Paycheck Calculator
Calculate your take-home pay after taxes and deductions. See your net income by pay period.
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Tax Rates
Pre-Tax Deductions
What is Take-Home Pay?
Take-home pay (also called net pay) is the amount of money you actually receive after all taxes and deductions are subtracted from your gross salary. It's what gets deposited into your bank account each pay period.
Understanding your take-home pay is crucial for budgeting, financial planning, and evaluating job offers. This calculator helps you see exactly where your money goes and how much you'll actually have to spend.
Understanding Your Taxes
Federal Income Tax
Federal income tax is a progressive tax collected by the IRS. The rates range from 10% to 37% depending on your income level and filing status. Tax brackets determine what percentage you pay on each portion of your income.
State Income Tax
State income tax varies widely by state. Some states like Texas, Florida, and Washington have no state income tax, while others like California and New York have rates up to 13.3%. Check your state's tax rates for accuracy.
Local Tax
Local taxes include city, county, or school district taxes that vary by location. Major cities like New York City, Philadelphia, and Detroit have significant local income taxes.
FICA Taxes (Social Security & Medicare)
FICA taxes fund Social Security and Medicare programs. In 2024, the combined rate is 7.65% (6.2% for Social Security up to $168,600, plus 1.45% for Medicare). Employers pay an equal amount.
Pre-Tax Deductions
401(k)
401(k) contributions are deducted before taxes, reducing your taxable income. The 2024 contribution limit is $23,000 ($30,500 if you're 50 or older). Many employers offer matching contributions - free money you shouldn't miss!
Health Insurance
Employer-sponsored health insurance premiums are typically deducted pre-tax through Section 125 cafeteria plans. The average employee contribution for single coverage is about $100-200/month.
Other Deductions
Other pre-tax deductions may include: FSA/HSA contributions, dental and vision insurance, life insurance, disability insurance, commuter benefits, and dependent care FSA.
Tips for Maximizing Take-Home Pay
Review your W-4 withholdings annually - too much withheld means an interest-free loan to the government.
Maximize pre-tax contributions to 401(k) and HSA to reduce taxable income.
Consider if itemizing deductions vs. standard deduction benefits you more.
Take advantage of employer matching in retirement plans - it's free money.
Keep track of tax-deductible expenses throughout the year.
If you have a side income, make estimated tax payments to avoid penalties.
How to Use This Calculator
- 1
Enter your gross salary and select the pay frequency (annual, monthly, bi-weekly, weekly, or hourly).
- 2
Input your tax rates. Use estimated federal rates based on your bracket, and check your state's income tax rate.
- 3
Add your FICA rates (typically 6.2% Social Security and 1.45% Medicare).
- 4
Include any pre-tax deductions like 401(k) percentage, health insurance, and other monthly deductions.
- 5
Click Calculate to see your take-home pay broken down by pay period.
Practical Examples
Example 1: $75,000 Annual Salary
Annual salary: $75,000 | Federal: 22% | State: 5% | FICA: 7.65% | 401(k): 6%
Gross monthly: $6,250 | Taxes: ~$2,166 | 401(k): $375 | Net monthly: ~$3,709
Example 2: $50,000 with No 401(k)
Annual salary: $50,000 | Federal: 12% | State: 4% | FICA: 7.65% | No 401(k)
Gross monthly: $4,167 | Taxes: ~$986 | Net monthly: ~$3,181
Example 3: $100,000 High Deductions
Annual salary: $100,000 | Federal: 24% | State: 6% | 401(k): 10% | Health: $300/month
Gross monthly: $8,333 | Taxes: ~$3,050 | Deductions: $1,133 | Net monthly: ~$4,150
Frequently Asked Questions
Why is my take-home pay so much less than my salary?
Taxes and deductions significantly reduce gross pay. Federal, state, and local taxes combined with FICA can take 25-40% of your gross income. Pre-tax deductions like 401(k) and health insurance further reduce what you receive.
How accurate is this calculator?
This calculator provides estimates based on the rates you enter. Actual withholdings may vary due to tax credits, filing status, dependents, and other factors. Use it for planning, but consult a tax professional for precise calculations.
Should I adjust my tax withholding?
If you consistently get large refunds (over $1,000), you may be over-withholding. Consider adjusting your W-4 to increase take-home pay. Conversely, if you owe taxes, you may need to withhold more.
What's the difference between gross and net pay?
Gross pay is your total earnings before any deductions. Net pay (take-home pay) is what you receive after taxes and deductions. Net pay is what actually hits your bank account.
How does the Social Security wage base limit work?
In 2024, you only pay the 6.2% Social Security tax on the first $168,600 of wages. Income above this amount is not subject to Social Security tax, though Medicare (1.45%) has no limit.
Are 401(k) contributions really pre-tax?
Yes, traditional 401(k) contributions are deducted before federal and state income taxes, reducing your taxable income. However, FICA taxes are still applied to your full gross wages before 401(k) deductions.
What if I live in a state with no income tax?
If you live in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, or Wyoming, enter 0% for state tax rate.
How can I increase my take-home pay?
Options include: adjusting W-4 withholdings, maxing out pre-tax benefits (FSA/HSA), ensuring you're not over-contributing to retirement if cash flow is tight, and checking for available tax credits.