When you have job from 9 to 5 at a specific location, then you are bound to that working space. Also when you have your own business or tight family connection your living spot is defined by that circumstances with its state tax rates.
In case you are free to decide where to live and you are not tight to the job location, then you have the opportunity to reside in states where the tax rates are more favorable for you and your lifestyle.
In a study the states have been examined where the tax burden is the lowest and Florida was ranked on spot number 7 behind states like Alaska, Nevada and Tennessee to name only the top three.
Here is a little inside into the Florida tax rates. A Floridian pays
3.14 % of the income for sales taxes (this tax is calculated on all goods except food)
2.40 % of the income for property tax (only paid by home owners, tenant do not have this expense)
0.02 % of the income for income tax (this tax is the Federal income tax, Florida has no State income tax)The total tax percentage is 5.56 % of your total income. That is a great number in comparison to many other countries in the world.
Please keep in mind this is a statistic calculation to give you a hint about the taxes situation in Florida and it is not a tax advice.
For further questions you can contact us at email@example.com