Estimate your 2024 take-home pay after federal taxes and FICA.
Single
Married Filing Jointly
Head of Household
Gross Annual Income:$0.00
FICA (Social Security + Medicare):-$0.00
Federal Income Tax:-$0.00
Estimated State Tax:-$0.00
Annual Take-Home Pay:$0.00
Monthly Take-Home:$0.00
How Your W-2 Paycheck is Calculated
When you receive a W-2 from your employer, your "Gross Pay" is not what actually ends up in your bank account. Various mandatory and voluntary deductions are taken out first. This calculator helps you estimate your net take-home pay by simulating the federal tax withholding process for 2024.
Key Components of W-2 Deductions
FICA Taxes: This consists of Social Security (6.2% up to the wage base limit) and Medicare (1.45%). Employers match these amounts, but you only see your portion deducted.
Federal Income Tax: The United States uses a progressive tax system. This means your income is divided into "brackets," and higher portions of your income are taxed at higher rates.
Standard Deduction: For 2024, the standard deduction is $14,600 for single filers and $29,200 for married filing jointly. This amount is subtracted from your gross income before federal income tax is calculated.
Pre-tax Deductions: Contributions to a 401(k), 403(b), or Health Savings Account (HSA) reduce your taxable income, effectively lowering the amount of tax you owe.
W-2 vs. 1099: What's the Difference?
A W-2 employee has taxes withheld by their employer and usually receives benefits like health insurance. A 1099 contractor is self-employed and must pay both the employer and employee portions of FICA (known as Self-Employment Tax, totaling 15.3%), though they can often deduct more business expenses.
Calculation Example
If you earn $60,000 annually as a single filer:
Subtract Standard Deduction (~$14,600) = $45,400 Taxable.
Calculate FICA: 7.65% of $60,000 = $4,590.
Calculate Federal Tax using progressive brackets on the remaining $45,400.