Illinois Paycheck Calculator

Illinois Paycheck Calculator

The state of Illinois implements a flat income tax rate of 4.95% across the board, ensuring that all residents are subject to the same rate of taxation on their income. It is worth mentioning that no local income taxes are imposed by any cities within the state in addition to the state income tax.

How Does the Illinois Payroll Tax Calculator Work?

For every pay period, your employer will withhold a portion of your earnings for Social Security taxes (6.2%) and Medicare taxes (1.45%). These two taxes are collectively known as FICA taxes, and your employer will contribute an equal amount.

If you file your taxes as single and earn more than $200,000, an additional 0.9% Medicare tax will apply, which your employer will not match. Joint filers with incomes exceeding $250,000 and married individuals with incomes over $125,000 when filing separately are also subject to the Medicare surtax.

Paycheck Calculator for Illinois

If you earn $70,000.00 per year in Illinois, your net pay, which is the amount you take home, will be $53,012 after deducting taxes at a rate of 24.27%. These deductions consist of 11.67% ($8,168.10) for federal income tax, 4.95% ($3,465.00) for state income tax, 6.20% ($4,340.00) for social security tax and 1.45% ($1,015.00) for Medicare.

Important Note: The Stubcreator provides a paycheck calculator designed to provide essential guidance. This should not be relied upon to calculate exact taxes, payroll, or other financial data. You should seek a professional accountant regarding any particular requirement.

Taxable Base Wage

Taxable Base Wage for Illinois are as follows:

SUTA Rates

In order to help maintain a sustainable Unemployment Insurance Trust Fund, this rate is included in the rate computation and is stipulated in the Illinois Unemployment Insurance Act. For 2024, the minimum contribution rate is 0.850%, which is equal to 0.2% x 126% + the Fund Building Rate of 0.55%.

FUTA Rates

In 2024, the highest possible contribution rate is 8.650% (6.400% x 126% plus the Fund Building Rate of 0.55%). NOTE: Contributions are paid at 5.400% in a quarter by an experience-rated employer whose total quarterly salaries are less than $50,000 and whose contribution rate is greater than 5.400%.

FICA Rates

In Illinois, the FICA tax rates for 2024 are as follows:

For Employees and Employers:

• Social Security Tax: 6.2%
• Medicare Tax: 1.45%

Additional Medicare Taxes

• Employees: 4.95%

Other Taxes

The individual income tax rate in Illinois is a steady 4.95 percent. The corporate income tax rate in Illinois is 9.5%. Additionally, the average combined state and local sales tax rate in Illinois is 8.86 percent, with a state sales tax rate of 6.25 percent.

• In Illinois, the ETT Rate for 2024 is 0.85–8.65%
• In Illinois, the SDI Withholding Rate is 850%-8.650%

Illinois Payroll Tax Withholding:

The amount of your payments that you do not withhold Illinois income tax from is known as an Illinois withholding exemption. The number of allowances claimed on Form IL-W-4, Employee’s and other Payee’s Illinois Withholding Allowance Certificate and Instructions, is used to determine this sum.

Illinois Paystub Generator

Below mentioned are the details of Illinois:

• Illinois payroll taxes commence with employees completing the IL-W-4 form. This crucial information aids in calculating the appropriate amount to be withheld from their wages.
• If the employee does not submit this form, it will be incumbent upon you to deduct taxes as if no exemptions had been claimed.
• Employees should update Form IL-W-4 solely in the event of life-changing occurrences, such as marriage, divorce, the arrival of a new child through birth or adoption, and other similar situations that might impact their tax liabilities.