Your estimated annual net salary will appear here.
Understanding Your Salary and Taxes
Calculating the impact of taxes on your salary is crucial for financial planning. This calculator helps you estimate your net income after deducting common taxes like federal income tax, state income tax, Social Security, and Medicare. It provides a clear picture of how much of your gross salary you can expect to take home.
How it Works: The Calculation
The calculator takes your Annual Gross Salary and applies different tax rates to determine the tax deductions. The formula is as follows:
Federal Income Tax: Gross Salary * (Federal Tax Rate / 100)
State Income Tax: Gross Salary * (State Tax Rate / 100)
Estimated Net Salary = $80,000 – $26,920 = $53,080
Important Considerations
This calculator provides an estimation and does not account for all possible tax deductions, credits, or specific tax laws that may apply to your individual situation (e.g., 401k contributions, health insurance premiums, capital gains tax, local taxes, tax brackets, etc.). Tax laws can also change. For precise figures, it is always recommended to consult with a qualified tax professional or refer to official tax resources.
function calculateTaxes() {
var grossSalary = parseFloat(document.getElementById("grossSalary").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 resultDiv = document.getElementById("result");
resultDiv.style.backgroundColor = "var(–success-green)"; // Reset to default green
if (isNaN(grossSalary) || grossSalary < 0 ||
isNaN(federalTaxRate) || federalTaxRate 100 ||
isNaN(stateTaxRate) || stateTaxRate 100 ||
isNaN(socialSecurityRate) || socialSecurityRate 100 ||
isNaN(medicareRate) || medicareRate 100) {
resultDiv.innerHTML = "Please enter valid positive numbers for all fields.";
resultDiv.style.backgroundColor = "#dc3545"; // Error red
return;
}
var federalTaxAmount = grossSalary * (federalTaxRate / 100);
var stateTaxAmount = grossSalary * (stateTaxRate / 100);
var socialSecurityAmount = grossSalary * (socialSecurityRate / 100);
var medicareAmount = grossSalary * (medicareRate / 100);
var totalTaxDeductions = federalTaxAmount + stateTaxAmount + socialSecurityAmount + medicareAmount;
var netSalary = grossSalary – totalTaxDeductions;
if (netSalary < 0) {
netSalary = 0; // Cannot have negative net salary
}
resultDiv.innerHTML =
"Total Estimated Annual Tax Deductions: $" + totalTaxDeductions.toFixed(2) + "" +
"Estimated Annual Net Salary: $" + netSalary.toFixed(2) + "";
}