What a $100K Salary Looks Like After Taxes in Florida
Floridians pay no state or local income tax, but between rising prices and the federal government’s cut, the advantage doesn’t stretch as far as it used to. For residents making six figures, taxes take a significant chunk out of their income -- and that's before dealing with inflation and the rising cost of living.
Keep reading for a closer look at what life on a $100,000 income looks like in Florida.
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How Much Taxes Take From a $100K Income
Florida is tied with eight other states for the lowest effective state tax rate in the U.S. for a typical earner, according to US Tax Tools. But consider a Floridian making $100,000 a year – once a sign of significant wealth or at least financial stability. Based on figures from Talent.com, you’ll still only net $77,582 in one of the most “tax-friendly” states.
That figure doesn’t leave much breathing room for Florida residents these days, according to Dan Moisand, a certified financial planner (CFP) and principal at Moisand Fitzgerald Tamayo, based in Melbourne, Florida.
“That nut you have to crack to make ends meet each month is at a higher level than ever before,” Moisand said.
Where does that $22,418 in taxes go? Start with federal income tax, which gobbles up $14,768, according to Talent.com. Another $6,200 goes to Social Security, and another $1,450 goes to Medicare.
How Far 6 Figures Goes in Florida
How far your net $77,582 will go depends on which part of the state you live in and how many dependents you have, of course. On average, the cost of living in the Sunshine State has risen rapidly to within striking distance of that net-pay figure.
As costs continue to rise, Moisand is preaching patience, hopefulness and doing your best to adapt.
“I don’t think the inflation we have is going to last forever,” Moisand said. “I can’t tell you how long it will last.”
Salary.com lists Florida’s cost of living at 2% higher than the national average, driven in part by housing costs that are 4% higher and food costs that are 7% higher. That pencils out to about $67,000 a year for a family of four. In addition to housing and food costs, that figure includes energy, transportation and healthcare costs. In other words, just the basics.
On top of that, costs in the Sunshine State have risen faster than the national average. According to the Bureau of Economic Analysis and the Federal Reserve Bank of St. Louis, Florida has seen a 20%-25% increase in the cost of living over the past five years – including a 7% jump in 2024 alone, the highest in the nation.
Multiple factors have contributed to the surge, with housing being a main culprit. According to the US Census, Florida had one of the fastest population growth rates in the country between 2020 and 2024, adding roughly 1.3 million new residents. That boom coincided with – and added to – a housing shortage, driving prices higher. Florida has also seen spikes in property insurance in recent years, driven by extreme weather.
“Property insurance is a problem,” Moisand said, noting that increases in food and fuel costs have also been painful. “It’s not unique to Florida, but it’s worse in Florida than in other places. I only live in one state, so it’s hard to say. But I definitely feel like inflation is worse in Florida than in other states.”
It all adds up to things getting tighter for many residents of the Sunshine State, tax-friendly or not. Moisand noted that residents are doing their best to weather it.
“For the most part, I think people still love living here,” he said. “This is still paradise for many residents.”
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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