ST. LOUIS – A six-figure salary is generally considered the standard of living in the Midwest, but the amount that ends up in your bank account after taxes can vary considerably.
Next Gen Business, a digital finance education platform, has released a series of videos on TikTok about what a $100,000 salary looks like after taxes in several U.S. states. In some cases, workers are bringing home tens of thousands of dollars less than their gross income.
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For most taxpayers, SmartAsset’s income tax calculator provides an idea of what taxes will look like based on your salary and home state. Many of these variables are taken into account in Next Gen Business’ calculations.
What does a $100,000 salary look like after taxes in Missouri and Illinois, the two states that make up the St. Louis metropolitan area? Here’s what Next Gen Business found…
In Missouri, all taxpayers are responsible for federal income tax, FICA tax, and state income tax, which is the amount owed before local income taxes are deducted.
Next Gen Business offered the following breakdown.
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Your hypothetical salary is $100,000.
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The federal tax owed is $15,009.
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The FICA tax owed is $7,650.
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The state income tax owed is $4,264.
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Total taxes owed (federal, FICA, and state) is $26,923.
Your net income, i.e. your salary minus the taxes owed, is 73,077 USD.
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In Illinois, all taxpayers are responsible for federal income tax, FICA tax, and state income tax, which is the amount owed before local income taxes are deducted.
Next Gen Business offered the following breakdown.
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Your hypothetical salary is $100,000.
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The federal tax owed is $14,261.
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The FICA tax owed is $7,650.
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The state income tax owed is $4,830.
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Total taxes owed (federal, FICA, and state taxes) is $26,741.
Your net income, i.e. your salary minus the taxes owed, is 73,259 USD.
In Missouri and Illinois, the total tax rate, including federal, FIX and state income taxes, is about 27% on a $100,000 salary.
However, the calculations are based only on these three taxes and can vary depending on the person, deductions, dependents and allowances.
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