Calculating the exact amount of taxes withheld from your paycheck can be complex, as it depends on federal, state, and local tax laws, as well as your individual tax situation (like filing status and deductions). This calculator provides an estimate based on your gross pay and an overall estimated tax rate. It's crucial to remember this is a simplification and your actual withholding may vary.
For example, if your gross pay for a pay period is $2,000 and you estimate your total tax burden (federal, state, local, Social Security, Medicare) to be 25%, the calculation would be:
Federal Income Tax: Based on your W-4 form (filing status, dependents, additional withholding).
State Income Tax: Varies by state. Some states have no income tax.
Local Income Tax: Applies in some cities and localities.
Social Security Tax: A fixed percentage (currently 6.2%) up to an annual income limit.
Medicare Tax: A fixed percentage (currently 1.45%) with no income limit. Additional Medicare Tax may apply for higher earners.
Why Use an Estimated Tax Rate?
Using an estimated overall tax rate is a simplified approach for quick checks. For precise calculations, you would need to determine the specific tax rates for each component (federal, state, local, FICA) and any deductions or credits you're eligible for. Your employer's payroll department uses more detailed information and tax tables to calculate your exact withholding.
Disclaimer
This calculator is for informational purposes only and does not constitute financial or tax advice. Consult with a qualified tax professional or refer to official government tax resources for accurate tax information tailored to your specific situation.
function calculateTaxes() {
var grossPayInput = document.getElementById("grossPay");
var taxRateInput = document.getElementById("taxRate");
var grossPay = parseFloat(grossPayInput.value);
var taxRate = parseFloat(taxRateInput.value);
var taxAmountElement = document.getElementById("taxAmount");
var netPayElement = document.getElementById("netPay");
// Clear previous results
taxAmountElement.textContent = "$0.00";
netPayElement.textContent = "$0.00";
// Validate inputs
if (isNaN(grossPay) || grossPay < 0) {
alert("Please enter a valid Gross Pay amount.");
return;
}
if (isNaN(taxRate) || taxRate 100) {
alert("Please enter a valid Tax Rate between 0 and 100.");
return;
}
// Calculate taxes
var taxAmount = grossPay * (taxRate / 100);
var netPay = grossPay – taxAmount;
// Format and display results
taxAmountElement.textContent = "$" + taxAmount.toFixed(2);
netPayElement.textContent = "$" + netPay.toFixed(2);
}