TikTok Video Reveals $100K Salary After Maine Taxes

There’s an old saying that goes, “The only two things you can count on are death and taxes.” This famous phrase was popularized by Benjamin Franklin in a 1789 letter to physicist Jean-Baptiste Le Roy:

Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.

True words, indeed!

For those living in Maine, taxes are a familiar topic. But have you ever wondered just how much of your salary is claimed by taxes each year?

The Next Gen Business on TikTok has produced quick, insightful videos that outline the impact of taxes for each state, including a spotlight on Maine. These videos provide a clear picture of how taxes bite into salaries, featuring various states and even some countries across the globe.

To demonstrate their point, they used a salary of $100,000. Admittedly, not many individuals in Maine earn over this amount. For context, the median income for married couples with children in Maine is just under $70,000. While the $100,000 example might not fit most people’s income, it’s a useful benchmark for understanding tax impact.

If you were to earn $100,000 annually, 28.18% of your salary would go to taxes. We are all somewhat aware that the government takes a sizable portion, but seeing the exact numbers can be quite eye-opening. For reference, Maine’s current state tax rate ranges from 5.8% to 7.15%, depending on your income.

28.18% of $100,000 means you’re paying approximately $28,180 in taxes each year. This leaves you with $71,820, which gives a clearer perspective on how much you actually get to keep from your hard-earned salary. It’s always surprising to see the deductions in black and white, solidifying the old adage about the certainty of taxes.

Such insights are valuable, especially for those planning their finances and considering the real impact of their gross income. A quick landscape of these numbers can not only inform personal budgeting but also broader financial planning, such as saving for retirement or major life expenses.

Source: The Next Gen Business