The cost of living in Atlanta has been a hot topic recently with rental prices steadily on the rise all over the South. Also, viral videos have revealed the actual annual salary of the city's residents.
One TikTok creator, The Real CPA, made a viral post detailing how far a six-figure annual salary of $100,000 will get you in the Big Peach after taking taxes into account.
For starters, a federal income tax of $15,000 will bump the net pay down to $85,000. State income tax, which will set you back $5,300. Social security will dock $6,200, Medicare will lower the check by $1,450 and employer's tax will be another $8,000.
That makes the overall cost of income tax and social contributions $35,950, which is about $2,995/month in taxes.
@therealcpa_ey Reply to @d_kunal123 Atlanta Georgia 🇺🇸 #taxes #america #usa #atlanta #georgia #finance #fypシ
One user in the comments affirmed the analysis, saying "as someone whose made that in GA, this is fairly spot on."
While others pointed out the disparity between the amount of taxes wealthier people make.
"I feel like all this proves is people who make 100k pay their fair share of taxes. Compare [the] tax rate to someone who's over $1 million a year," one user wrote.
Another viewer celebrated the lack of income tax in certain states: "Gotta love Florida and Texas, no state income tax! 😁"
Overall, after taxes, an Atlanta resident making $100,000 a year can expect to bring home $72,050 in net pay, which is roughly $6,000/month.
This Money Expert Calculated What A $100K Salary Actually Looks Like In Atlanta After Taxes
Source: News Article Viral
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