ST. LOUIS – A six-figure salary is widely considered a standard of comfortable living in the Midwest, but after taxes, the amount that hits your bank account can vary significantly.
The Next Gen Business , a digital finance education platform, has shared a series of videos on TikTok addressing what a $100,000 salary looks like in several U.S. states after taxes. In some case, workers will take home tens of thousands less than their gross income.
For most taxpayers, SmartAsset’s Income Tax Calculator offers an idea into what taxes will look like based on your salary and home state. Many of these same variables are considered in Next Gen Business’s calculations.
In Illinois, what does a $100,000 salary look like after taxes? Here’s what Next Gen Business discovered…
Illinois
In Illinois, all taxpayers are responsible for federal income, FICA and state income taxes. That’s what is owed before accounting for any municipal income taxes.
Next Gen Business offered the following breakdown.