This is the salary needed to actually take home $100,000 in California
LOS ANGELES - If you've just started a job making $100,000 or more - all that money unfortunately isn't yours to keep, thanks to taxes!
Whether it be federal income taxes, withholding for Social Security and Medicare, or state and local taxes, it adds up and before you know it your six-figure salary turns into a take-home pay of five figures.
A new report by GoBankingRates calculated the exact gross salary you need to earn in each state to actually bring home $100,000 in all 50 states after taxes.
To no one's surprise, California placed very high on the list!
If you're working in the Golden State, you need to earn $153,700 to actually $100,000 in California, according to the report. That means people with a $100,000 gross income actually take home just 65% of that after taxes.
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Overall, California ranked fourth-highest salary needed to take home $100,000.
The top five states with the highest salaries needed to take home $100,000 after taxes are:
- Oregon: $156,280
- California: $153,700
- Maryland: $154,850
- Hawaii: $154,165
- Maine: $151,640
Eight states tie for the lowest salary needed to take home $100,000 after taxes — about $137,290. The eight states are Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, Wyoming.
Most Americans feel they pay way too much in taxes, according to a poll from the University of Chicago Harris School of Public Policy and The Associated Press-NORC Center for Public Affairs Research.
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Two-thirds of U.S. taxpayers say they spend "too much on federal income taxes, according to the poll published earlier this year.
Among respondents, half say they would prefer having fewer government services if it meant reducing their bill.
FOX Television Stations contributed to this report.