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
Paycheck Calculator
Disclaimer: Please note that this paycheck calculator is designed to provide an estimate and should not be considered as professional tax advice. The actual withholding amounts and taxes owed may vary depending on individual circumstances and other factors. For accurate and personalized tax advice, we recommend consulting with a tax professional.
If your gross pay is $62,542.00 per year in the state of South Carolina, your net pay (or take home pay) will be $48,396.17 after tax deductions of 22.62% (or $14,145.83). Deductions include a total of [1] 9.19% (or $5,745.54) for the federal income tax, [2] 5.78% (or $3,615.83) for the state income tax, [3] 6.20% (or $3,877.60) for the social security tax and [4] 1.45% (or $906.86) for Medicare.
The Federal Income Tax is collected by the government and is consistent across all U.S. regions. In contrast, the State Income Tax is levied by the state of residence and work, leading to substantial variations. The Social Security Tax is used to fund Social Security, which benefits retirees, persons with disabilities and survivors of deceased workers. Medicare involves a federal payroll tax designated for the Medicare insurance program. As of 2022, Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming do not levy a state income tax.
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.
| Year | Median Household Income |
|---|---|
| 2021 | $62,542 |
| 2020 | $60,345 |
| 2019 | $62,028 |
| 2018 | $57,444 |
| 2017 | $54,537 |
| 2016 | $54,336 |
| 2015 | $46,360 |
| 2014 | $44,929 |
| 2013 | $43,563 |
| 2012 | $44,401 |
| 2011 | $40,084 |
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
