Wednesday, May 25News That Matters
Shadow

Tag: you’re

This is how much income tax you’re paying to your state

This is how much income tax you’re paying to your state

Finance
Getty ImagesNew Yorkers are paying the heftiest state income taxes.Residents in the state paid $ 2,249 per capita in individual state income taxes during the 2017 fiscal year, according to data from the Tax Foundation.Connecticut came in second with $ 2,218. Massachusetts followed in third: $ 2,146.Meanwhile, there are seven states that don't tax individual income: Alaska, Florida, Nevada, South Dakota, Texas, Washington state and Wyoming.Though Tennessee and New Hampshire don't tax wages, they do levy income from interest and dividends.Here's where your state ranks, according to the Tax Foundation.Tax havensIncome taxes make a significant contribution to states' coffers. Nearly 40% of state tax collections come from levies on your wages, according to the foundation.If you're thinking of f...
If you’re over 55, take this job and love it

If you’re over 55, take this job and love it

Finance
Perhaps the best time to change up your career is when you're near its end.Close to one in five individuals aged 65 and over continues to punch the clock every day, according to the Pew Research Center. Meanwhile, more than half of Americans ages 50 to 64 are working and not retired, according to data from the Associated Press-NORC Center for Public Affairs Research.Indeed, older employees may continue working because they need to strengthen their finances.But 9-to-5 doesn't have to be a grind — if you plan for it, said Kerry Hannon, author of "Getting the Job You Want After 50 for Dummies.""If there's a kind of work that you want to move toward when you retire," she said, "it's important to give yourself time to try things out, get the skills and do the job first to see if it's somethi...