The Governor’s Office of Economic Development (GOED) has released its newest version of the Real Wage Calculator. It uses 2018 state and federal income tax laws and rates, as well as the most recent 2019 Regional Price Parities (RPP).
Users can compare multiple job offers to see which job really pays the best.
“There are a lot of wage calculators out there that only adjust gross wages by cost of living. Only the South Dakota Real Rage Calculator accounts for the impact state and federal taxes have on wages,” said Steve Westra, commissioner GOED. “The true measure of how well you’re paid is not your gross pay; rather it is how much you can buy with your wages after the government takes its share.”
The Real Wage Calculator starts with gross wages, then accurately computes and subtracts federal and state taxes to arrive at take-home pay. Take-home pay is then adjusted for cost of living to determine a job’s purchasing power.
The tax calculations were developed by a public accounting firm and are accurate for a single filer, with no dependents, who uses the standard deduction. Cost of living calculations utilize the U.S. Bureau of Economic Analysis’ Regional Price Parities which allows users to compare all 50 states and over 400 cities nationwide.
To try the South Dakota Wage Calculator out, and for more information, visit www.calculaterealwages.com.