Personal Income | U.S. Bureau of Economic Analysis (BEA) (2024)

FAQs

How does the BEA measure personal income? ›

BEA's personal income statistics show the income that U.S. residents get from paychecks, employer-provided supplements such as insurance, business ownership, rental property, Social Security and other government benefits, interest, and dividends.

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US Personal Income Forecast is at a current level of 38.16T, up from 37.77T last quarter and up from 36.58T one year ago. This is a change of 1.03% from last quarter and 4.30% from one year ago.

BEA is an independent, principal federal statistical agency that promotes a better understanding of the U.S. economy by providing timely, relevant, and accurate economic accounts data in an objective and cost-effective manner.

Sources of personal income include money earned from employment, dividends and distributions paid by investments, rents derived from property ownership, and profit sharing from businesses. Personal income is generally subject to taxation.

Personal Income = National income – undistributed profits of a corporation – payments for social security provisions – corporate tax + government transfer payments + Business transfer payments + Net interest paid by the government.

The inflation-adjusted gift and estate tax basic exclusion amount (BEA) was released for 2024, and the BEA amount has increased to $13.61 million (up from 2023's amount of $12.92 million). Those who are married can gift up to $27.22 million without any gift tax liability.

Mission. The Bureau of Economic Analysis (BEA) promotes a better understanding of the U.S. economy by providing the most timely, relevant, and accurate economic accounts data in an objective and cost-effective manner.

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Residents of the District of Columbia had the highest personal income per capita in 2023, at 100,909 U.S. dollars. Mississippi residents, on the other hand, had the lowest personal income per capita, at 48,110 U.S. dollars.

What is the average personal income in the US? ›

Wages and Salaries Make Up $9.0 Trillion of Personal Income

Wages and salaries comprise the largest overall source of total income.

The BEA Program is administered by the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund).

BEA receives data from a variety of reliable sources. Most data are sourced from over 360 surveys and collections sponsored by other Federal agencies, that is, from statistical agencies, and regulatory sources, and private trade sources.

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The measurement of GDP as the sum of income payments and other costs incurred in the production of final goods and services—that is, compensation of employees plus “taxes on production and imports less subsidies” plus net operating surplus plus consumption of fixed capital.

Real Income Formula

Three basic real income formulas include the following: Wages - (wages * inflation rate) = real income. Wages / (1 + Inflation Rate) = real income. (1 – Inflation Rate) * Wages = real income.

What is Disposable Personal Income? After-tax income. The amount that U.S. residents have left to spend or save after paying taxes is important not just to individuals but to the whole economy. The formula is simple: personal income minus personal current taxes.

Gross Annual Earned Income

Gross annual income is the amount you earn each year before any taxes or other deductions are applied. This includes your salary or wages and any additional income sources such as bonuses, overtime pay, commissions, and interest or dividends from investments.