It is tax season once again. By this time next week, millions of Illinois households will file their state and federal income tax forms. With Tax Day one week away, the Illinois Economic Policy Institute asks: How did you do in 2017?
A new Economic Commentary provides the latest data on full-time workers in Illinois’ labor market, allowing you to see how you compare.
Individuals who report that they usually work 35 hours or more each week are classified as full-time in this analysis, with all data coming from the American Community Survey.
Among the findings:
- The average full-time Illinois worker earns $62,370 in annual wage and salary income.
- The median full-time Illinois worker earns $45,000 annually.
- The top 1 percent of full-time Illinois workers take home at least $502,000 per year, over 11 times as much as the median worker.
Starting at age 20, the average wage and salary income of full-time Illinois workers is $20,000 or more per year for every age cohort. Then, commencing at age 27, the average income is $40,000 or more. Finally, the average full-time income is over $60,000 annually for all cohorts 35 years old or older across the state of Illinois.
The above findings, however, mask significant differences across and between demographic groups, educational attainment groups, and occupations.
For example, full-time white workers make an average of $69,541. By contrast, full-time Latino/a workers take home $39,799 per year on average.
In addition, full-time workers with only a high school degree or GED earn an average annual income of $31,934. By contrast, full-time workers who have bachelor’s degrees take home $76,692 per year on average. Those with doctorate degrees earn $146,561 on average across Illinois.
Illinois’ upper class mainly consists of individuals employed full-time in chief executive and legislative occupations, legal positions, financial jobs, and management careers. The upper-middle class generally includes individuals in the science, technology, engineering, and math (STEM) fields. Occupations in Illinois that pay full-time workers a solidly middle-class income of between $45,000 and $70,000 on average include: life, physical, and social science jobs, sales jobs, protective service careers such as police officers and firefighters, extraction positions, arts and entertainment jobs, blue-collar construction careers, education and training careers, installation and repair occupations, and community and social service positions.
Ultimately, these data are intended to allow you to see how you are doing in Illinois compared to similar full-time workers.
So, how are you doing?
Full report: Full-Time Incomes in Illinois: How Are You Doing This Tax Season? (2017)