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A decent salary — one that allows for necessities, fun, and savings — might start around $69,000 for a single, childless person in Florida and $94,500 for a couple.
Florida – no individual income tax [10] but has a 5.5% corporate income tax. [11] The state once had a tax on "intangible personal property" held on the first day of the year (stocks, bonds, mutual funds, money market funds, etc.), but it was abolished at the start of 2007. [12] Nevada – no individual or corporate income tax.
U.S. states and territories by annual median wage 2021 (in current dollars) National rank State or territory Median wage in US$ [4] Average earnings in US$ [3] 1
Living paycheck to paycheck is a fact of life for many Florida residents, but if you are looking to move and be able to save more aim for a cheaper option if you can keep your same income.
Note that although self-employed individuals pay 12.4%, this is mitigated two ways. First, half of the amount of the tax is reduced from salary before figuring the tax (you don't pay Social Security tax on the tax your employer pays for you.) Second, the "employer" half is an adjustment to income on the front page of Form 1040.
In 2024, the Massachusetts Institute of Technology's (MIT) living wage calculator found that the living wage in Florida is $22.43 for one adult with no children, $37.27 for an adult with one child ...
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