\n<\/div><\/div>\n<\/div>\n<\/div>\n

A MoneyGeek study including IRS, state, property and sales taxes listed Fla. as the No. 4 least-expensive tax state. Total tax costs are about 5.6% of total income.<\/span><\/span><\/p>\n<\/div>\n

TAMPA, Fla. \u2013 It\u2019s tax filing season and depending on where you live in the U.S., you could be forking over a very different-sized chunk of your income.<\/span><\/span><\/p>\n

An analysis by MoneyGeek ranked every state by how \u201ctax-friendly\u201d it is. The analysts didn\u2019t just look at income tax \u2013 they also factored in property taxes, plus state and local sales taxes.<\/span><\/span><\/p>\n

To determine where people pay the highest tax burden, MoneyGeek looked at a hypothetical average family: a married couple with one kid, earning the median national income of $82,852, owning a $349,400 home. The study breaks down how much this fictional family would pay in taxes in every state.<\/span><\/span><\/p>\n

The states with the lowest tax burden, according to the analysis, were:<\/span><\/span><\/p>\n

Wyoming (estimated taxes: 4% of income or $3,279)<\/span><\/span><\/li>\n
Nevada (estimated taxes: 4.7% of income or $3,879)<\/span><\/span><\/li>\n
Alaska (estimated taxes: 5.4% of income or $4,507)<\/span><\/span><\/li>\n
Florida<\/strong> (estimated taxes: 5.6% of income or $4,632)<\/span><\/span><\/li>\n
Tennessee (estimated taxes: 6.5% of income or $5,377)<\/span><\/span><\/li>\n
Washington (estimated taxes: 6.5% of income or $5,414)<\/span><\/span><\/li>\n
North Dakota (estimated taxes: 6.7% of income or $5,556)<\/span><\/span><\/li>\n
Arizona (estimated taxes: 6.8% of income or $5,665)<\/span><\/span><\/li>\n
South Dakota (estimated taxes: 7.2% of income or $5,938)<\/span><\/span><\/li>\n
Delaware (estimated taxes: 7.3% of income or $6,074)<\/span><\/span><\/li>\n<\/ol>\n
The states with the highest tax burden were:<\/span><\/span><\/p>\n
\n
Illinois (estimated taxes: 16.8% of income or $13,894)<\/span><\/span><\/li>\n
Connecticut (estimated taxes: 15.1% of income or $12,545)<\/span><\/span><\/li>\n
New Jersey (estimated taxes: 14.3% of income or $11,872)<\/span><\/span><\/li>\n
New Hampshire (estimated taxes: 14.1% of income or $11,694)<\/span><\/span><\/li>\n
New York (estimated taxes: 13.9% of income or $11,495)<\/span><\/span><\/li>\n
Iowa (estimated taxes: 13.8% of income or $11,398)<\/span><\/span><\/li>\n
Wisconsin (estimated taxes: 13.2% of income or $10,976)<\/span><\/span><\/li>\n
Vermont (estimated taxes: 12.6% of income or $10,453)<\/span><\/span><\/li>\n
Nebraska (estimated taxes: 12.6% of income or $10,446)<\/span><\/span><\/li>\n
Michigan (estimated taxes: 12.4% of income or $10,239)<\/span><\/span><\/li>\n<\/ol>\n
Based on its analysis, MoneyGeek also gave every state a letter grade on its \u201ctax friendliness.\u201d The states with A grades have the lowest tax burden on an \u201caverage\u201d family, while the states with D or E grades have the highest tax burden.<\/span><\/span><\/p>\n
MoneyGeek\u2019s estimates only hold true for that hypothetical family,earning about $82,000 a year with a $349,000 house. A family who just bought a $1 million house in California would probably be paying a lot more in taxes, while a single person earning $40,000 in Texas would be paying less.<\/span><\/span><\/p>\n
\u00a9 1998-2022 WFLA, Nexstar Broadcasting, Inc. All rights reserved.<\/span><\/span><\/p>\n<\/div><\/div>\n
Go to Source<\/a>
\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"
A MoneyGeek study including IRS, state, property and sales taxes listed Fla. as the No. 4 least-expensive tax state. Total tax costs are about 5.6% of total income. TAMPA, Fla. \u2013 It\u2019s tax filing season and depending on where you live in the U.S., you could be forking over a very different-sized chunk of your income. An analysis by MoneyGeek ranked every state by how \u201ctax-friendly\u201d it is. The analysts didn\u2019t just look at income tax \u2013 they also factored in property taxes, plus state and local sales taxes. To determine where people pay the highest tax burden, MoneyGeek looked at a hypothetical average family: a married couple with one kid, earning the median national income of $82,852, owning a $349,400 home. The study breaks down how much this fictional family would pay in taxes in every state. The states with the lowest tax burden, according to the analysis, were: Wyoming (estimated taxes: 4% of income or $3,279) Nevada (estimated taxes: 4.7% of income or $3,879) Alaska (estimated taxes: 5.4% of income or $4,507) Florida (estimated taxes: 5.6% of income or $4,632) Tennessee (estimated taxes: 6.5% of income or $5,377) Washington (estimated taxes: 6.5% of income or $5,414) North Dakota (estimated taxes: 6.7% of income or $5,556) Arizona (estimated taxes: 6.8% of income or $5,665) South Dakota (estimated taxes: 7.2% of income or $5,938) Delaware (estimated taxes: 7.3% of income or $6,074) The states with the highest tax burden were: Illinois (estimated taxes: 16.8% of income or $13,894) Connecticut (estimated taxes: 15.1% of income or $12,545) New Jersey (estimated taxes: 14.3% of income or $11,872) New Hampshire (estimated taxes: 14.1% of income or $11,694) New York (estimated taxes: 13.9% of income or $11,495) Iowa (estimated taxes: 13.8% of income or $11,398) Wisconsin (estimated taxes: 13.2% of income or $10,976) Vermont (estimated taxes: 12.6% of income or $10,453) Nebraska (estimated taxes: 12.6% of income or $10,446) Michigan (estimated taxes: 12.4% of income or $10,239) Based on its analysis, MoneyGeek also gave every state a letter grade on its \u201ctax friendliness.\u201d The states with A grades have the lowest tax burden on an \u201caverage\u201d family, while the states with D or E grades have the highest tax burden. MoneyGeek\u2019s estimates only hold true for that hypothetical family,earning about $82,000 a year with a $349,000 house. A family who just bought a $1 million house in California would probably be paying a lot more in taxes, while a single person earning $40,000 in Texas would be paying less. \u00a9 1998-2022 WFLA, Nexstar Broadcasting, Inc. All rights reserved. Go to Source Author: kerrys<\/p>\n","protected":false},"author":4,"featured_media":6204,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/6203"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=6203"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/6203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/6204"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=6203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=6203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=6203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}