Calculate your net income after taxes and deductions.
Annually
Monthly
Bi-weekly
Hourly
Your Pay Breakdown
Total Annual Gross:
Monthly Gross:
Estimated Monthly Tax:
Monthly Deductions:
Estimated Monthly Net Pay:
Understanding Your Estimated Pay
Calculating your take-home pay is crucial for effective budgeting. Many employees only focus on their gross salary, but the amount that actually hits your bank account is affected by various taxes and voluntary deductions.
Gross Pay vs. Net Pay
Gross Pay is the total amount earned before any taxes or deductions are removed. This is usually the number cited in job offers or salary negotiations.
Net Pay, also known as "take-home pay," is what remains after Federal income tax, Social Security, Medicare, state taxes, and personal deductions (like health insurance or retirement contributions) have been subtracted.
Common Deductions to Consider
FICA Taxes: This includes Social Security (6.2%) and Medicare (1.45%).
Federal Income Tax: Progressive rates ranging from 10% to 37% based on your income bracket.
State and Local Taxes: Varies significantly depending on your location.
Insurance Premiums: Costs for health, dental, and vision coverage.
Retirement Contributions: Pre-tax contributions to 401(k) or 403(b) plans.
Example Calculation
If you earn $60,000 annually:
Monthly Gross: $5,000
Estimated Tax (20%): -$1,000
Health Insurance: -$250
401(k) Contribution (5%): -$250
Monthly Take-Home: $3,500
Note: This calculator provides an estimate based on your manual inputs. Actual payroll software uses complex formulas based on your specific tax filing status (Single, Married Filing Jointly) and withholding allowances.
var payBasisSelect = document.getElementById('payBasis');
var hoursContainer = document.getElementById('hoursContainer');
payBasisSelect.onchange = function() {
if (this.value === 'hourly') {
hoursContainer.style.display = 'block';
} else {
hoursContainer.style.display = 'none';
}
};
function calculatePay() {
var basePay = parseFloat(document.getElementById('basePay').value);
var payBasis = document.getElementById('payBasis').value;
var taxRate = parseFloat(document.getElementById('taxRate').value) / 100;
var deductions = parseFloat(document.getElementById('deductions').value);
var hoursPerWeek = parseFloat(document.getElementById('hoursPerWeek').value);
if (isNaN(basePay) || isNaN(taxRate) || isNaN(deductions)) {
alert("Please enter valid numbers in all fields.");
return;
}
var annualGross = 0;
if (payBasis === 'annually') {
annualGross = basePay;
} else if (payBasis === 'monthly') {
annualGross = basePay * 12;
} else if (payBasis === 'biweekly') {
annualGross = basePay * 26;
} else if (payBasis === 'hourly') {
if (isNaN(hoursPerWeek)) {
alert("Please enter hours worked per week.");
return;
}
annualGross = basePay * hoursPerWeek * 52;
}
var monthlyGross = annualGross / 12;
var monthlyTax = monthlyGross * taxRate;
var monthlyNet = monthlyGross – monthlyTax – deductions;
if (monthlyNet < 0) monthlyNet = 0;
document.getElementById('resAnnualGross').innerText = "$" + annualGross.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resMonthlyGross').innerText = "$" + monthlyGross.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resMonthlyTax').innerText = "- $" + monthlyTax.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resMonthlyDeductions').innerText = "- $" + deductions.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resMonthlyNet').innerText = "$" + monthlyNet.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resultArea').style.display = 'block';
}