Estimate your net income after taxes and deductions.
Annual Salary
Hourly Wage
Gross Annual Pay:$0.00
Annual Taxes:$0.00
Annual Deductions:$0.00
Monthly Take-Home:$0.00
Net Annual Pay:$0.00
How to Calculate Your Net Pay
Understanding the difference between your gross pay and your take-home pay is essential for effective budgeting. Your gross pay is the total amount you earn before any withholdings, while your net pay (or take-home pay) is what actually hits your bank account.
Realistic Example:
If you earn a salary of $75,000 per year with an effective tax rate of 22% and pay $300 a month for health insurance:
– Annual Tax: $16,500
– Annual Insurance: $3,600
– Total Net Pay: $54,900 ($4,575 per month)
Key Factors in Pay Calculation
Gross Income: Your total earnings before taxes, whether calculated as an annual salary or an hourly rate multiplied by hours worked.
Federal & State Taxes: Withholdings based on your tax bracket and location. This usually includes Social Security and Medicare (FICA).
Pre-tax Deductions: Contributions to retirement accounts like a 401(k) or health savings accounts (HSA) which reduce your taxable income.
Post-tax Deductions: Items like certain life insurance premiums or union dues that are taken out after taxes are calculated.
Pay Frequency Impacts
While your annual salary remains the same, your individual paychecks will vary based on frequency. Bi-weekly schedules result in 26 paychecks per year, while semi-monthly schedules result in 24 paychecks. Calculating your monthly average helps in aligning your income with recurring bills like rent or mortgage payments.
function togglePayFields() {
var type = document.getElementById('payType').value;
var hoursGroup = document.getElementById('hoursGroup');
if (type === 'hourly') {
hoursGroup.style.display = 'flex';
} else {
hoursGroup.style.display = 'none';
}
}
function calculatePay() {
var type = document.getElementById('payType').value;
var amount = parseFloat(document.getElementById('payAmount').value);
var hours = parseFloat(document.getElementById('hoursPerWeek').value) || 0;
var taxRate = parseFloat(document.getElementById('taxRate').value) || 0;
var monthlyDed = parseFloat(document.getElementById('monthlyDeductions').value) || 0;
if (isNaN(amount) || amount <= 0) {
alert('Please enter a valid pay amount.');
return;
}
var grossAnnual = 0;
if (type === 'hourly') {
grossAnnual = amount * hours * 52;
} else {
grossAnnual = amount;
}
var annualTaxes = grossAnnual * (taxRate / 100);
var annualDeductions = monthlyDed * 12;
var netAnnual = grossAnnual – annualTaxes – annualDeductions;
var netMonthly = netAnnual / 12;
document.getElementById('resGrossAnnual').innerText = '$' + grossAnnual.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resTaxes').innerText = '$' + annualTaxes.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resDeductions').innerText = '$' + annualDeductions.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resMonthly').innerText = '$' + netMonthly.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resNetAnnual').innerText = '$' + netAnnual.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('results').style.display = 'block';
}