Here is the tax break down on 4M in IL. I omitted retirement donations, and property taxes to simplify things.
For entertainment, I looked at CA and its 14.63% state tax at that level (13.86% effective rate). You get to keep $1,874,710.
Tax Type | Marginal Tax Rate | Effective Tax Rate | 2023 Taxes* |
Federal | 37.00% | 35.88% | $1,435,208 |
FICA | 2.35% | 2.55% | $102,132 |
State | 4.95% | 4.95% | $197,880 |
Medicare | 0.9% | 0.84% | $33,750 |
Take-Home Pay | $2,231,030 |
For entertainment, I looked at CA and its 14.63% state tax at that level (13.86% effective rate). You get to keep $1,874,710.