The average salary for an elementary school teacher in the United States was $53,400 in 2012, and it is likely that a teacher with a master's degree makes above the average, although the exact number is not known according to the Bureau of Labor Statistics. The salaries ranged from under $35,630 all the way up to over $83,160 for the top 10 percent.
A master's degree for this position has more to do with requirements than increasing salary. Public elementary school teachers must have at least a bachelor's degree to teach, and schools also require the teacher to be licensed in that state. In some states, teachers must also complete their master's degrees after getting their teaching licenses. There is no guarantee that this results in a higher salary, although many school districts do bump a teacher up to the next pay grade after completing a higher education degree.