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Personal income is a component of national income that households receive and derive from production. [11] National income is generated by these production aspects. Personal income refers to the money received by factors of production, whereas national income represents the income generated by these factors.
Personal income also includes income received by nonprofit institutions serving households, by private non-insured welfare funds, and by private trust funds. BEA also publishes disposable personal income, which measures the income available to households after paying federal and state and local government income taxes.
Overall, including all households/individuals regardless of employment status, the median household income was $67,521 in 2020 while the median personal income (including individuals aged 15 and over) was $35,805. [5] [6] While wages for women have increased greatly, median earnings of male wage earners have remained stagnant since the late 1970s.
This is a list of U.S. states, territories, and Washington, D.C. by income. Data is given according to the 2023 American Community Survey (ACS) 1-Year Estimates, except for the American Samoa , Guam , the Northern Mariana Islands and the U.S. Virgin Islands , for which the data comes from 2010, as ACS does not operate in these areas.
62% (This consists of 40% income tax on the GBP 100k–125k band, an effective 20% due to the phase-out of the personal allowance, and 2% employee National Insurance). The marginal rate then drops to 47% for income above GBP 125k (45% income tax plus 2% employee National Insurance) [246] [247] 20% (standard rate) 5% (home energy and renovations)
Additionally, the average American household puts 11.8% of its income toward personal expenses and insurance, while those earning less than $15,000 earmark just 1.2%, and those earning between ...
Total personal income is defined by the United States' Bureau of Economic Analysis as:. income received by persons from all sources. It includes income received from participation in production as well as from government and business transfer payments.
The SSA adjusts the maximum amount of income subject to Social Security tax annually. In 2025, this amount — also known as the contribution and benefit base or taxable maximum — increases from ...