Estimate your 2024 Illinois net pay after federal, state, and local taxes. Updated with the latest tax rates.
Illinois, a major economic hub in the Midwest, has a unique tax system that affects how paychecks are calculated. According to recent data, the median household income in Illinois is $72,563 (2023 statistics), showing a 2.1% increase from 2022. Understanding paycheck calculations in Illinois is essential due to its flat tax rate system and various local tax considerations.
Federal tax rates follow a progressive system with seven brackets in 2024, ranging from 10% to 37%. Your applicable rate depends on your taxable income and filing status (single, married filing jointly, etc.).
Illinois uses a flat tax rate of 4.95% for all income levels, making it one of the few states with a non-progressive tax system. This means regardless of your income level, you'll pay the same percentage in state income tax.
FICA taxes consist of Social Security (6.2%) and Medicare (1.45%). Individuals earning over $200,000 annually are subject to an additional 0.9% Medicare surtax.
While Illinois doesn't have a general local income tax system, some municipalities may have specific fees or assessments. Chicago, for example, has various city-specific taxes that may affect your overall take-home pay.
| Tax Type | Rate | Notes |
|---|---|---|
| State Income Tax | 4.95% | Flat rate for all income levels |
| Social Security | 6.20% | Up to $168,600 income cap |
| Medicare | 1.45% | No income cap |
Focus on maximizing pre-tax deductions through retirement contributions, HSA contributions, and other eligible benefits. Since Illinois has a flat tax rate, these deductions can significantly impact your overall tax burden.
Illinois' 4.95% flat tax rate means your state tax percentage remains constant regardless of income level. This makes it easier to predict state tax withholdings but may result in higher taxes for lower-income earners compared to states with progressive systems.
Overtime pay in Illinois is calculated at 1.5 times your regular hourly rate for hours worked beyond 40 in a workweek. All overtime earnings are subject to the same tax rates as regular pay, including the 4.95% state flat tax.