If you\u2019re ever fortunate enough to earn a six-figure salary, don\u2019t do it in California.<\/p>\n
The state is famously not very tax-friendly.<\/p>\n
And it\u2019s possibly the worst US state for a millionaire to live in.<\/p>\n
READ MORE: Research suggests that doing one simple thing will make you 206% more likely to become a millionaire<\/a><\/strong><\/p>\n California is the land of sun-soaked beaches, picturesque surroundings and beautiful people.<\/p>\n In many ways, the Golden State seems to be the ideal destination to live out the American dream.<\/p>\n Here, the tech industry and the world of film and television<\/a> thrive.<\/p>\n The big earners in these industries<\/a>, however, face a stark reality.<\/p>\n <\/a>Iris Papillon \/ Unsplash<\/a>Patrick Tomasso \/ Unsplash<\/p>\n For anyone lucky enough to earn over $1 million, they are equally unlucky enough to face the state\u2019s tax laws.<\/p>\n Wealth<\/a> recently crunched the numbers of how much someone in this income bracket takes home.<\/p>\n And it\u2019s pretty shocking.<\/p>\n Those who earn big are taxed heavily, with a tax rate of a colossal 49.5%.<\/p>\n Not only do these people need to pay regular income tax but also an extra 1% surtax.<\/p>\n For someone in this tax bracket, they\u2019ll need to pay $184,557 in state tax every year.<\/p>\n Then there\u2019s social security, which will be an extra $9,114 annually.<\/p>\n In total, their Medicare for the year will be $33,450, while state disability insurance is an additional $1,602.<\/p>\n But the biggest chunk of their money will go towards federal tax, which amounts to $513,164 a year.<\/p>\n It can\u2019t feel good to know that half a million of your earnings will never make it to your bank account.<\/p>\n <\/a>Lala Mikl\u00f3s \/ Unsplash<\/p>\n In fact, once it\u2019s all added up a person earning $1.5 million a year will pay a total of $741,886 in tax.<\/p>\n That means they\u2019ll only take home $758,114.<\/p>\n We almost feel sorry for them.<\/p>\n \u201cSo basically you have to make $2 million to be a millionaire,\u201d one commenter said.<\/p>\n \u201cThat\u2019s why there\u2019s a max exodus of people leaving California<\/a>,\u201d another said.<\/p>\n The post Breakdown shows what a salary of $1,500,000 actually gets you per month after taxes in California<\/a> appeared first on Supercar Blondie<\/a>.\u00a0<\/p>","protected":false},"excerpt":{"rendered":" If you\u2019re ever fortunate enough to earn a six-figure salary, don\u2019t do it in California. The state is famously not very tax-friendly. And it\u2019s possibly the worst US state for a millionaire to live in. READ MORE: Research suggests that doing one simple thing will make you 206% more likely to become a millionaire California …<\/p>","protected":false},"author":0,"featured_media":42672,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[82,72],"tags":[],"class_list":["post-42671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-society","category-entertainment"],"_links":{"self":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/posts\/42671","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/comments?post=42671"}],"version-history":[{"count":0,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/posts\/42671\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/media\/42672"}],"wp:attachment":[{"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/media?parent=42671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/categories?post=42671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vietvalley.com\/en\/wp-json\/wp\/v2\/tags?post=42671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}