You are looking at three different job options, one in Pennsylvania, one in Texas, and one in New York. The offers are as follows: Salary State tax rate Pennsylvania $62,000 3.07% Texas $64,000 0.00% New York $68,000 6.85% What is the take home pay of the three options? Which of these offers will you accept if you are only interested in maximize your after tax income? Pennsylvania: Texas: New York: Job accepted: Regardless of which job you take, you will have to pay federal income taxes. Assuming you are offered $65,000 use the following tax brackets to determine the federal income tax you owe. Tax Bracket Low end High end 10% $0 $9,225 15% $9,225 $37,450 25% $37,450 $90,750 28% $90,750 $189,300 TAX OWED:
You are looking at three different job options, one in Pennsylvania, one in Texas, and one in New York.
The offers are as follows:
|
|
Salary |
State tax rate |
|
Pennsylvania |
$62,000 |
3.07% |
|
Texas |
$64,000 |
0.00% |
|
New York |
$68,000 |
6.85% |
What is the take home pay of the three options? Which of these offers will you accept if you are only interested in maximize your after tax income?
Pennsylvania:
Texas:
New York:
Job accepted:
Regardless of which job you take, you will have to pay federal income taxes. Assuming you are offered $65,000 use the following tax brackets to determine the federal income tax you owe.
|
Tax Bracket |
Low end |
High end |
|
10% |
$0 |
$9,225 |
|
15% |
$9,225 |
$37,450 |
|
25% |
$37,450 |
$90,750 |
|
28% |
$90,750 |
$189,300 |
TAX OWED:
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