We present a derivation of the degree of polarization for incoherent Thomson scattering (TS) using Mueller matrix formalism. An exact analytic solution is obtained for spectrum-integrated matrix elements. The solution is valid for the full range of incident polarizations, scattering angles, and electron thermal motion from non-relativistic to ultra-relativistic. It is based on a newly developed theoretical model, a finite transit time (FTT) correction to previous theoretical work on TS polarization. The Mueller matrix elements are substantially different from previous calculations without the FTT correction, even to the lowest linear order in T e =m e c 2 (1. Mathematically, the derivation is a unique example of fully analytical integration of the 3D scattering operator over a relativistic Maxwellian distribution function; experimentally, the results have application to the use of the polarization properties of Thomson scattered light as a method of electron temperature measurement. The results can also be used as a reliable tool for benchmarking and verification of numerical codes for frequency resolved properties of TS polarization. Published by AIP Publishing.