Customize Your Own Personal Estimated Taxes

CUSTOMIZABLE TAX ESTIMATES

One of our most popular studies this year was our "Ultimate State Tax Rankings," and since our users can't get enough tax data and resources, we've added even more categories and detail.

It's with this newsletter that we officially release our Customize Your Own Personal Estimated Taxes feature. It's one of the many new data comparison tools now included with our Premium Membership, and we'll walk you through it here.

It's an important tool for not only relocation, but for potential salary negotiations and simply to learn where your hard-earned money is going every April. 

As an example, we'll compare San Francisco and New York City with a few different yearly incomes.

After signing up for Premium content, simply click on "Cost of Living" from the BestPlaces homepage. Then enter two cities (San Francisco and New York in this instance), then click "Taxes" on the left under CATEGORIES. Scroll down and you'll see the just-added Customize Your Own Personal Estimated Taxes feature. 

Using a salary of $100,000/year, you'll see the following:

You'll see that Total Taxes in San Francisco are significantly higher than in New York City, but most of that comes from the Real Estate Taxes category. If you're renting, this becomes moot - another reason why it's important to look at full data-sets like these when comparing cities.

This new module is also useful for seeing what your taxes will look like after a salary increase or decrease. With freelancing and career changes becoming more common in the U.S., this is important to track. 

Let's see how taxes change with a yearly salary increase to $135,000.

While the Marginal Rate remains the same after a 35% salary increase, the Effective Rate for San Francisco increases from 5.9% to 6.8%, and in New York City it goes from 5.6% to 5.9%.

BestPlaces Founder and President Bert Sperling on our new Customizable Tax Estimate feature:

"I'm really excited about our new tax info and comparison features.  BestPlaces is the only resource on the web which lets you enter your specific details and then compares all the major tax categories - income, sales, real estate (annual property taxes and transfer fees), and motor vehicle (sales and annual registration/property taxes).  Our tax feature could be its own web site."

We encourage you to try the new Customize Your Own Personal Estimated Taxes feature with different cities and salaries, as they apply to you. 

To get started with our new Premium Membership, click here or on the screen cap below. 

Also, our app continues to be updated, so if you haven't already tried it, click here to get started.