How Much You Need to Make in Each State to Net $100K

Landing on a definition of what “wealthy” is can be extremely difficult. After all, even if someone makes a lot of money on paper, their expenses might make it so there’s hardly anything left after the essentials are covered. That said I’d expect most Americans would agree that, if you’re making six figures, you’re doing pretty well. Then again, as a new study by GOBankingRates reminds us, there’s a big difference between grossing $100k and netting it.

Given the different tax situations around the country, GOBankingRates created a map showing how much you’d need to make in order to take home six figures in each state. This study accounts for things like federal, state, and local income taxes as well as payroll taxes. The results are truly interesting, although there are also some asterisks to be discussed as well.

As you can see, Oregon has the distinction of being the one state where you’ll need to make more than $152k in order to net $100k. There’s some good reason for that as Oregon does not collect sales tax, leading to higher-than-average state income taxes. Despite that, states like California and Maryland weren’t far behind. In fact residents of both the Golden and the Old Line States need to make more than $150k to net six figures. Other states in similar company include Hawaii ($149,583), Idaho ($148,399), Maine ($148,265), and Minnesota ($148,100).

On the other side of things, states like Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming don’t have state income taxes, giving them a bit of an unfair advantage here. Additionally New Hampshire and Tennesee assess income tax but only on interest and dividend income, meaning those taxes weren’t factored into the study. As a result it was a big nine-way tie for first place with at $134,630 (note: oddly GBR’s listing of all the states puts the figures for Nevada and New Hampshire at $134,629 — a dollar less — for some reason).

Now that we’ve seen how much you’d need to make in order to bring home $100k, what will a $100k salary net you in some of the various states? In those top nine states, a six-figure salary will give you $73,077 after income and payroll taxes. Meanwhile in Oregon that number drops to $65,092, just below the $65,541 you’d get in Maryland and $66,157 you’d keep in Calfornia.

Like I mentioned at the beginning, this latest study doesn’t tell the whole story about which states tax their citizens most (nor did it aim to). For that you’ll want to consider not just income taxes but also sales taxes and property taxes. Still, for those workers adverse to income taxes and who want to take home the most of their salary, you can now take a look at this map and aim for green.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

GGV Capital Unveils Inaugural Embedded FinTech 50 List

Today, an inaugural list of 50 startups were named the top FinTech innovators. This project was spearheaded by GGV, which has a long history of investing in major FinTech firms, having participated in funding rounds for the likes of Square, SoFi, Affirm, Karat, and many more. Additionally, the list was compiled with participation from top FinTech investors, such as Ribbit Capital, Sequoia Capital, Thrive, and others. In total, 57 VC...

Chase Aeroplan Card Unveils New 100K-Point Offer

With the summer travel season just around the corner, Chase and Air Canada have rolled out a new offer for their cobranded Aeroplan card. What's more, the card has added a new feature that gives cardholders another point redemption path. As we've seen from other issuers in recent years, the latest Chase Aeroplan welcome bonus is a tiered offer. First, new cardholders who spend at least $4,000 on their card...

FedEx Announces Launch of 2023 Small Business Grant Contest

Attention small business owners: FedEx has announced the launch of its 11th annual Small Business Grant Content. This year's promotion will officially kick off on January 31st, with the entry period lasting until February 21st. As part of the contest, more than $330,000 will be granted to small business, including $30,000 going to 10 grand prize-winning businesses. After the entry deadline has closed, 100 finalists will be selected and revealed...