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Where would I find info on income taxes? My husband is taking a significant pay cut and we have learned to accept that, seeming we will get more for our money there in Raleigh. However, how much of your paycheck goes to state, federal and SS. I guess I am just trying to figure out after it is all said and done how much will he bring home.For example, if he gets paid $1280.00 every two weeks, how much would Uncle Sam take from us? Thank you!
As I understand it, state income tax is between 7 and 8%. It's interesting becuase that's much higher than the state income tax in, for example, Massachusetts (where I live now). I'm not sure people realize that when they move to NC. You might be able to get a better deal on a comparable home, but state income tax may be, in this case, 2.5% higher than it is in your current state. Add comparable real estate taxes, (again, at least for MA), and, well ...
Unfortunately taxes are generally more complicated than a simple %. You have standard deductions, etc. that can heavily impact the actual tax burden regardless of % and that all varies by state. But the NC State Income Tax is very high compared to other areas of the country. But that is still offset significantly by the low home property taxes.
True the property taxes are low now, but who is to say in 5 years with all the people going to NC the taxes do not skyrocket in order to keep up with the demand. I am truley torn between leaving Maryland for NC. I like both places but I do not want to get to NC and be broke. We can buy a brand new home there and pay less a month in mortgage. However, my husband will be taking a 10K paycut off the bat. Eventually it will all work itself out, however if they are going to be taking even more out of his paycheck then it may not be worth the move. I wonder what MD's income tax is. I know our sales tax is 5%....I guess I will have to research that now....
and I'd add again that the real estate taxes (if you have to pay both county and city) are the same in NC as they are in "Taxachusetts..." They're calculated a bit differently, but I'm going to pay about $5k a year on a $500,000 house here in Mass, and I would as well in Cary for example.
Don't forget to factor in social security deductions also which is 7.65% of his gross income. Property taxes run between 1-1.15 per $1000 depending on what town you are in.
Actually where we plan on buying is not within city limits so the property taxes are around .7% I am just really concerned with how much is going to be taken out of his paycheck. Does anyone here on the board make about 1280 in a paycheck if so can you PM or post here and tell me how much your final check is, before health insurance is taken out of course. Thanks!
and I'd add again that the real estate taxes (if you have to pay both county and city) are the same in NC as they are in "Taxachusetts..." They're calculated a bit differently, but I'm going to pay about $5k a year on a $500,000 house here in Mass, and I would as well in Cary for example.
You are very lucky that you are only paying 5K a yr on a 500K home! I am paying 3K on a 300K townhome!!! My in laws are paying 7K in NJ on a 350K home. One reason why we want to go to NC and deal with the paycut is because we can get a brand new home and we believe have a better life for our child
The Maryland state income tax rate is 4.75%. However, Maryland's 23 counties and Baltimore City also levy a local income tax in addition to the state's income tax rate. When I lived in Montgomery County, MD, my combined state & local income tax rate was just shy of 8%. North Carolina has no local income tax.
Last edited by mm34b; 05-09-2007 at 08:05 PM..
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