Weekly Pay Calculator
Calculate your gross and net weekly take-home pay including overtime and taxes.
How to Calculate Your Weekly Pay
Understanding how your paycheck is calculated is essential for personal budgeting and financial planning. This weekly pay calculator helps you bridge the gap between your hourly wage and the actual cash that hits your bank account.
The Formula for Weekly Earnings
To calculate your gross pay, we use the following logic:
- Regular Pay: Hourly Rate × Regular Hours (usually up to 40).
- Overtime Pay: Overtime Hours × (Hourly Rate × Overtime Multiplier).
- Gross Pay: Regular Pay + Overtime Pay.
- Net Pay: Gross Pay – Taxes – Deductions (Health insurance, 401k, etc.).
Example Calculation
If you earn $20 per hour and work 45 hours in a week with a 1.5x overtime rate and 20% total deductions:
| Item | Calculation | Total |
|---|---|---|
| Regular Pay | 40 hrs × $20 | $800.00 |
| Overtime Pay | 5 hrs × ($20 × 1.5) | $150.00 |
| Gross Total | $800 + $150 | $950.00 |
| Net Pay (after 20% tax) | $950 – $190 | $760.00 |
Why Use a Weekly Pay Calculator?
Knowing your net pay is more important than knowing your gross pay. While your employer may quote a high hourly rate, your "take-home" pay is what you use to pay rent, buy groceries, and save for the future. By using this tool, you can account for variable overtime hours and see how different tax brackets or benefit deductions impact your bottom line.
Understanding Deductions
Common deductions include Federal income tax, Social Security (FICA), Medicare, and state-specific taxes. Additionally, voluntary deductions like health insurance premiums, dental plans, and retirement contributions (401k) significantly affect your final net pay.