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).
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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
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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."
