My Paycheck Calculator

Gross Pay per Pay Period ($):

Federal Income Tax Rate (%):

State Income Tax Rate (%):

Social Security Tax Rate (%):

Medicare Tax Rate (%):

Pre-Tax Deductions ($):

Post-Tax Deductions ($):

Your Paycheck Summary

Gross Pay: $0.00

Total Pre-Tax Deductions: $0.00

Taxable Gross Pay: $0.00

Federal Income Tax: $0.00

State Income Tax: $0.00

Social Security Tax: $0.00

Medicare Tax: $0.00

Total Taxes: $0.00

Total Post-Tax Deductions: $0.00

NET PAY: $0.00

function calculatePaycheck() { var grossPay = parseFloat(document.getElementById('grossPay').value); var federalTaxRate = parseFloat(document.getElementById('federalTaxRate').value); var stateTaxRate = parseFloat(document.getElementById('stateTaxRate').value); var socialSecurityRate = parseFloat(document.getElementById('socialSecurityRate').value); var medicareRate = parseFloat(document.getElementById('medicareRate').value); var preTaxDeductions = parseFloat(document.getElementById('preTaxDeductions').value); var postTaxDeductions = parseFloat(document.getElementById('postTaxDeductions').value); // Validate inputs if (isNaN(grossPay) || grossPay < 0) grossPay = 0; if (isNaN(federalTaxRate) || federalTaxRate < 0) federalTaxRate = 0; if (isNaN(stateTaxRate) || stateTaxRate < 0) stateTaxRate = 0; if (isNaN(socialSecurityRate) || socialSecurityRate < 0) socialSecurityRate = 0; if (isNaN(medicareRate) || medicareRate < 0) medicareRate = 0; if (isNaN(preTaxDeductions) || preTaxDeductions < 0) preTaxDeductions = 0; if (isNaN(postTaxDeductions) || postTaxDeductions grossPay) { preTaxDeductions = grossPay; } // 1. Calculate Taxable Gross Pay var taxableGross = grossPay – preTaxDeductions; if (taxableGross < 0) taxableGross = 0; // Should not be negative // 2. Calculate Taxes var federalTax = taxableGross * (federalTaxRate / 100); var stateTax = taxableGross * (stateTaxRate / 100); var socialSecurityTax = grossPay * (socialSecurityRate / 100); // SS is typically on gross pay var medicareTax = grossPay * (medicareRate / 100); // Medicare is typically on gross pay var totalTaxes = federalTax + stateTax + socialSecurityTax + medicareTax; // 3. Calculate Net Pay var netPay = grossPay – totalTaxes – preTaxDeductions – postTaxDeductions; // Display Results document.getElementById('resultGrossPay').innerText = '$' + grossPay.toFixed(2); document.getElementById('resultPreTaxDeductions').innerText = '$' + preTaxDeductions.toFixed(2); document.getElementById('resultTaxableGross').innerText = '$' + taxableGross.toFixed(2); document.getElementById('resultFederalTax').innerText = '$' + federalTax.toFixed(2); document.getElementById('resultStateTax').innerText = '$' + stateTax.toFixed(2); document.getElementById('resultSocialSecurityTax').innerText = '$' + socialSecurityTax.toFixed(2); document.getElementById('resultMedicareTax').innerText = '$' + medicareTax.toFixed(2); document.getElementById('resultTotalTaxes').innerText = '$' + totalTaxes.toFixed(2); document.getElementById('resultPostTaxDeductions').innerText = '$' + postTaxDeductions.toFixed(2); document.getElementById('resultNetPay').innerText = '$' + netPay.toFixed(2); } // Run calculation on page load with default values window.onload = calculatePaycheck;

Understanding Your Paycheck: A Comprehensive Guide

Your paycheck is more than just a number; it's a detailed breakdown of your earnings and deductions. Understanding each component can help you manage your finances better, plan for taxes, and appreciate the true value of your compensation. Our "My Paycheck Calculator" is designed to demystify this process, giving you a clear estimate of your take-home pay.

What is a Paycheck Calculator?

A paycheck calculator is a tool that estimates your net pay (take-home pay) after accounting for various deductions and taxes from your gross earnings. It helps you see how much of your salary actually makes it into your bank account each pay period.

Key Components of Your Paycheck

1. Gross Pay

This is your total earnings before any deductions or taxes are taken out. It includes your regular wages, overtime pay, bonuses, and commissions. Our calculator asks for your "Gross Pay per Pay Period," meaning the total amount you earn for that specific pay cycle (e.g., bi-weekly, semi-monthly, or monthly).

Example: If you earn $52,000 annually and are paid bi-weekly (26 times a year), your gross pay per pay period would be $2,000 ($52,000 / 26).

2. Pre-Tax Deductions

These are amounts subtracted from your gross pay before taxes are calculated. Because they reduce your taxable income, they can lower your overall tax liability. Common pre-tax deductions include:

401(k) or 403(b) contributions: Retirement savings plans.
Health, dental, and vision insurance premiums: Your share of healthcare costs.
Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs): Accounts for healthcare or dependent care expenses.

Example: If your bi-weekly gross pay is $2,000 and you contribute $100 to your 401(k) and $50 for health insurance, your total pre-tax deductions are $150.

3. Taxable Gross Pay

This is the amount of your income that is subject to federal and state income taxes. It's calculated by subtracting your pre-tax deductions from your gross pay.

Example: With a $2,000 gross pay and $150 in pre-tax deductions, your taxable gross pay is $1,850 ($2,000 – $150).

4. Taxes Withheld

This is often the largest chunk taken from your paycheck. It includes:

Federal Income Tax: Paid to the U.S. government, based on your income, filing status, and W-4 elections.
State Income Tax: Paid to your state government (not all states have state income tax).
Social Security Tax (FICA): Funds Social Security benefits for retirees, disabled workers, and survivors. The current rate is 6.2% on earnings up to an annual limit.
Medicare Tax (FICA): Funds Medicare, a federal health insurance program. The current rate is 1.45% on all earnings.

Example: Using a taxable gross of $1,850, a 15% federal tax rate, and a 5% state tax rate:

Federal Tax: $1,850 * 0.15 = $277.50
State Tax: $1,850 * 0.05 = $92.50
Social Security Tax (on gross pay $2,000): $2,000 * 0.062 = $124.00
Medicare Tax (on gross pay $2,000): $2,000 * 0.0145 = $29.00
Total Taxes: $277.50 + $92.50 + $124.00 + $29.00 = $523.00

5. Post-Tax Deductions

These are deductions taken from your pay after taxes have been calculated and withheld. They do not reduce your taxable income. Examples include:

Roth 401(k) contributions: Retirement savings that are taxed now, but tax-free in retirement.
Union dues: Fees paid to a labor union.
Garnishments: Court-ordered deductions for debts like child support or student loans.
Charitable contributions: Donations made directly from your paycheck.

Example: If you pay $50 in union dues bi-weekly, this is a post-tax deduction.

6. Net Pay (Take-Home Pay)

This is the final amount you receive after all pre-tax deductions, taxes, and post-tax deductions have been subtracted from your gross pay. It's the money that actually lands in your bank account.

Example:

Gross Pay: $2,000
Minus Pre-Tax Deductions: $150
Minus Total Taxes: $523.00
Minus Post-Tax Deductions: $50
Net Pay: $2,000 – $150 – $523.00 – $50 = $1,277.00

How to Use the Calculator

Enter your Gross Pay per Pay Period: Find this on your pay stub or calculate it from your annual salary.
Input Tax Rates: Use the percentages for Federal, State, Social Security, and Medicare taxes. These are often standard or can be found on your pay stub or tax documents.
Add Deductions: Enter your pre-tax and post-tax deduction amounts for the pay period.
Click "Calculate Paycheck": The calculator will instantly display a detailed breakdown of your estimated net pay.

Important Disclaimer

This calculator provides an estimate of your paycheck based on the information you provide. Actual withholdings can vary due to factors like specific tax brackets, additional withholdings, local taxes, and annual limits on certain deductions (e.g., Social Security). Always refer to your official pay stub for exact figures and consult with a financial advisor or tax professional for personalized advice.