Virginia Payroll Estimator
Use this calculator to estimate your take-home pay in Virginia, considering federal and state taxes, as well as common deductions. Please note that this is an estimate, and actual withholdings may vary based on your W-4 and VA-4 forms, specific tax situations, and annual income limits for certain taxes.
Estimated Paycheck Breakdown:
Gross Pay: $0.00
Federal Income Tax: $0.00
Virginia State Income Tax: $0.00
Social Security Tax (6.2%):
Medicare Tax (1.45%): $0.00
Pre-Tax Deductions: $0.00
Post-Tax Deductions: $0.00
Total Deductions: $0.00
Net Pay: $0.00
Understanding Your Virginia Paycheck
Navigating your paycheck can sometimes feel complex, especially with various deductions for taxes and benefits. This Virginia Payroll Estimator helps you understand the common components that make up your take-home pay. While this tool provides a good estimate, remember that actual withholdings can vary based on your specific tax situation, elections on your W-4 and VA-4 forms, and annual income thresholds.
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, this is calculated by multiplying your hourly rate by the number of hours you worked. For salaried employees, it's your annual salary divided by the number of pay periods in a year (e.g., 26 for bi-weekly, 12 for monthly).
Example: If you earn $25/hour and work 80 hours bi-weekly, your gross pay is $25 * 80 = $2,000.
Federal Income Tax (FIT)
Federal income tax is withheld from your paycheck based on the information you provide on your W-4 form. This form helps your employer determine how much tax to withhold to cover your federal income tax liability. The actual amount depends on your filing status (single, married, head of household), number of dependents, and any additional withholding you request. Our calculator uses an estimated percentage for simplicity, as actual FIT calculation involves complex tax tables and individual circumstances.
Virginia State Income Tax (VA SIT)
Similar to federal income tax, Virginia also levies a state income tax. The amount withheld is determined by your VA-4 form, which you submit to your employer. Virginia has a progressive tax system, meaning higher earners pay a higher percentage of their income in taxes. For this calculator, we use an estimated percentage to simplify the calculation, but actual VA SIT depends on your income level and filing status.
For 2024, Virginia's income tax rates range from 2% to 5.75%.
FICA Taxes (Social Security and Medicare)
FICA stands for Federal Insurance Contributions Act, which funds Social Security and Medicare programs. These are mandatory federal taxes:
- Social Security: This tax is 6.2% of your gross pay, up to an annual wage base limit ($168,600 for 2024). Once your year-to-date earnings exceed this limit, Social Security tax is no longer withheld for the remainder of the year.
- Medicare: This tax is 1.45% of your gross pay, with no wage base limit. There's also an additional Medicare tax of 0.9% on wages above certain thresholds ($200,000 for single filers, $250,000 for married filing jointly), which is not included in this basic calculator.
Your employer also pays an equal amount for both Social Security and Medicare taxes on your behalf.
Pre-Tax Deductions
Pre-tax deductions are amounts taken from your gross pay before taxes (federal, state, and sometimes FICA) are calculated. This reduces your taxable income, potentially lowering your overall tax liability. Common pre-tax deductions include:
- Health, dental, and vision insurance premiums
- Contributions to a 401(k), 403(b), or traditional IRA
- Contributions to a Flexible Spending Account (FSA) or Health Savings Account (HSA)
Post-Tax Deductions
Post-tax deductions are taken from your pay after all applicable taxes have been calculated and withheld. These deductions do not reduce your taxable income. Examples include:
- Contributions to a Roth 401(k) or Roth IRA
- Union dues
- Garnishments (e.g., child support, student loan defaults)
- Charitable contributions
Net Pay
Your net pay, also known as take-home pay, is the amount of money you receive after all taxes and deductions have been subtracted from your gross pay. It's the actual amount that gets deposited into your bank account or paid to you via check.
Example Calculation:
Let's use the default values in the calculator:
- Gross Pay (Bi-Weekly): $2,000.00
- Estimated Federal Income Tax Withholding (10%): $200.00
- Estimated Virginia State Income Tax Withholding (4%): $80.00
- Social Security Tax (6.2%): $124.00
- Medicare Tax (1.45%): $29.00
- Pre-Tax Deductions: $100.00 (e.g., health insurance)
- Post-Tax Deductions: $50.00 (e.g., Roth 401k)
Total Deductions: $200.00 (FIT) + $80.00 (VA SIT) + $124.00 (SS) + $29.00 (Medicare) + $100.00 (Pre-Tax) + $50.00 (Post-Tax) = $583.00
Net Pay: $2,000.00 (Gross) – $583.00 (Total Deductions) = $1,417.00
This calculator is designed to give you a quick estimate. For precise figures, always refer to your official pay stubs or consult with a tax professional.