Online Paycheck Calculator

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Online Paycheck Calculator

Your Paycheck Summary

Gross Pay: $0.00

Total Pre-Tax Deductions: $0.00

Taxable Gross: $0.00

Federal Income Tax: $0.00

State Income Tax: $0.00

Social Security Tax (6.2%): $0.00

Medicare Tax (1.45%): $0.00

Total Taxes: $0.00

Total Post-Tax Deductions: $0.00

Net Pay: $0.00

function calculatePaycheck() { var grossPayPerPeriod = parseFloat(document.getElementById('grossPayPerPeriod').value); var federalTaxRate = parseFloat(document.getElementById('federalTaxRate').value); var stateTaxRate = parseFloat(document.getElementById('stateTaxRate').value); var preTaxDeductions = parseFloat(document.getElementById('preTaxDeductions').value); var postTaxDeductions = parseFloat(document.getElementById('postTaxDeductions').value); // Validate inputs if (isNaN(grossPayPerPeriod) || grossPayPerPeriod < 0) { alert('Please enter a valid Gross Pay per Pay Period.'); return; } if (isNaN(federalTaxRate) || federalTaxRate 100) { alert('Please enter a valid Federal Income Tax Rate (0-100%).'); return; } if (isNaN(stateTaxRate) || stateTaxRate 100) { alert('Please enter a valid State Income Tax Rate (0-100%).'); return; } if (isNaN(preTaxDeductions) || preTaxDeductions < 0) { alert('Please enter valid Pre-Tax Deductions.'); return; } if (isNaN(postTaxDeductions) || postTaxDeductions grossPayPerPeriod) { alert('Pre-Tax Deductions cannot exceed Gross Pay.'); return; } // Fixed FICA tax rates (Social Security and Medicare) var socialSecurityRate = 0.062; // 6.2% var medicareRate = 0.0145; // 1.45% // 1. Calculate Taxable Gross Pay var taxableGross = grossPayPerPeriod – preTaxDeductions; // 2. Calculate Taxes var federalTax = taxableGross * (federalTaxRate / 100); var stateTax = taxableGross * (stateTaxRate / 100); var socialSecurityTax = grossPayPerPeriod * socialSecurityRate; // SS is on gross pay var medicareTax = grossPayPerPeriod * medicareRate; // Medicare is on gross pay var totalTaxes = federalTax + stateTax + socialSecurityTax + medicareTax; // 3. Calculate Net Pay var netPay = grossPayPerPeriod – totalTaxes – preTaxDeductions – postTaxDeductions; // Display results document.getElementById('displayGrossPay').innerText = '$' + grossPayPerPeriod.toFixed(2); document.getElementById('displayPreTaxDeductions').innerText = '$' + preTaxDeductions.toFixed(2); document.getElementById('displayTaxableGross').innerText = '$' + taxableGross.toFixed(2); document.getElementById('displayFederalTax').innerText = '$' + federalTax.toFixed(2); document.getElementById('displayStateTax').innerText = '$' + stateTax.toFixed(2); document.getElementById('displaySocialSecurityTax').innerText = '$' + socialSecurityTax.toFixed(2); document.getElementById('displayMedicareTax').innerText = '$' + medicareTax.toFixed(2); document.getElementById('displayTotalTaxes').innerText = '$' + totalTaxes.toFixed(2); document.getElementById('displayPostTaxDeductions').innerText = '$' + postTaxDeductions.toFixed(2); document.getElementById('displayNetPay').innerText = '$' + netPay.toFixed(2); } // Run calculation on page load with default values window.onload = calculatePaycheck;

Understanding Your Paycheck: A Comprehensive Guide

Navigating the complexities of your paycheck can sometimes feel like deciphering a secret code. Beyond your gross earnings, various deductions and taxes reduce your take-home pay. Our Online Paycheck Calculator is designed to demystify this process, helping you understand how your net pay is determined.

What is Gross Pay?

Your Gross Pay per Pay Period is the total amount of money you earn before any deductions or taxes are taken out. This includes your regular wages, salary, commissions, bonuses, and any other compensation for the specific pay period (e.g., weekly, bi-weekly, monthly).

Understanding Deductions

Deductions are amounts subtracted from your gross pay. They fall into two main categories:

  • Pre-Tax Deductions: These are deductions taken from your gross pay before taxes are calculated. Common examples include contributions to a 401(k) or 403(b) retirement plan, health insurance premiums, and Flexible Spending Account (FSA) contributions. Because these reduce your taxable income, they can lower the amount of income tax you owe.
  • Post-Tax Deductions: These deductions are taken out after all applicable taxes have been calculated and withheld. Examples include Roth 401(k) contributions, union dues, garnishments, and some types of disability insurance.

The Role of Taxes

Taxes are a significant portion of paycheck deductions. Here's a breakdown of the common ones:

  • Federal Income Tax: This is withheld based on your W-4 form and current tax laws. The amount depends on your income, filing status, and any credits or adjustments you claim. Our calculator uses a simplified percentage for estimation.
  • State Income Tax: Most states also levy an income tax, which is withheld from your paycheck. The rate varies significantly by state, and some states have no state income tax at all.
  • Social Security Tax (FICA): This is part of the Federal Insurance Contributions Act (FICA) tax. It funds retirement, disability, and survivor benefits. As of current laws, employees typically pay 6.2% of their gross wages up to an annual earnings limit.
  • Medicare Tax (FICA): Also part of FICA, this tax funds hospital insurance for the elderly and disabled. Employees typically pay 1.45% of all gross wages, with no income limit.

How Net Pay is Calculated

Your Net Pay, also known as your take-home pay, is the amount you actually receive after all taxes and deductions have been subtracted from your gross pay. The calculation follows these steps:

  1. Start with your Gross Pay.
  2. Subtract Pre-Tax Deductions to get your Taxable Gross Pay.
  3. Calculate Federal Income Tax, State Income Tax, Social Security Tax, and Medicare Tax based on the relevant gross or taxable gross amounts.
  4. Sum all calculated taxes to get Total Taxes.
  5. Subtract Total Taxes and Post-Tax Deductions from your Gross Pay (or Taxable Gross, depending on the deduction type) to arrive at your Net Pay.

Example Calculation

Let's use the default values in the calculator to illustrate:

  • Gross Pay per Pay Period: $2,000.00
  • Federal Income Tax Rate: 15%
  • State Income Tax Rate: 5%
  • Pre-Tax Deductions: $100.00 (e.g., 401k contribution)
  • Post-Tax Deductions: $20.00 (e.g., Roth 401k contribution)

Step-by-Step:

  1. Taxable Gross Pay: $2,000.00 (Gross Pay) – $100.00 (Pre-Tax Deductions) = $1,900.00
  2. Federal Income Tax: $1,900.00 (Taxable Gross) * 15% = $285.00
  3. State Income Tax: $1,900.00 (Taxable Gross) * 5% = $95.00
  4. Social Security Tax: $2,000.00 (Gross Pay) * 6.2% = $124.00
  5. Medicare Tax: $2,000.00 (Gross Pay) * 1.45% = $29.00
  6. Total Taxes: $285.00 + $95.00 + $124.00 + $29.00 = $533.00
  7. Net Pay: $2,000.00 (Gross Pay) – $100.00 (Pre-Tax Deductions) – $533.00 (Total Taxes) – $20.00 (Post-Tax Deductions) = $1,347.00

This calculator provides a simplified estimate. Actual paycheck calculations can be more complex due to varying state and local taxes, specific deduction rules, and income thresholds for certain taxes. Always refer to your official pay stub for precise figures.

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