If you’re wondering, “How do I figure out how much money I take home in Missouri?” we’ve got you covered.
Use our simple online paycheck calculator to estimate your net or “take home” pay after taxes, as an hourly or salaried employee in Missouri.
Paycheck Calculator
Paycheck Calculator
Disclaimer: Please note that this paycheck calculator is designed to provide an estimate and should not be considered as professional tax advice. The actual withholding amounts and taxes owed may vary depending on individual circumstances and other factors. For accurate and personalized tax advice, we recommend consulting with a tax professional.
If your gross pay is $63,594.00 per year in the state of Missouri, your net pay (or take home pay) will be $49,823.65 after tax deductions of 21.65% (or $13,770.35). Deductions include a total of [1] 9.23% (or $5,871.78) for the federal income tax, [2] 4.77% (or $3,033.63) for the state income tax, [3] 6.20% (or $3,942.83) for the social security tax and [4] 1.45% (or $922.11) for Medicare.
The Federal Income Tax is collected by the government and is consistent across all U.S. regions. In contrast, the State Income Tax is levied by the state of residence and work, leading to substantial variations. The Social Security Tax is used to fund Social Security, which benefits retirees, persons with disabilities and survivors of deceased workers. Medicare involves a federal payroll tax designated for the Medicare insurance program. As of 2022, Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming do not levy a state income tax.
Meanwhile, get ahead with our free resources:
How Does the Paycheck Calculator Work?
Input your salary information, such as wage and pay frequency, and our tool will handle the tax calculations for you. Once you’ve filled in all the information, click the “Calculate Tax” button, and the calculator will provide an estimate of your net or “take home” pay for the specified pay period. You can also check out our calculator salary to hourly and yearly salary calculator.
Overview of Missouri Taxes
Income tax in Missouri has experienced a recent reduction, with the top rate decreasing from 6% to 5.45%. However, this reduction affects high earners as the top bracket’s threshold is relatively low.
The tax is applied to taxable income, which is different from gross income, and varies based on income levels.
Sales tax in Missouri stands at 4.225%, but local governments can add additional taxes, resulting in varying rates across the state. Some areas may have combined rates as high as 12%.
The Show-Me State offers tax holidays, such as back-to-school and energy-efficient appliance exemptions.
Property taxes in Missouri depend on property values and local tax rates. The average property tax rate in the state is 0.88%, lower than the national average.
Missouri boasts one of the lowest gas taxes in the nation, at 22 cents per gallon. Moreover, it does not impose an estate tax, making estate planning somewhat easier for families.
In terms of retirement taxes, Missouri treats retirement income similarly to regular income, subject to state income taxes. Some deductions are available, particularly for Social Security and public pension income.
Median Household Income in Missouri
In terms of economic performance, Missouri currently holds the 28th position in the United States. The state of Missouri is home to a population of approximately 6.2 million people, with a growth rate of 0.2% over the past five years,
In 2022, Missouri’s gross state product (GSP) reached a substantial $297.7 billion, highlighting a growth rate of 1.1%.
The leading sectors in terms of employment include Manufacturing, Real Estate and Rental and Leasing and Healthcare and Social Assistance. As for the unemployment rate, it stood at 3.2% in 2022.
Salaries in the state of Missouri vary widely based on position. However, the median household income can give you a glimpse at the average salary a household is earning in this state.
| Year | Median Household Income |
|---|---|
| 2021 | $63,594 |
| 2020 | $62,178 |
| 2019 | $60,597 |
| 2018 | $61,726 |
| 2017 | $56,530 |
| 2016 | $55,016 |
| 2015 | $59,196 |
| 2014 | $56,630 |
| 2013 | $46,303 |
| 2012 | $49,764 |
| 2011 | $45,774 |
Tips for Maximizing Your Paycheck
Here are some tips to help you maximize your paycheck:
- Ensure that you’re taking advantage of all available deductions to reduce your taxable income
- Explore any tax credits that you may be eligible for in Missouri
- Review your W-4 form and adjust your withholding allowances if necessary
- If your employer offers an HSA (Health Savings Account), consider contributing to it
- Create a budget to manage your finances effectively
- Invest in your skills and education to enhance your earning potential
