Colorado Paycheck Calculator
Estimated Paycheck Breakdown (Per Pay Period)
Gross Pay:
Pre-Tax Deductions:
Taxable Gross:
Federal Income Tax:
Social Security Tax:
Medicare Tax:
Colorado State Tax:
Post-Tax Deductions:
Net Pay:
Understanding Your Colorado Paycheck
Navigating your paycheck can sometimes feel like deciphering a complex code. This Colorado Paycheck Calculator helps you estimate your take-home pay by breaking down gross earnings, various deductions, and taxes specific to Colorado.
Gross Pay
Your gross pay is the total amount of money you earn before any deductions are taken out. This can be calculated based on an annual salary or an hourly rate multiplied by the hours you work. For salaried employees, it's your annual salary divided by the number of pay periods in a year. For hourly workers, it's your hourly rate multiplied by your hours per week, then adjusted for your pay frequency.
Pre-Tax Deductions
These are deductions taken from your gross pay before taxes are calculated. Common pre-tax deductions include contributions to a 401(k) or 403(b) retirement plan, health insurance premiums, and Flexible Spending Account (FSA) contributions. Pre-tax deductions reduce your taxable income, meaning you pay less in federal and state income taxes.
Taxable Gross Pay
This is your gross pay minus any pre-tax deductions. This is the amount on which your federal, state, and FICA taxes are calculated.
Federal Income Tax
Federal income tax is withheld from your paycheck based on the information you provide on your W-4 form, including your filing status (Single, Married Filing Jointly, Head of Household) and the number of dependents you claim. The federal tax system is progressive, meaning higher earners pay a larger percentage of their income in taxes. Our calculator uses a simplified estimation method for federal tax, which may not perfectly match your actual withholding but provides a close approximation.
FICA Taxes (Social Security and Medicare)
FICA stands for the Federal Insurance Contributions Act, which funds Social Security and Medicare. These are mandatory federal taxes:
- Social Security: As of 2024, the Social Security tax rate is 6.2% of your gross wages, up to an annual wage base limit of $168,600. Once your year-to-date earnings exceed this limit, Social Security tax is no longer withheld for the remainder of the year.
- Medicare: The Medicare tax rate is 1.45% of all your gross wages, with no wage base limit.
Your employer also pays an equal amount for both Social Security and Medicare taxes on your behalf.
Colorado State Income Tax
Colorado has a flat income tax rate. For 2024, the state income tax rate is 4.40% of your taxable income. This means everyone pays the same percentage, regardless of their income level.
Post-Tax Deductions
These deductions are taken from your pay *after* all taxes have been calculated and withheld. Examples include Roth 401(k) contributions, union dues, garnishments, or certain types of insurance premiums.
Net Pay
Your net pay, or take-home pay, is the amount you receive after all taxes and deductions have been subtracted from your gross pay. This is the money that actually lands in your bank account.
Example Calculation:
Let's consider an individual in Colorado earning an annual salary of $60,000, paid bi-weekly, filing as Single with 0 dependents, with $100 in pre-tax deductions and $20 in post-tax deductions per pay period.
- Annual Salary: $60,000
- Pay Frequency: Bi-weekly (26 pay periods)
- Gross Pay per Period: $60,000 / 26 = $2,307.69
- Pre-Tax Deductions: $100.00
- Taxable Gross: $2,307.69 – $100.00 = $2,207.69
- Federal Income Tax (estimated): Approximately $270.00 – $350.00 (varies based on W-4 and income)
- Social Security Tax (6.2%): $2,207.69 * 0.062 = $136.88
- Medicare Tax (1.45%): $2,207.69 * 0.0145 = $32.01
- Colorado State Tax (4.40%): $2,207.69 * 0.0440 = $97.14
- Post-Tax Deductions: $20.00
- Estimated Net Pay: $2,207.69 – $300 (avg fed tax) – $136.88 – $32.01 – $97.14 – $20.00 = Approximately $1,621.66
This calculator provides an estimate. For precise figures, always refer to your official pay stubs and consult with a tax professional.