Income in the United States
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__NOTOC__ Income in the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...
is measured by the various federal agencies including the
Internal Revenue Service The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory t ...
,
Bureau of Labor Statistics The Bureau of Labor Statistics (BLS) is a unit of the United States Department of Labor. It is the principal fact-finding agency for the U.S. government in the broad field of labor economics and statistics and serves as a principal agency of ...
,
US Department of Commerce The United States Department of Commerce is an executive department of the U.S. federal government concerned with creating the conditions for economic growth and opportunity. Among its tasks are gathering economic and demographic data for bus ...
, and the
US Census Bureau The United States Census Bureau (USCB), officially the Bureau of the Census, is a principal agency of the U.S. Federal Statistical System, responsible for producing data about the American people and economy. The Census Bureau is part of th ...
. Additionally, various agencies, including the
Congressional Budget Office The Congressional Budget Office (CBO) is a List of United States federal agencies, federal agency within the United States Congress, legislative branch of the United States government that provides budget and economic information to Congress. Ins ...
compile reports on income statistics. The primary classifications are by
household A household consists of two or more persons who live in the same dwelling. It may be of a single family or another type of person group. The household is the basic unit of analysis in many social, microeconomic and government models, and is i ...
or
individual An individual is that which exists as a distinct entity. Individuality (or self-hood) is the state or quality of being an individual; particularly (in the case of humans) of being a person unique from other people and possessing one's own need ...
. The top
quintile Quintile may refer to: *In statistics, a quantile In statistics and probability, quantiles are cut points dividing the range of a probability distribution into continuous intervals with equal probabilities, or dividing the observations in a ...
in personal income in 2019 was $103,012 (included in the chart below). The differences between household and personal income are considerable, since 61% of households now have two or more income earners. Median personal income in 2020 was $56,287 for full time workers. This difference becomes very apparent when comparing the percentage of households with six figure incomes to that of individuals. Overall, including all households/individuals regardless of employment status, the
median household income The median income is the income amount that divides a population into two equal groups, half having an income above that amount, and half having an income below that amount. It may differ from the mean (or average) income. Both of these are ways ...
was $67,521 in 2020 while the median personal income (including individuals aged 15 and over) was $35,805. While wages for women have increased greatly, median earnings of male wage earners have remained stagnant since the late 1970s. Household income, however, has risen due to the increasing number of households with more than one income earner and women's increased presence in the labor force.


Income Percentiles 2019

Inflation adjusted US Dollars - see IRS for further reading''
IRS.GOV income statistics


Income at a glance


See also

*
Compensation in the United States Employer compensation in the United States refers to the cash compensation and benefits that an employee receives in exchange for the service they perform for their employer. Approximately 93% of the working population in the United States are e ...
*
Economy of the United States The United States is a highly developed mixed-market economy and has the world's largest nominal GDP and net wealth. It has the second-largest by purchasing power parity (PPP) behind China. It has the world's seventh-highest List of countr ...
*
Income inequality in the United States Income inequality in the United States is the extent to which income is distributed in differing amounts among the American population. It has fluctuated considerably since measurements began around 1915, moving in an arc between peaks in t ...
* Socio-economic mobility in the United States * Unemployment in the United States * List of United States counties by per capita income


References


Further reading


INCOME STATISTICS AT IRS.GOV


External links


Savings rate vs Fed rate from 1954
Historical relationship between the savings rate and the Fed rate - since 1954 {{Navboxes, list= {{Demographics of the United States {{United States topics {{Income of the world {{North America in topic, Income in Social class in the United States
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...