Key Takeaways
- Your net pay is your gross pay minus all taxes and deductions
- FICA taxes (7.65%) are mandatory for almost all employees
- Federal tax rates range from 10% to 37% based on income brackets
- 9 states have no state income tax: AK, FL, NV, NH, SD, TN, TX, WA, WY
- Pre-tax deductions (401k, HSA) can lower your taxable income
About the Paycheck Calculator
The Paycheck Calculator is a comprehensive tool designed to help you understand exactly how much money you'll take home from each paycheck. It accounts for federal income tax, state income tax, FICA taxes (Social Security and Medicare), and any additional deductions you may have.
How to Use This Calculator
- Enter your gross pay - This is your total earnings before any deductions
- Select your pay frequency - Weekly, bi-weekly, semi-monthly, monthly, or annual
- Enter your federal tax rate - Based on your tax bracket (10%, 12%, 22%, 24%, 32%, 35%, or 37%)
- Enter your state tax rate - Varies by state (0% to ~13%)
- FICA is pre-filled - Standard rate is 7.65%
- Add other deductions - Include 401k contributions, health insurance premiums, etc.
- Click "Calculate" to see your detailed paycheck breakdown
Understanding Your Paycheck Deductions
Federal Income Tax
Federal income tax is calculated based on your taxable income and filing status. The US uses a progressive tax system with brackets ranging from 10% to 37%. The rate you enter should be your marginal tax rate (the rate on your last dollar of income).
FICA Taxes
FICA stands for Federal Insurance Contributions Act. It consists of two parts:
- Social Security: 6.2% on earnings up to $168,600 (2024)
- Medicare: 1.45% on all earnings (additional 0.9% on earnings over $200,000)
State Income Tax
State income tax varies significantly by state. Some states like Texas, Florida, and Washington have no state income tax, while others like California can have rates up to 13.3% for high earners.
Net Pay = Gross Pay - Federal Tax - State Tax - FICA - Other Deductions
Where each tax = Gross Pay x (Tax Rate / 100)
2024 Federal Tax Brackets (Single Filers)
- 10%: $0 - $11,600
- 12%: $11,601 - $47,150
- 22%: $47,151 - $100,525
- 24%: $100,526 - $191,950
- 32%: $191,951 - $243,725
- 35%: $243,726 - $609,350
- 37%: Over $609,350
Frequently Asked Questions
Gross pay is your total earnings before any deductions. Net pay (also called take-home pay) is what you actually receive after all taxes and deductions are subtracted. For example, if you earn $5,000 gross and have $1,500 in total deductions, your net pay is $3,500.
FICA (Federal Insurance Contributions Act) is 7.65% because it combines two taxes: Social Security at 6.2% and Medicare at 1.45%. Your employer also pays a matching 7.65%, so the total FICA contribution is 15.3%. Self-employed individuals pay the full 15.3% themselves.
Your federal tax bracket depends on your taxable income and filing status. Look at your annual income after deductions and compare it to the tax bracket tables. For most employees earning between $47,151 and $100,525 (single filers in 2024), the marginal rate is 22%.
Nine states have no state income tax: Alaska, Florida, Nevada, New Hampshire (dividends and interest only), South Dakota, Tennessee, Texas, Washington, and Wyoming. If you live in one of these states, enter 0% for state tax in the calculator.
Yes! Pre-tax deductions like 401(k) contributions, HSA contributions, and certain insurance premiums reduce your taxable income. For example, contributing $500/month to a 401(k) reduces your annual taxable income by $6,000, potentially lowering your tax bracket.
Additional Resources
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