Income in the United States in the context of "Bureau of Labor Statistics"

Play Trivia Questions online!

or

Skip to study material about Income in the United States in the context of "Bureau of Labor Statistics"

Ad spacer

⭐ Core Definition: Income in the United States

Income in the United States is measured by the various federal agencies including the Internal Revenue Service, Bureau of Labor Statistics, US Department of Commerce, and the US Census Bureau. Additionally, various agencies, including the Congressional Budget Office compile reports on income statistics. The primary classifications are by household or individual. The top quintile in personal income in 2022 was $117,162 (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 was $67,521 in 2020 while the median personal income (including individuals aged 15 and over) was $35,805.

↓ Menu

>>>PUT SHARE BUTTONS HERE<<<
In this Dossier

Income in the United States in the context of Upper-middle class

In sociology, the upper middle class is the social group constituted by higher status members of the middle class, in contrast to the lower middle class. The exact definition is debated. Max Weber defined it as well-educated professionals with postgraduate degrees and comfortable incomes.

The American upper middle class is primarily defined by using income, education, and occupation; it consists mostly of white-collar professionals with above-average personal incomes and advanced educational degrees and also a higher degree of autonomy in their work. The main occupational tasks of upper-middle-class individuals tend to center on conceptualizing, consulting, and instruction.

↑ Return to Menu

Income in the United States in the context of Social class in the United States

Social class in the United States refers to the idea of grouping Americans by some measure of social status, typically by economic status. However, it could also refer to social status and/or location. There are many competing class systems and models.

Many Americans believe in a social class system that has three different groups or classes: the American rich (upper class), the American middle class, and the American poor. More complex models propose as many as a dozen class levels, including levels such as high upper class, upper class, upper middle class, middle class, lower middle class, working class, and lower class, while others disagree with the American construct of social class completely. Most definitions of a class structure group its members according to wealth, income, education, type of occupation, and membership within a hierarchy, specific subculture, or social network. Most concepts of American social class do not focus on race or ethnicity as a characteristic within the stratification system, although these factors are closely related.

↑ Return to Menu

Income in the United States in the context of Upper middle class in the United States

In sociology, the upper middle class of the United States is the social group constituted by higher-status members of the middle class in American society. This is in contrast to the term lower middle class, which refers to the group at the opposite end of the middle class scale. There is considerable debate as to how the upper middle class might be defined. According to Max Weber, the upper middle class consists of well-educated professionals with graduate degrees and comfortable incomes.

The American upper middle class is defined using income, education, occupation and the associated values as main indicators. In the United States, the upper middle class is defined as consisting of white-collar professionals who have above-average personal incomes, advanced educational degrees and a high degree of autonomy in their work, leading to higher job satisfaction. The main occupational tasks of upper middle class individuals tend to center on conceptualizing, consulting, and instruction.

↑ Return to Menu

Income in the United States in the context of Affluence in the United States

Affluence refers to an individual's or household's economical and financial advantage in comparison to others. It may be assessed through either income or wealth.

In absolute terms, affluence is a relatively widespread phenomenon in the United States, with over 30% of households having an income exceeding $100,000 per year and over 30% of households having a net worth exceeding $250,000, as of 2019. However, when looked at in relative terms, wealth is highly concentrated: the bottom 50% of Americans only share 2% of the total household wealth, while the top 1% hold 35% of that wealth.

↑ Return to Menu

Income in the United States in the context of Upper-middle-class

In sociology, the upper middle class is the social group constituted by higher status members of the middle class, in contrast to the lower middle class. The definition is debated. Max Weber controversially defined it as the group of professionals with postgraduate degrees, but most Americans and Europeans identify income as the prime determiner of class.

The American upper middle class is primarily defined by using income, occupation, and education; it consists mostly of white-collar professionals with above-average personal incomes and a higher degree of autonomy in their work. The main occupational tasks of upper-middle-class individuals tend to center on conceptualizing, consulting, and instruction.

↑ Return to Menu