This information helps your employer determine the appropriate amount of federal income tax to withhold from your paycheck. The deadline for filing Illinois state and federal tax returns is Monday, April 15, 2024. For help estimating your annual income taxes, use AARP’s Tax Calculator.Illinois offers a six-month filing extension automatically, but you still must pay any taxes owed by April 15, unless you file a Form IL-505-I. She previously worked as a digital producer for The Press Democrat in Santa Rosa, California, and as an editor for Advocate magazines in Dallas.
- There are three rate structures depending on what you are buying.
- In our paycheck calculators, SUI is used to refer to the unemployment tax paid by the employee.
- View how much tax you may pay in other states based on the filing status and state entered above.
- Your employer will also withhold money from each of your paychecks to put toward your federal income taxes.
- Use ADP’s Illinois Paycheck Calculator to estimate net or “take home” pay for either hourly or salaried employees.
- For example, when you look at your paycheck you might see an amount deducted for your company’s health insurance plan and for your 401k plan.
Calculate Your Income Taxes in These Other States
- You must own and live in the residence, and your income must be below $500,000 (married filing jointly) or $250,000 (all other filers) to be eligible for this tax credit.
- You might have elective deductions such as health insurance premiums and retirement contributions.
- The three categories are qualifying food and drugs, vehicles and general merchandise.
- Unfortunately, Illinois has been sending out all the wrong signals.
- There are state-level exemptions for all type of filers and dependents.
In 2024, Illinois imposes a unearned revenue flat state income tax rate of 4.95% for all taxpayers regardless of income level. This rate applies to residents on all sources of income and to non-residents on Illinois-sourced income. The state allows for certain deductions and credits that can affect your taxable income. You may qualify for the federal EITC/EIC if your adjusted gross income (AGI) is under $63,398 (actual threshold varies by filing status and number of dependents).
Compare NET Take-Home Pay to Other States
Other types are subtracted, resulting in what Illinois calls your “base income.” The state Bookkeeping for Chiropractors put the question of switching over to a progressive tax system to voters on the November 2020 ballot. After entering it into the calculator, it will perform the following calculations. If your W4 on file is in the old format (2019 or older), toggle “Use new Form W-4” to change the questions back to the previous form.
Understanding your Illinois paycheck
For example, if you are running a small business, there are many simple things that you are able to have tax deducted from. Perhaps office supplies, repairs on your office computers, building repairs, or even purchasing your workers’ suitable clothing for their job (e.g. a plumber should be wearing a boiler suit). While they are little things that not many people think about, your business thrives on these tiny details and therefore you are able to have tax deductions on them. This free tax calculator will provide you with your esimtated tax return results. If you have a lot of income that comes from non-work sources, like investments, the amount your employer withholds from your paychecks might not be enough to avoid ending up with a big tax bill.
Filing Your Return
There’s no specific payroll tax in Illinois, but employers are obligated to contribute to the state’s unemployment insurance fund. Some employees in Illinois might have more money taken from each paycheck. For example, if you pay a share of premiums for how much is income tax illinois health insurance, life insurance or disability insurance through your company, that money will be deducted from your earnings.
