$120,000 Salary Comparison:
New York vs Florida
Thinking about moving from New York to Florida? On a $120,000 salary, this relocation could put an extra $7,200 in your pocket every single year. Florida's more favorable tax environment makes it a financially attractive destination for earners at this level.
New York
Current Take-Home
$85,573
/ year
You Save
$7,200
per year
Florida
New Take-Home
$92,773
/ year
Tax Breakdown Comparison
| Category | New York | Florida | Difference |
|---|---|---|---|
| Gross Pay | $120,000 | $120,000 | - |
| Federal Tax | -$18,047 | -$18,047 | Same |
| FICA | -$9,180 | -$9,180 | Same |
| State Tax | -$7,200 | -$0 | $7,200 |
| Net Pay | $85,573 | $92,773 | +$7,200 |
Is Moving to Florida Worth It?
Moving from New York to Florida results in a $7,200 increase in your annual disposable income. This is roughly $600 per month.
Financial Win
The tax savings alone could cover a significant portion of rent or mortgage payments in Florida.
Cost of Living Context
Taxes are only one part of the equation. New York and Florida likely have different costs for:
- Housing: Compare rent per square foot.
- Property Tax: Check local property tax rates.
- Sales Tax: Everyday purchases may be taxed differently.
Frequently Asked Questions
Disclaimer
This calculator is for informational purposes only and should not be considered tax or legal advice. While we strive for accuracy, tax laws change frequently and individual circumstances vary. Please consult a qualified tax professional or financial advisor for your specific situation.