Takehome Pay Calculator

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Take-Home Pay Calculator

Estimate your net income after federal taxes, FICA, and state deductions.

Single Married Filing Jointly Head of Household
Gross Monthly Pay:
Federal Income Tax:
FICA (Soc Sec + Medicare):
State Income Tax:
Estimated Annual Take-Home:
Estimated Monthly Take-Home:
function calculateNetPay() { var gross = parseFloat(document.getElementById('grossSalary').value) || 0; var preTax = parseFloat(document.getElementById('preTaxDeductions').value) || 0; var stateRate = parseFloat(document.getElementById('stateTaxRate').value) || 0; var status = document.getElementById('filingStatus').value; if (gross <= 0) { alert("Please enter a valid gross salary."); return; } // 2024 Standard Deductions (Approximate) var standardDeduction = 14600; if (status === 'married') standardDeduction = 29200; if (status === 'head') standardDeduction = 21900; var taxableIncome = gross – preTax – standardDeduction; if (taxableIncome 609350) fedTax = 174238 + (taxableIncome – 609350) * 0.37; else if (taxableIncome > 243725) fedTax = 46294 + (taxableIncome – 243725) * 0.35; else if (taxableIncome > 191950) fedTax = 29748 + (taxableIncome – 191950) * 0.32; else if (taxableIncome > 100525) fedTax = 16290 + (taxableIncome – 100525) * 0.24; else if (taxableIncome > 47150) fedTax = 5454 + (taxableIncome – 47150) * 0.22; else if (taxableIncome > 11600) fedTax = 1160 + (taxableIncome – 11600) * 0.12; else fedTax = taxableIncome * 0.10; } else if (status === 'married') { if (taxableIncome > 731200) fedTax = 184502 + (taxableIncome – 731200) * 0.37; else if (taxableIncome > 487450) fedTax = 98939 + (taxableIncome – 487450) * 0.35; else if (taxableIncome > 383900) fedTax = 65863 + (taxableIncome – 383900) * 0.32; else if (taxableIncome > 201050) fedTax = 36241 + (taxableIncome – 201050) * 0.24; else if (taxableIncome > 94300) fedTax = 10908 + (taxableIncome – 94300) * 0.22; else if (taxableIncome > 23200) fedTax = 2320 + (taxableIncome – 23200) * 0.12; else fedTax = taxableIncome * 0.10; } else { // Head of Household if (taxableIncome > 609350) fedTax = 179025 + (taxableIncome – 609350) * 0.37; else if (taxableIncome > 243700) fedTax = 51081 + (taxableIncome – 243700) * 0.35; else if (taxableIncome > 191950) fedTax = 34521 + (taxableIncome – 191950) * 0.32; else if (taxableIncome > 100500) fedTax = 16573 + (taxableIncome – 100500) * 0.24; else if (taxableIncome > 63100) fedTax = 8345 + (taxableIncome – 63100) * 0.22; else if (taxableIncome > 16550) fedTax = 1655 + (taxableIncome – 16550) * 0.12; else fedTax = taxableIncome * 0.10; } // FICA Calculations var socSec = Math.min(gross, 168600) * 0.062; var medicare = gross * 0.0145; var totalFICA = socSec + medicare; // State Tax var stateTax = gross * (stateRate / 100); // Final Totals var totalDeductions = fedTax + totalFICA + stateTax + preTax; var annualNet = gross – (fedTax + totalFICA + stateTax); var monthlyNet = annualNet / 12; // Display Results document.getElementById('resGrossMonthly').innerText = "$" + (gross / 12).toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resFedTax').innerText = "-$" + (fedTax).toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resFICA').innerText = "-$" + (totalFICA).toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resStateTax').innerText = "-$" + (stateTax).toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resNetAnnual').innerText = "$" + (annualNet).toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resNetMonthly').innerText = "$" + (monthlyNet).toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2}); document.getElementById('resultsArea').style.display = 'block'; }

Take-Home Pay Calculator: How Much Money Do You Actually Pocket?

Understanding the difference between your gross salary and your net income is crucial for budgeting and financial planning. While your offer letter might boast a high annual figure, your take-home pay—the amount that actually hits your bank account—is often significantly lower after taxes and benefits are deducted.

What is Take-Home Pay?

Take-home pay, or net income, is the amount of money an employee receives after all payroll deductions have been subtracted from their gross pay. These deductions include federal income taxes, state taxes, Social Security, Medicare, and any voluntary contributions like health insurance premiums or retirement savings.

Key Deductions Explained

  • Federal Income Tax: A progressive tax collected by the IRS. The rate you pay increases as your income moves into higher "brackets."
  • FICA (Federal Insurance Contributions Act): This consists of Social Security (6.2%) and Medicare (1.45%) taxes. Note that Social Security taxes are only applied up to a specific income cap ($168,600 for 2024).
  • State Income Tax: Depending on where you live, you may pay a flat percentage, a progressive rate, or no state tax at all (e.g., Florida, Texas).
  • Pre-Tax Deductions: These are contributions to 401(k) plans, Health Savings Accounts (HSA), or employer-sponsored medical insurance. These reduce your taxable income, potentially lowering your overall tax bill.

How to Calculate Your Net Income

To manually estimate your pay, follow these steps:

  1. Start with your Gross Salary.
  2. Subtract Pre-tax contributions (like 401k or health insurance).
  3. Subtract the Standard Deduction based on your filing status to find your taxable income.
  4. Apply the Federal Tax Brackets to your taxable income.
  5. Calculate FICA taxes based on your total gross pay.
  6. Subtract State and Local taxes.

Example Calculation

If you are a Single filer earning $75,000 per year in a state with a 5% flat tax, and you contribute $5,000 to your 401(k):

  • Gross Income: $75,000
  • Taxable Income (after 401k & Std Deduction): ~$55,400
  • Estimated Federal Tax: ~$7,200
  • FICA Tax: ~$5,737
  • State Tax: $3,750
  • Estimated Annual Take-Home: ~$58,313
  • Estimated Monthly Take-Home: ~$4,859

Why Use a Take-Home Pay Calculator?

Manual calculations are prone to error due to the complexity of tax brackets and changing IRS regulations. Our calculator provides a quick, reliable estimate based on 2024 tax rules, helping you plan for monthly expenses, rent, or mortgage payments with confidence. Always consult with a tax professional for precise financial advice tailored to your specific situation.

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