Paycheck Calculator
Use this calculator to estimate your net pay per pay period based on your annual salary, pay frequency, and common deductions.
Your Estimated Paycheck Details
"; resultHtml += "Gross Pay per Period: " + formatter.format(grossPayPerPeriod) + ""; resultHtml += "Pre-Tax Deductions: -" + formatter.format(preTaxDeductionsPerPeriod) + ""; resultHtml += "Federal Income Tax: -" + formatter.format(federalTax) + ""; resultHtml += "State Income Tax: -" + formatter.format(stateTax) + ""; resultHtml += "Social Security Tax (" + socialSecurityRate + "%): -" + formatter.format(socialSecurityTax) + ""; resultHtml += "Medicare Tax (" + medicareRate + "%): -" + formatter.format(medicareTax) + ""; resultHtml += "Total Taxes & Pre-Tax Deductions: -" + formatter.format(preTaxDeductionsPerPeriod + totalTaxes) + ""; resultHtml += "Post-Tax Deductions: -" + formatter.format(postTaxDeductionsPerPeriod) + ""; resultHtml += "Estimated Net Pay per Period: " + formatter.format(netPay) + ""; document.getElementById("paycheckResult").innerHTML = resultHtml; } // Run calculation on page load with default values window.onload = calculatePaycheck;Understanding Your Paycheck: Gross vs. Net Pay
For many, a paycheck is the primary source of income, yet understanding how the final "net pay" amount is calculated can be a mystery. This guide and the accompanying calculator aim to demystify the process, breaking down the components that transform your gross earnings into the money you actually take home.
What is Gross Pay?
Your Gross Pay is the total amount of money you earn before any deductions are taken out. If you're an hourly employee, it's your hourly rate multiplied by the number of hours worked. If you're salaried, it's your annual salary divided by the number of pay periods in a year (e.g., annual salary / 26 for bi-weekly pay).
For example, if you earn an annual salary of $60,000 and are paid bi-weekly (26 times a year), your gross pay per period would be $60,000 / 26 = $2,307.69.
What are Paycheck Deductions?
Deductions are amounts subtracted from your gross pay. They generally fall into three main categories:
1. Pre-Tax Deductions
These deductions are taken out of your gross pay before taxes are calculated. This reduces your taxable income, meaning you pay less in federal and state income taxes. Common pre-tax deductions include:
- 401(k) or 403(b) Contributions: Retirement savings plans.
- Health, Dental, and Vision Insurance Premiums: Your share of the cost for these benefits.
- Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs): Accounts for healthcare expenses.
- Commuter Benefits: Funds set aside for public transit or parking.
If your gross pay is $2,307.69 and you have $100 in pre-tax deductions, your taxable income becomes $2,207.69.
2. Taxes
After pre-tax deductions, various taxes are withheld from your pay. These include:
- Federal Income Tax: This is based on your taxable income, filing status, and the allowances you claim on your W-4 form. The calculator uses a simplified percentage for estimation.
- State Income Tax: Similar to federal tax, but varies by state. Some states have no income tax.
- Social Security Tax (FICA): A federal tax that funds retirement, disability, and survivor benefits. The current rate is 6.2% of your gross pay, up to an annual income limit.
- Medicare Tax (FICA): A federal tax that funds hospital insurance for the elderly and disabled. The current rate is 1.45% of your gross pay, with no income limit.
Using our example with a taxable income of $2,207.69, if federal tax is 15% and state tax is 5%:
- Federal Tax: $2,207.69 * 0.15 = $331.15
- State Tax: $2,207.69 * 0.05 = $110.38
- Social Security Tax (on gross pay): $2,307.69 * 0.062 = $143.08
- Medicare Tax (on gross pay): $2,307.69 * 0.0145 = $33.46
- Total Taxes: $331.15 + $110.38 + $143.08 + $33.46 = $618.07
3. Post-Tax Deductions
These deductions are taken out of your pay after all taxes have been calculated and withheld. They do not reduce your taxable income. Examples include:
- Roth 401(k) Contributions: Retirement savings that are taxed now, but tax-free in retirement.
- Union Dues: Fees paid to a labor union.
- Garnishments: Court-ordered deductions for debts like child support or student loans.
- Charitable Contributions: Donations made directly from your paycheck.
If you have $25 in post-tax deductions in our example.
What is Net Pay?
Your Net Pay, often called your "take-home pay," is the amount of money you receive after all pre-tax deductions, taxes, and post-tax deductions have been subtracted from your gross pay.
Continuing our example:
- Gross Pay: $2,307.69
- Minus Pre-Tax Deductions: -$100.00
- Minus Total Taxes: -$618.07
- Minus Post-Tax Deductions: -$25.00
- Estimated Net Pay: $1,564.62
How to Use the Paycheck Calculator
- Annual Salary: Enter your total yearly earnings before any deductions.
- Pay Frequency: Select how often you get paid (e.g., weekly, bi-weekly).
- Federal/State Withholding Rate (%): Enter your estimated percentage for federal and state income tax. This is an estimation; actual withholding depends on your W-4.
- Pre-Tax Deductions per Pay Period: Input the total amount of deductions taken out before taxes (e.g., 401k, health insurance).
- Post-Tax Deductions per Pay Period: Input the total amount of deductions taken out after taxes (e.g., Roth 401k, union dues).
- Click "Calculate Paycheck" to see your estimated net pay and a breakdown of deductions.
This calculator provides an estimate. Your actual paycheck may vary slightly due to specific tax laws, local taxes, and other unique deductions not covered here. Always refer to your official pay stubs for precise figures.