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GOED Launches Newest Version of Wage Calculator





NEWS RELEASE


FOR RELEASE: Tuesday, August 6, 2019


CONTACT: Jessica Falk, Governor’s Office of Economic Development, 605.773.GOED (4633)


GOED Launches Newest Version of Real Wage Calculator

 

PIERRE, S.D. – The Governor’s Office of Economic Development has released its newest version of the Real Wage Calculator. The newly released version uses 2018 state and federal income tax laws and rates, as well as the most recent 2019 Regional Price Parities (RPP).

 

“There are a lot of wage calculators out there that only adjust gross wages by cost of living. Only the South Dakota Real Wage Calculator accounts for the impact state and federal taxes have on wages,” said Steve Westra, Commissioner, Governor’s Office of Economic Development. “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. Users can compare multiple job offers to see which job really pays the best.

 

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 fifty states and over 400 cities nationwide.

 

To try the South Dakota Wage Calculator out and for more information, visit
www.calculaterealwages.com

 

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