Take-Home Paycheck Calculator
Estimate how much of your salary you'll actually take home after taxes and deductions. Our calculator provides a detailed breakdown of your after-tax income.
Paycheck Calculator
Income Details
Tax Settings
Take-Home Pay Results
What Are Paycheck Taxes?
Paycheck taxes are the various taxes that are withheld from your gross pay before you receive your paycheck. These include federal income tax, state income tax (in states that have them), and FICA taxes (Social Security and Medicare).
Understanding how these taxes work is essential for financial planning and ensuring you're not having too much or too little withheld from your paychecks.
Types of Paycheck Taxes
Federal Income Tax
Federal income tax is based on a progressive tax system, with tax rates ranging from 10% to 37% depending on your income and filing status. Your employer withholds this tax based on the information you provide on your W-4 form.
State Income Tax
Most states impose their own income taxes, with rates varying widely by state. Some states have flat tax rates, while others use progressive systems similar to federal income tax. Seven states have no income tax at all.
FICA Taxes
FICA taxes fund Social Security (6.2%) and Medicare (1.45%). These percentages are applied to your gross income up to certain limits. Unlike income taxes, FICA taxes are flat rates that don't vary based on your income level or filing status.
Pre-Tax Deductions
Pre-tax deductions are amounts withheld from your gross pay before taxes are calculated, reducing your taxable income. Common pre-tax deductions include:
- 401(k) or other retirement plan contributions
- Health insurance premiums
- Health Savings Account (HSA) contributions
- Flexible Spending Account (FSA) contributions
Understanding Your W-4 Form
The W-4 form tells your employer how much federal income tax to withhold from your pay. Here's how to complete it:
- Enter your personal information, including name, address, and Social Security number.
- Note multiple jobs or working spouse status to ensure enough tax is withheld.
- Claim dependents, which can reduce your tax withholding.
- Make adjustments for other income, deductions, or additional withholding if needed.
How to Use This Calculator
- Enter your gross income (before any taxes or deductions).
- Select your pay period (annual, monthly, bi-weekly, or weekly).
- Choose your tax filing status (single, married filing jointly, or head of household).
- Adjust the tax rates if necessary for your specific situation.
- View your estimated take-home pay and tax breakdown.
Remember that this calculator provides estimates. For precise tax calculations, consult with a tax professional.
Frequently Asked Questions
Why is my take-home pay so much less than my gross pay?
Your take-home pay is less than your gross pay due to various taxes and possibly pre-tax deductions. Federal and state income taxes, Social Security, Medicare, and deductions for benefits like health insurance and retirement plans all reduce your gross pay.
How can I increase my take-home pay?
You can potentially increase your take-home pay by adjusting your W-4 withholdings, increasing pre-tax contributions to retirement accounts, taking advantage of tax credits you qualify for, or itemizing deductions if they exceed the standard deduction.
Are bonuses taxed at a higher rate?
Bonuses aren't actually taxed at a higher rate, though it may seem that way. Supplemental wages like bonuses are typically subject to a flat 22% federal withholding rate, which might be higher or lower than your normal tax bracket. When you file your taxes, bonuses are ultimately taxed at the same rate as your other income.