1. What is This Calculator?

This calculator estimates your net pay (take-home salary) in Illinois after accounting for federal tax, Illinois state tax (4.95% flat rate), and FICA contributions (Social Security and Medicare).

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• Gross Pay — Your annual salary before taxes
• Federal Tax — Amount withheld for federal income tax
• Illinois State Tax — 4.95% of gross pay
• FICA — 7.65% of gross pay (6.2% Social Security + 1.45% Medicare)

3. Understanding Illinois Taxes

Details: Illinois has a flat state income tax rate of 4.95%. Unlike many states, this rate applies to all income levels equally. Additionally, you must pay federal taxes and FICA contributions.

4. Using the Calculator

Tips: Enter your gross annual salary and estimated federal tax withholding. The calculator will automatically compute Illinois state tax (4.95%) and FICA contributions (7.65%).

5. Frequently Asked Questions (FAQ)

Q1: Why is it called Florida-Illinois calculator?
A: This appears to be a typographical error. The calculator specifically calculates Illinois taxes.

Q2: Are there local taxes in Illinois?
A: Some Illinois municipalities have local taxes, but these are not included in this calculator.

Q3: Is the federal tax amount accurate?
A: You need to provide your estimated federal tax withholding. For precise calculations, consult IRS withholding tables.

Q4: What about retirement contributions?
A: This calculator doesn't account for 401(k), IRA, or other pre-tax deductions which would affect your taxable income.

Q5: How often should I recalculate?
A: Recalculate whenever your salary changes or at least annually to account for tax law updates.