Calculator for Paychecks

Take-Home Pay Calculator

Calculation Results

Gross Pay (per period):

Federal Income Tax:

FICA (SS + Medicare):

Estimated State Tax (avg 4%):

Estimated Net Take-Home Pay:

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Understanding Your Paycheck: From Gross to Net

A paycheck calculator is an essential tool for budgeting and financial planning. When you receive a job offer or a raise, the number quoted is usually your "Gross Pay"—the total amount earned before any deductions are taken out. However, what actually hits your bank account is your "Net Pay."

Key Components of Paycheck Deductions

• Federal Income Tax: This is calculated based on your filing status and earnings level. The US uses a progressive tax system where higher income portions are taxed at higher rates.
• FICA Taxes: This consists of Social Security (6.2%) and Medicare (1.45%) taxes. Most employees contribute a total of 7.65% of their gross income.
• Pre-Tax Deductions: These include contributions to 401(k) plans, Health Savings Accounts (HSA), or health insurance premiums. They are beneficial because they reduce your taxable income.
• State Income Tax: Depending on where you live, states may take an additional percentage of your income. Some states like Texas or Florida have no state income tax, while others like California or New York have progressive rates.

Example Calculation

If you earn 60,000 annually and are paid bi-weekly (26 times per year):

1. Gross Period Pay: 60,000 / 26 = 2,307.69
2. FICA Tax (7.65%): 2,307.69 * 0.0765 = 176.54
3. Federal Tax (Estimated Single): Approx. 215.00
4. Net Take-Home: Approx. 1,916.15 (depending on deductions)

Why Use This Calculator?

Knowing your net pay helps you create a realistic monthly budget. It prevents the common mistake of overestimating spending power by assuming gross income is the same as available cash. Use this tool to see how a change in filing status, a contribution to a 401(k), or a new salary offer will impact your lifestyle.