What Your Tax Level Says About You

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Oh, taxes … how I loathe thee.

It’s not just that I loathe them, though (although I really, really do!) — it’s that I don’t completely understand them. Did you know that tax brackets can change every year? And that every year (for the most part) the amount of money you can sock away for retirement changes? And that that amount also changes based on how much money you make?

I mean — talk about making things difficult.

To help make it through this harrowing tax season, we wanted to dig a bit deeper into “tax brackets.” What are the tax brackets for 2013 (for taxes due April 15, 2014) … and what does your tax bracket say about you?

For Your 2013 Taxes
The first thing you should know when it comes to your tax bracket is … drum roll, please … which one you’re in. Here’s a look at the breakdown by income for 2013:

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How Those Numbers Play Out
So, how do all those numbers correlate into actual, real life people? Here are a couple of facts we found about the population of America based on their wealth:

  • According to new research, Maryland has more millionaire households per capita than any other state, with 169,287 households with investible assets of $1 million or more. (Or 7.7% of the state’s households in 2013.)
  • New Jersey is a close second, with 7.49% of the state’s households garnering assets of $1 million or more. (Note that this actually equates to a larger number of households — 242,657 — since New Jersey has more residents.
  • The rest of the top 10 are, in descending order: Connecticut, Hawaii, Alaska, Massachusetts, Virginia, New Hampshire, Delaware and the District of Columbia.
  • Nevada lost 8,000 millionaires in 2012, and saw its ratio drop to 4.35 from 5.13.
  • Florida, Michigan and Idaho lost a lot of millionaires in 2012, as well.
  • California has the most millionaire households at 777,624. Then comes Texas with 456,949 and New York with 429,153.
  • Mississippi, Arkansas, West Virginia and Alabama are among the states with the highest levels of poverty.
  • Jobs with the highest median salaries and lowest unemployment rates in 2013 included: Dentist (Median Salary: $142,740; Unemployment Rate: 0.7%), Registered Nurse (Median Salary: $65,690; Unemployment Rate: 2.0%), Pharmacist (Median Salary: $113,390; Unemployment Rate: 3.1%), Computer Systems Analyst (Median Salary: $78,770; Unemployment Rate: 2.5%) and Physician (Median Salary: $183,170; Unemployment Rate: 0.6%)
  • On the flip side, the list of worst jobs in 2013 included Flight attendant (Median Salary: $37,740; Projected job growth: 0%); Roofer (Median Salary: $34,220; Project job growth: 18%); Mail carrier (Median Salary: $53,090; Projected job growth: -26%); Meter reader (Median Salary: $36,400; Projected job growth: – 10%) and Dairy farmer (Median salary: $60,750; Projected job growth: -8%)
  • A recent survey found that individuals worth $5 million or more are far more satisfied with their jobs, relationships and work than those worth $100,000 or less. (Who’s shocked here? No one? Didn’t think so.)

Cheryl Lock is a personal finance writer at and former editor at LearnVest and Parents magazine. When she’s not writing, she enjoys travel, which she blogs about at wearywanderer.wordpress.com.

(Source: Savings.com)

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