Money matters: Analysis reveals what it takes to be a top 1% earner in Florida
What does it take to be a member of the top 1% earner (taxpayer) club in Florida? Well, certainly a lot of money, but maybe not as much as you might think.
SmartAsset analyzed income data to determine the minimum income required to be among the top 1% of earners in each state. To do so, it used data from the IRS and Bureau of Labor Statistics. The report was released last week (Jan. 24).
Yelp's best restaurants: Florida scores!Yelp's Top 100 Restaurants: Florida takes 13 spots on the highly anticipated annual list
In the state rankings, the Sunshine State came in at No. 8. According to the SmartAsset study, you would need to have an annual household income of $678,800 to earn your place in Florida's 1% club in 2023. That's just slightly above the national average of $645,600. And the average tax rate Florida for this group is 25.23%.
It gets significantly better to earn membership in Florida's 5% club. A Florida resident needs to earn at least $243,600 to fall into the top 5% with an average tax rate of 22.34%
Household income: Did you know?
According to the study:
The average American household earns a median income of less than $70,000
Less than 10% of all households earn more than $200,000, according to the U.S. Census Bureau
Household income: What state has the highest threshold to be included in its 1% club?
Connecticut requires the highest income to be in the top 1%. It was the only state with a minimum threshold above $900,000
No. 2: Massachusetts
No. 3: New Jersey
No. 4: New York
No. 5: California
Who is No. 1 on this list? By the numbers: Which airlines carried the most passengers at RSW in 2022?
Household income: What state has the lowest threshold to be included in its 1% club?
West Virginia takes the top spot for the lowest threshold needed to be a top 1% percenter: $374,712.
No. 2: Mississippi
No. 3: New Mexico
No. 4: Arkansas
No. 5: Kentucky
For more information on how SmartAsset ranked states and the data and methodology used: See the study. On its website, SmartAsset says the company "is an online destination for consumer-focused financial information and advice that powers SmartAdvisor, a national marketplace connecting consumers to financial advisors."
This article originally appeared on Fort Myers News-Press: Income analysis explains if you are in Florida's top 1 percent
