In general, the rate ranges from 6.25% to over 8.50%, depending on where the vehicle is purchased. Owner-to-owner sales, however, are subject to a lower rate, which depends on the price of the vehicle and, in some situations, the model year. The federal standard deduction for a Head of Household Filer in 2024 gym bookkeeping is $ 21,900.00.
- Among the most important items that are taxable federally but not in Illinois are retirement and Social Security income, as well as distributions from a 529 college savings plan.
- Illinois allows personal exemptions but doesn’t offer a standard deduction.
- Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website.
- Most tax preparers can electronically file your return for you, or you can do it yourself using free or paid income tax software, like the examples listed below.
- If your state tax witholdings are greater then the amount of income tax you owe the state of Illinois, you will receive an income tax refund check from the government to make up the difference.
Illinois State Income Tax Tables in 2024
- For families, students, and workers considering a move to Illinois, the flat income tax rate offers simplicity but may not lower your overall tax burden due to other state taxes.
- This means that no matter how much money you make, you pay that same rate.
- Some states double their single-filer bracket widths for married filers to avoid imposing a “marriage penaltyA marriage penalty is when a household’s overall tax bill increases due to a couple marrying and filing taxes jointly.
- We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site.
- The Tax tables below include the tax rates, thresholds and allowances included in the Illinois Tax Calculator 2024.
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State Individual Income Tax Rates and Brackets, 2015
For all of the tax forms we provide, visit our Illinois tax forms library or the ‘s tax forms page. While some neighboring states have recently changed their tax systems—such as Indiana lowering its flat rate to 3% and Iowa moving to a flat rate of 3.8%—Illinois has chosen to keep its approach steady. This consistency is important for residents, employers, and anyone considering a move to Illinois, as it provides predictability in financial planning. The state of Illinois collects 66.5 cents for every gallon of regular gasoline. These taxes comprise a combination of sales tax, excise taxes paid at the pump and wholesaler/retailer taxes.
- Additionally, the bill doubled the standard deduction from $2,200 to $4,400 for single filers for tax years 2024 and 2025.
- For example, the Illinois Property Tax Credit is equal to 5% of Illinois property tax paid on a principal residence for single filers with an AGI of $250,000 or less and joint filers with AGI of $500,000 or less.
- That means the typical homeowner in the Prairie State pays 2.11% of their home value in property taxes.
- Illinois collects a state income tax at a maximum marginal tax rate of %, spread across tax brackets.
- 754, enacted in May 2023, reduced the top individual income tax rate from 5.84 percent in 2024 to 5.20 percent in 2025 and outlined the gradual reduction of the state’s top rate to 3.99 percent by 2027.
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- Beer will generally be subject to a rate of 23 cents per gallon while wine and liquor are subject rates of $1.39 and $8.55 per gallon, respectively.
State Individual Income Tax Rates and Brackets, 2018
The only exception is railroad unemployment.More information is on the Illinois Department of Revenue’s website. Watch the video below to learn how to identify your 2024 federal income tax brackets. The state of Illinois has a flat income tax, which means that everyone, regardless of income, is taxed at the same rate. That makes it relatively easy to predict the income tax you will have to pay. The income tax rate in Illinois is 4.95%, after an increase from 3.75% in 2017. Illinois also has higher-than-average sales taxes and property taxes.
In some states, a large number of brackets are clustered within a narrow income band. For example, Virginia’s taxpayers reach the state’s fourth and highest bracket at $17,000 in taxable income. In other states, the top rate kicks in at a much higher level of marginal income.
Illinois: Federal FICA Rates in 2025
Read more on exemptions at this Illinois Revenue Department page. The telecommunications tax is a tax on services including home phone lines, cell phones, television service and internet. It varies by location, but is generally about 7% of the price of service. The Earned Income Tax Credit is currently 20% of the federal credit by the same name. For tax year 2024, the maximum state credit a person can claim is $1,566.
The 2024 tax rates and thresholds for both the Illinois State Tax Tables and Federal Tax Tables are comprehensively integrated into the Illinois Tax Calculator for 2024. This tool is freely available and is designed to help you accurately estimate your 2025 tax return. Illinois has no state tax on inheritance, but you are required to file on all estates of $4 million or more. While forms are due to the Illinois Attorney General’s Office, the taxes must be paid to the Illinois State Treasurer no later than nine months after one’s death.Specific estate tax rates beyond the exclusion are available at the Illinois Attorney General’s website. The 2.11% effective property tax rate in Illinois is second-highest in the nation, behind only New Jersey.
The illinois income tax rate Federal Income Tax was established in 1913 with the ratification of the 16th Amendment. Though barely 100 years old, individual income taxes are the largest source at all. As of July 2025, there have been no changes to the Illinois flat income tax rate or the lack of tax brackets.