Single? Here’s a reason for you to keep scrolling and installing dating apps!
A recent analysis assessed the average salary in each state that a single person needs to live comfortably because more folks are delaying marriage or choosing to remain single. Here’s the reason why do Single People Pay More Taxes.
Why do Single People Pay More Taxes in Every State
According to GOBankingRates’ estimate, single employees in the US need an annual income of $57,200 in order to make a living wage that is Why do Single People Pay More Taxes. That sum is a few thousand dollars below the $59,428 median income of all American workers, regardless of marital status, as reported by Forbes.
GoBankingRates calculated the pay baselines using data from the Bureau of Labor Statistics to establish how much an individual would need to earn in order to adhere to a 50/30/20 budget, which allocates 50% of income to essentials, 30% to discretionary spending, and 20% to savings or investments.
The most expensive state for singles is Hawaii, where a person needs to earn $112,411 a year to live comfortably. The Aloha State has one of the highest costs of living, but despite this, the average yearly wage is only $61,420, according to Forbes. It’s also the only state where a single person needs to earn six figures in order to survive, which may come as a surprise. So, Why Do Single People Pay More Taxes?
Why do Single People Pay More Taxes: Stay Single or Marry? Your Choice!
For those who aren’t married or living together as a couple, the top five salary requirements are Massachusetts, California, New York, and Alaska. The ideal salary for singles in Massachusetts is $87,909 per year, but the reality is that most people earn around $11,000 less, or $76,600 on average. A reason Why do Single People Pay More Taxes.
Why do Single People Pay More Taxes or Unmarried workers in the Golden State should aim for an annual salary of $80,013 but are unlikely to achieve that figure given that the average pay in the state is only $73,220. By requiring singles to earn $73,226, which is just slightly less than the average wage of $74,870 determined by Forbes, New York has once again demonstrated that it promotes independence. Being single also seems more welcoming up in Alaska.
With a statewide average wage of $66,130, alone individuals should be able to live comfortably with an annual income goal of $71,570. Massachusetts, California, and New York all have high living costs because these states’ largest cities, Boston, Los Angeles, and New York City, have some of the highest housing costs in the nation, which single people must bear alone. New York City is reportedly the most costly city in which to live alone, according to other surveys. That answers the question Why do Single People Pay More Taxes?