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Medicare tax: You and your employer pay a 1.45% Medicare tax toward healthcare in retirement. Find Out: Here’s How Much Your State Collects on Every Type of Tax Follow This Five-Step Process
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.
Termini breaks it down: “That means a person who expects to make $175,000 in 2025 would be subject to an additional $396.80 in Social Security withholding (for the whole year, not per paycheck).”
2025 Florida's 1st congressional district special election [1] 2025 Florida's 6th congressional district special election [2] May 22 – Universal Epic Universe is scheduled to open in Orlando. [3] September 30 — Minimum wage increases from $13 per hour to $14 per hour. [4] November 4 – 2025 Miami mayoral election [5]
The minimum wage rates for both tipped and non-tipped employees will rise on Sept. 30, 2024, and will rise again in 2025 and 2026. Is the minimum wage in Florida $15? Not yet, but it will be in 2026.
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.
Learn More: I’m a Financial Advisor: 10 Most Awesome Things You Can Do for Your Finances in 2025 Check Out: 8 Must-Read Personal Finance Books of 2024 for a Fresh Start in 2025
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.