South Carolina Paycheck Calculator: Calculate Your Net Pay
If you’re wondering, “How do I figure out how much money I take home in South Carolina?” we’ve got you covered.
Use our simple paycheck calculator to estimate your net or “take home” pay after taxes, as an hourly or salaried employee in South Carolina.
Paycheck Calculator
Meanwhile, get ahead with our free resources:
How Does the Paycheck Calculator Work?
Input your salary information, such as wage and pay frequency, and our tool will handle the tax calculations for you. Once you’ve filled in all the information, click the “Calculate Tax” button, and the calculator will provide an estimate of your net or “take home” pay for the specified pay period.
Overview of South Carolina Taxes
South Carolina's income tax rates vary from 3% on taxable income ranging from $3,200 to $16,039 to 6.5% on taxable income exceeding $16,039.
The Palmetto State imposes a 6% sales tax rate, but it's important to consider local variations. Local taxes can augment this rate by up to 3%, resulting in an average combined rate of 7.44%.
Some relief is offered to those aged 85 and above, who can claim a 1% exemption from state sales and use tax for personal use purchases. Moreover, Social Security benefits, a significant source of income for many retirees, are entirely tax-free in the state.
While the state's median property tax rate is relatively low at $518 per $100,000 of assessed home value, retirees have the opportunity to benefit from property tax breaks. The homestead exemption allows homeowners aged 65 and older to exempt the first $50,000 of a property's fair market value from local property taxes.
South Carolina imposes various other taxes, including gas taxes on gasoline and diesel, taxes on alcohol and tobacco products and even taxes on capital gains. However, it doesn't impose estate or inheritance taxes, offering peace of mind to those planning their estates.
Median Household Income in South Carolina
South Carolina's economy is a dynamic force with substantial growth. In 2021, its GDP reached $270.1 billion, marking a four-year growth of $47 billion, driven by Finance, Insurance, Real Estate and Manufacturing.
The state hosts over 152,000 businesses, offering 2.093 million jobs at an average weekly wage of $1,006.
When it comes to salaries in South Carolina, they vary widely based on position. However, the median household income can give you a glimpse at the average salary a household is earning in this state.
Tips for Maximizing Your Paycheck
Here are some tips to help you maximize your paycheck:
- Create a realistic monthly budget and track your expenses
- Be aware of tax deductions and credits available in South Carolina
- Consider contributing to retirement accounts like a 401(k) or an IRA
- If your employer offers an HSA, take advantage of it
- Reduce your transportation expenses by carpooling with coworkers or using public transit
- Be a savvy shopper by hunting for sales, using coupons, and comparing prices