Massachusetts Taxes You This Amount on $100,000 Earned
Do you get sticker shock when you look at your paycheck stub and realize how much you've paid to the Commonwealth of Massachusetts in state income taxes?
If you earn a living in the Bay State, the Massachusetts Department of Revenue has its hand out waiting for its share. That is true, too, if you win money by gambling or through the lottery.
Most cash that finds its way to you is taxable as income. The state gets a cut.
Tax time is upon us. Many folks will review their W2 forms to square up with the state. It is when we realize the depths of our financial commitment to Beacon Hill and just how charitable we are.
Nasdaq.com says, "Massachusetts taxes are about average. The state has a flat income tax rate of 5%. The collective tax burden of federal and state taxes is 26.91% for single filers and 20.89% for joint filers."
READ MORE: The Tax Take on Lottery Winnings in the Six New England States
So what does a $100,000 salary look like after taxes in Massachusetts?
Nasdaq.com says the take-home salary for single filers earning $100,000 would be about $73,089. For married filers, it would be about $79,114.
Rhode Islanders could expect to keep slightly more of their hard-earned money, according to nasdaq.com. The site says take-home for a single filer earning $100,000 would be about $74,463 and $80,929 for married filers.
Nasdaq compares the tax-take off all 50 states on its website. The site shows the most and least friendly tax states in America. It's helpful information if you are considering finding greener pastures.
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Gallery Credit: Madison Troyer