Overview of Missouri Taxes
Missouri has a progressive income tax rate that ranges from 0% to 4.95%. Missouri’s two largest cities, Kansas City and St. Louis, also collect local income taxes.
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Missouri Paycheck Calculator
Missouri Paycheck Quick Facts
- Missouri income tax rate: 0% - 4.95%
- Median household income: $65,920 (U.S. Census Bureau)
- Number of cities that have local income taxes: 2
How Your Missouri Paycheck Works
Federal income taxes, FICA taxes and state income taxes are automatically removed from your paycheck whenever you get paid in Missouri. If you live in St. Louis or Kansas City, you will also see local income taxes coming out of your wages.
FICA taxes are Medicare and Social Security taxes, and they are withheld at rates of 1.45% and 6.2% of your wages, respectively. Your employer matches these contributions, so the total FICA contributions are double what you pay. If you are self-employed, you are responsible for paying the full 2.9% in Medicare taxes and 12.4% in Social Security taxes yourself. Luckily, there is a deduction to help you pay this high self-employment tax.
Additionally, any wages a single filer, head of household or qualifying widow(er) earns in excess of $200,000 is subject to a 0.9% Medicare surtax. The same applies to married couples filing jointly for income that exceeds $250,000 and married couples filing separately with income above $125,000. Employers do not match the Medicare surtax.
How much you pay in federal income taxes depends on several factors, including your marital status and if you want additional tax withheld from your paycheck. Your employer withholds taxes based on what you indicated about these factors on your W-4 form. You have to fill out a new W-4 every time to start new employment or if you want to make any changes. Your salary also determines how much you pay out in federal taxes.
The IRS made changes to the W-4 in recent years. Specifically, the new W-4 removes the use of allowances, along with the option of claiming personal or dependency exemptions. Instead, it applies a five-step process that lets filers enter personal information, claim dependents and indicate any additional income or jobs. For the most part, these updates will affect anyone looking to adjust their withholdings or change jobs.
The size of your paycheck is also affected by your pay frequency. If you get paid biweekly, your checks will be smaller than if you get paid monthly. You ultimately make the same amount of money, assuming you have the same salary, but it may change how you budget your expenses each month.
Missouri tax brackets remain the same for all taxpayers, regardless of filing status. There are eight tax brackets in the Show-Me State, ranging from 0% to 4.95%. Because the highest tax bracket applies to income above $8,449, most filers will fall into this bracket.
Kansas City and St. Louis are the two Missouri cities that levy a local income tax, and the rate is 1% in both places. If you live or work in these cities, you have to pay this tax.
Beginning in calendar year 2024, Missouri's top income tax rate falls to 4.8%.
A financial advisor in Missouri can help you understand how taxes fit into your overall financial goals. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
How You Can Affect Your Missouri Paycheck
If you always find yourself facing a big bill during tax season, one option is to have your employer withhold a dollar amount from each of your paychecks. Simply decide on an amount, such as $50, and write that amount on a new W-4. It might not sound enticing to get smaller paychecks all year, but you’ll be happy you did when you don’t have to pay a big bill in April.
If you are comfortable with receiving a smaller paycheck throughout the year, you may want to contribute more of your money to retirement accounts or medical spending accounts. For example, you can increase contributions to a 401(k) or 403(b) account if your employer offers them. And if you do contribute to one of these accounts, try to put in enough to at least get any employer matches. In addition to saving money for the future, putting money into these tax-advantaged accounts will actually help you save on taxes. Money you put into these retirement accounts is deducted from your paycheck prior to taxes, so you are actually lowering your taxable income by stashing money there. Furthermore, your money grows tax-free in a 401(k) until you withdraw it in retirement.
Any contributions you make to a health savings account (HSA) or flexible spending account (FSA) are also pre-tax. Just keep in mind that only $610 will roll over in an FSA from from 2023 to 2024 and $640 from 2024 to 2025. If you have more than that left in your FSA at the end of the year, you will lose it.
If you’re considering buying a home or refinancing a mortgage, take a look at our Missouri mortgage guide. You will find all the information you need about getting a mortgage in Missouri.
