ST. LOUIS – A six-figure salary is often seen as a benchmark for comfortable living in the Midwest, but the actual amount that lands in your bank account can vary substantially after taxes.
The Next Gen Business, an online finance education platform, has posted a series of videos on TikTok exploring what a $100,000 salary looks like in different U.S. states after taxes. In some cases, workers may take home tens of thousands less than their gross income.
For most taxpayers, SmartAsset’s Income Tax Calculator can provide an estimate of taxes based on salary and state of residency. Many of these factors are also taken into account in Next Gen Business’s calculations.
In Missouri and Illinois, the two states in the St. Louis metropolitan area, how does a $100,000 salary translate after taxes? Here’s what Next Gen Business found…
Missouri
In Missouri, all taxpayers are subject to federal income, FICA, and state income taxes before accounting for any municipal income taxes.
Next Gen Business provided the following breakdown:
- Your hypothetical salary is $100,000.
- The federal tax owed is $15,009.
- The FICA tax owed is $7,650.
- The state income tax owed is $4,264.
- The total taxes owed (federal, FICA, and state income) are $26,923.
After deducting the taxes owed, your net income is $73,077.
In Illinois, all taxpayers are responsible for federal income, FICA, and state income taxes before accounting for any municipal income taxes.
Next Gen Business provided the following breakdown:
- Your hypothetical salary is $100,000.
- The federal tax owed is $14,261.
- The FICA tax owed is $7,650.
- The state income tax owed is $4,830.
- The total taxes owed (federal, FICA, and state income) are $26,741.
After deducting the taxes owed, your net income is $73,259.
For Missouri and Illinois, the total tax rate with federal, FICA, and state income taxes considered on a $100,000 salary is around 27%.
These calculations are based solely on those three taxes and may vary from person to person based on deductions, dependents, and exemptions.
