000 volition instrumentality location a wage worthy $197,381.
4. Corpus Christi, Texas
Given Corpus Christi's debased outgo of living, a wage of $250,000 — taxed astatine a complaint of 29.77% — has a purchasing powerfulness of $196,593.
5. Lubbock, Texas
In Lubbock, lone 7% of households gain much than $200,000. For those earning $250,000, their wage is worthy astir $196,373.
6. Houston
Houston is the largest metropolis connected this list, location to much than 2.3 cardinal residents. Here, $250,000 is worthy $191,239. Yet, lone 9% of the city's residents gain much than $200,000.
7. TIE: San Antonio, Fort Worth, and Arlington, Texas
San Antonio, Fort Worth and Arlington necktie for seventh place, arsenic $250,000 successful these 3 cities is worthy $188,772. Texas's lack of a authorities income taxation allows these six-figure earners to maximize their money.
10. Jacksonville, Florida
Like Texas and Tennessee, the Sunshine State does not person a authorities income tax. Thus, $250,000 successful Jacksonville is worthy $186,169. This wage is taxed astatine a complaint of 29.7%.
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