Smart Asset Paycheck Calculator

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Smart Asset Paycheck Calculator

Estimate your take-home pay after federal, state, and FICA taxes.

Single Married Filing Jointly
Monthly Semi-Monthly Bi-Weekly Weekly
Gross Pay (Per Period): 0.00
Federal Income Tax: 0.00
FICA (Social Security & Medicare): 0.00
State Income Tax: 0.00
Net Take-Home Pay: 0.00

How This Paycheck Calculator Works

Calculating your take-home pay involves more than just dividing your annual salary by 12. This smart asset paycheck calculator accounts for the most significant factors that impact your bottom line, including federal income tax brackets, FICA contributions, and state taxes.

Understanding Federal Income Tax Brackets

The U.S. uses a progressive tax system. This means that as your income increases, the tax rate on the next dollar earned also increases. For 2024, the federal tax rates range from 10% to 37%. Our calculator applies the Standard Deduction ($14,600 for single filers and $29,200 for married filers) to determine your taxable income before calculating the progressive tax amount.

What is FICA?

FICA stands for the Federal Insurance Contributions Act. It consists of two parts:

  • Social Security: 6.2% of your gross pay (up to the annual wage limit).
  • Medicare: 1.45% of your gross pay (with no upper limit).

Combined, most employees pay 7.65% in FICA taxes, which is matched by their employer.

The Impact of State Taxes and Deductions

State taxes vary significantly across the U.S. While some states like Texas and Florida have 0% income tax, others like California or New York can have rates exceeding 10%. Additionally, pre-tax deductions for 401(k) contributions or health insurance premiums reduce your taxable income, effectively lowering the amount of federal and state tax you owe.

Example Calculation

If you earn 75,000 annually as a single filer and contribute 5,000 to a 401(k):

  1. Your taxable income is 75,000 – 5,000 – 14,600 (Standard Deduction) = 55,400.
  2. Federal tax is calculated progressively on the 55,400.
  3. FICA (7.65%) is calculated on the 70,000 (after 401k but before standard deduction).
  4. The remaining amount is divided by your pay frequency (e.g., 26 for bi-weekly) to get your net check.
function calculateNetPay() { var annualSalary = parseFloat(document.getElementById('annualSalary').value) || 0; var filingStatus = document.getElementById('filingStatus').value; var frequency = parseInt(document.getElementById('payFrequency').value); var stateRate = parseFloat(document.getElementById('stateTax').value) || 0; var preTax = parseFloat(document.getElementById('preTaxDeductions').value) || 0; if (annualSalary <= 0) { alert("Please enter a valid annual salary."); return; } // 1. Calculate Taxable Income for Federal var standardDeduction = (filingStatus === 'single') ? 14600 : 29200; var taxableIncome = annualSalary – preTax – standardDeduction; if (taxableIncome 609350) fedTax += (taxableIncome – 609350) * 0.37 + 168934; else if (taxableIncome > 243725) fedTax += (taxableIncome – 243725) * 0.35 + 41100; else if (taxableIncome > 191950) fedTax += (taxableIncome – 191950) * 0.32 + 24522; else if (taxableIncome > 100525) fedTax += (taxableIncome – 100525) * 0.24 + 16290; else if (taxableIncome > 47150) fedTax += (taxableIncome – 47150) * 0.22 + 4515; else if (taxableIncome > 11600) fedTax += (taxableIncome – 11600) * 0.12 + 1160; else fedTax += taxableIncome * 0.10; } else { // Married Filing Jointly if (taxableIncome > 731200) fedTax += (taxableIncome – 731200) * 0.37 + 177597; else if (taxableIncome > 487450) fedTax += (taxableIncome – 487450) * 0.35 + 92334; else if (taxableIncome > 383900) fedTax += (taxableIncome – 383900) * 0.32 + 59138; else if (taxableIncome > 201050) fedTax += (taxableIncome – 201050) * 0.24 + 32580; else if (taxableIncome > 94300) fedTax += (taxableIncome – 94300) * 0.22 + 9030; else if (taxableIncome > 23200) fedTax += (taxableIncome – 23200) * 0.12 + 2320; else fedTax += taxableIncome * 0.10; } // 3. FICA Taxes (7.65% on salary after pre-tax deductions but before standard deduction) var ficaTaxable = annualSalary – preTax; if (ficaTaxable < 0) ficaTaxable = 0; var ficaTax = ficaTaxable * 0.0765; // 4. State Tax var stateTaxAmount = (annualSalary – preTax) * (stateRate / 100); if (stateTaxAmount < 0) stateTaxAmount = 0; // 5. Calculate Per-Period Totals var totalAnnualTax = fedTax + ficaTax + stateTaxAmount; var annualNet = (annualSalary – preTax) – totalAnnualTax; var perPeriodGross = annualSalary / frequency; var perPeriodFed = fedTax / frequency; var perPeriodFica = ficaTax / frequency; var perPeriodState = stateTaxAmount / frequency; var perPeriodNet = annualNet / frequency; // Display results document.getElementById('resGross').innerText = "$" + perPeriodGross.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resFedTax').innerText = "-$" + perPeriodFed.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resFica').innerText = "-$" + perPeriodFica.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resStateTax').innerText = "-$" + perPeriodState.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resNet').innerText = "$" + perPeriodNet.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resultsArea').style.display = 'block'; }

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