The 2018 U.S. tax deadline is now behind us. It means many Americans have now received, or will receive, their tax refunds, while others have now written checks to the IRS for the amounts they owe.
MATTHEW FRANKEL | THE MOTLEY FOOL | USA TODAY
With that in mind, how much does the average American household pay in taxes?
And keep in mind that federal income taxes are just one piece of the puzzle. In fact, when you consider state and local taxes, Social Security, and Medicare taxes, the average household’s tax bill could be more than you think. More from USA TODAY
How much does the average American household earn? The short answer is that the average American household’s income is $74,664, according to the most recent Bureau of Labor Statistics data.
This can be further broken down into income sources, since not all household income is generated in the same way. For example, some households earn most of their income through wages, while others rely on self-employment income from businesses they own. Others are reliant on retirement income sources like Social Security.