Payday loans

January 14, 2014

New Job, New State – Consider the Tax Rate

Filed under: Compensation,Hiring & Jobs8:52 am

At this time of year with new salary budgets available for hiring employees, movement of jobs from state to state are more prevalent. Human Resource professionals need to be aware of the impact local and state taxes can have on the cost-of-living differentials.  Economic Research Institute in a recent article illustrated the effect of a move from a state where there is no state income tax, to a state of high state taxes, which can significantly influence the movement of new personnel. It is, therefore, very important to include these differences when discussing cost-of-living details in negotiating relocation packages.

  • States with no State income tax:  Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming
  • States with high income tax rates:  California, Hawaii, New Jersey, New York, and Oregon

Additionally, Human Resource professionals need to be aware of local tax rates within states, as these can also vary and have an impact on the decision of a potential new employee accepting or refusing a relocation move to a new position.

 

Share

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.