Weekly (52 per year)
Bi-weekly (26 per year)
Semi-monthly (24 per year)
Monthly (12 per year)
Understanding Your Paycheck
Your paycheck is more than just the money you earn; it's the result of your gross earnings minus various deductions. Understanding these deductions is crucial for managing your finances effectively. This calculator helps you estimate your net pay, which is the amount of money you actually take home after all mandatory and voluntary deductions.
Key Components of Your Paycheck:
Gross Pay: This is your total earnings before any taxes or deductions are taken out. It's typically calculated based on your hourly wage or annual salary and the hours you've worked or salary earned during the pay period.
Federal Income Tax: This is a tax levied by the U.S. federal government. The amount withheld depends on your filing status, the number of allowances you claim (on Form W-4), and your taxable income. Rates are progressive, meaning higher earners pay a larger percentage of their income in taxes.
State Income Tax: Many states also levy an income tax. The rates and rules vary significantly by state. Some states have no income tax at all.
Local Income Tax: Some cities or municipalities impose their own income tax, which further reduces your take-home pay.
Social Security Tax: This tax, officially called FICA (Federal Insurance Contributions Act), funds Social Security benefits for retirees, survivors, and disabled individuals. It has a fixed rate (currently 6.2% for employees) up to an annual income limit.
Medicare Tax: Also part of FICA, this tax funds Medicare, the federal health insurance program for people aged 65 and older, and some younger people with disabilities. It has a fixed rate (currently 1.45% for employees) with no income limit.
Health Insurance Premiums: If you enroll in your employer's health insurance plan, your share of the premium is usually deducted from your paycheck on a pre-tax basis, reducing your taxable income.
Retirement Contributions (e.g., 401(k)): Contributions to employer-sponsored retirement plans like a 401(k) are typically made on a pre-tax basis. This means the money contributed is not subject to federal (and often state) income tax, lowering your current tax bill and helping you save for the future.
Net Pay: This is your "take-home pay" – the amount deposited into your bank account or issued to you as a physical check after all deductions.
How the Calculator Works:
This calculator takes your gross pay and applies estimated percentages for various taxes and deductions:
It calculates the annual gross pay based on your per-period gross pay and pay frequency.
It calculates the dollar amount for each tax based on the provided percentages and your gross pay.
It calculates the dollar amount for voluntary deductions like health insurance and retirement contributions. Retirement contributions reduce the taxable income for income taxes, but generally not for Social Security and Medicare. For simplicity, this calculator applies retirement contribution deductions before income taxes but after Social Security and Medicare.
Finally, it subtracts all calculated taxes and deductions from your gross pay to arrive at your estimated net pay.
Disclaimer: This calculator provides an estimation only. Actual net pay may vary due to specific tax laws, additional deductions not included, changes in tax regulations, and employer-specific payroll calculations. Consult with your employer's HR or payroll department for precise figures.
function calculateNetPay() {
var grossPay = parseFloat(document.getElementById("grossPay").value);
var payFrequency = document.getElementById("payFrequency").value;
var federalTaxRate = parseFloat(document.getElementById("federalTaxRate").value);
var stateTaxRate = parseFloat(document.getElementById("stateTaxRate").value);
var localTaxRate = parseFloat(document.getElementById("localTaxRate").value);
var socialSecurityRate = parseFloat(document.getElementById("socialSecurityRate").value);
var medicareRate = parseFloat(document.getElementById("medicareRate").value);
var healthInsurance = parseFloat(document.getElementById("healthInsurance").value);
var retirementContributionRate = parseFloat(document.getElementById("retirementContribution").value);
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = "; // Clear previous results
// Validate inputs
if (isNaN(grossPay) || grossPay < 0 ||
isNaN(federalTaxRate) || federalTaxRate < 0 ||
isNaN(stateTaxRate) || stateTaxRate < 0 ||
isNaN(localTaxRate) || localTaxRate < 0 ||
isNaN(socialSecurityRate) || socialSecurityRate < 0 ||
isNaN(medicareRate) || medicareRate < 0 ||
isNaN(healthInsurance) || healthInsurance < 0 ||
isNaN(retirementContributionRate) || retirementContributionRate < 0) {
resultDiv.innerHTML = 'Please enter valid positive numbers for all fields.';
return;
}
// — Calculations —
// Calculate annual gross pay to get a sense of overall tax burden for progressive brackets (though this simple calc doesn't factor brackets)
var annualGrossPay = grossPay;
if (payFrequency === "weekly") {
annualGrossPay *= 52;
} else if (payFrequency === "bi-weekly") {
annualGrossPay *= 26;
} else if (payFrequency === "semi-monthly") {
annualGrossPay *= 24;
} else if (payFrequency === "monthly") {
annualGrossPay *= 12;
}
// Social Security and Medicare are typically capped annually, but for simplicity, we apply the rate directly to the per-period gross pay here, assuming it's below the cap.
// Actual SS cap for 2023 is $160,200.
var socialSecurityTax = grossPay * (socialSecurityRate / 100);
var medicareTax = grossPay * (medicareRate / 100);
// Retirement contribution is usually pre-tax for income tax purposes
var retirementContributionAmount = grossPay * (retirementContributionRate / 100);
// Calculate taxable income for federal and state/local taxes
var taxableIncome = grossPay – retirementContributionAmount – healthInsurance;
// Ensure taxable income doesn't go below zero due to deductions
if (taxableIncome < 0) taxableIncome = 0;
var federalTax = taxableIncome * (federalTaxRate / 100);
var stateTax = taxableIncome * (stateTaxRate / 100);
var localTax = taxableIncome * (localTaxRate / 100);
// Total deductions
var totalDeductions = federalTax + stateTax + localTax + socialSecurityTax + medicareTax + healthInsurance + retirementContributionAmount;
// Net Pay
var netPay = grossPay – totalDeductions;
// Format and display result
var formattedNetPay = netPay.toFixed(2);
var formattedGrossPay = grossPay.toFixed(2);
var formattedFederalTax = federalTax.toFixed(2);
var formattedStateTax = stateTax.toFixed(2);
var formattedLocalTax = localTax.toFixed(2);
var formattedSocialSecurityTax = socialSecurityTax.toFixed(2);
var formattedMedicareTax = medicareTax.toFixed(2);
var formattedHealthInsurance = healthInsurance.toFixed(2);
var formattedRetirementContribution = retirementContributionAmount.toFixed(2);
resultDiv.innerHTML = `
Gross Pay: $${formattedGrossPay}
Federal Tax: $${formattedFederalTax}
State Tax: $${formattedStateTax}
Local Tax: $${formattedLocalTax}
Social Security: $${formattedSocialSecurityTax}
Medicare: $${formattedMedicareTax}
Health Insurance: $${formattedHealthInsurance}
Retirement Contribution: $${formattedRetirementContribution}
Estimated Net Pay: $${formattedNetPay}
`;
}