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Study: Paychecks stretch far in Richland, Lexington

Staff Report //February 21, 2019//

Study: Paychecks stretch far in Richland, Lexington

Staff Report //February 21, 2019//

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A study by online financial advisor SmartAsset found that Lexington and Richland counties are among the top 10 counties in the state when it comes to stretching a paycheck.

Lexington ranked No. 4 and Richland No. 10 in the study, which analyzed factors such as semi-monthly paycheck amount, purchasing power, unemployment rate and income growth.

Factoring in a state semi-monthly paycheck average of $1,62, Lexington County had a paycheck friendliness index of 31.92, while Richland County had a paycheck friendliness index of 29.61.

The study applied relevant deductions and exemptions before income tax withholding was calculated and assumed a $50,000 annual income, according to the SmartAsset website.

Charleston County had the state’s highest paycheck friendliness index at 33.27.