Payroll Calculator
Estimate your take-home pay after federal taxes and deductions
Paycheck Breakdown
Annual Estimates
Understanding Your Paycheck
Your paycheck includes several mandatory deductions that reduce your gross pay to your net (take-home) pay. Understanding these deductions helps you plan your budget and ensure your employer is withholding the correct amounts.
🏛️ Federal Income Tax
Based on your income, filing status, and W-4 allowances. Uses progressive tax brackets where higher income portions are taxed at higher rates.
🔒 Social Security (FICA)
6.2% of your gross pay up to the wage base limit ($168,600 in 2024). Funds retirement, disability, and survivor benefits.
🏥 Medicare
1.45% of all gross pay with no wage limit. Additional 0.9% for high earners. Funds healthcare for seniors and disabled individuals.
📍 State & Local Taxes
Varies by state and locality. Some states have no income tax, while others can add 5-13% or more. Not included in this calculator.
How to Use This Calculator
- 1. Enter Gross Pay: Your total earnings before any deductions for this pay period.
- 2. Select Pay Frequency: How often you get paid (weekly, bi-weekly, semi-monthly, or monthly).
- 3. Choose Filing Status: Your tax filing status as indicated on your W-4 form.
- 4. Enter Allowances: The number of allowances from your W-4. More allowances = less tax withheld.
⚠️ Important Disclaimer
This calculator provides estimates only and does not include state taxes, local taxes, pre-tax deductions (401k, health insurance), or other withholdings. Actual paycheck amounts will vary. For accurate payroll processing, consult a tax professional or use certified payroll software.
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Frequently Asked Questions
How accurate is this payroll calculator?
This calculator provides estimates based on standard federal tax brackets for 2024. Actual amounts may vary based on state taxes, local taxes, pre-tax deductions, and your specific tax situation. For precise payroll calculations, consult a tax professional or use certified payroll software.
What deductions are included?
The calculator estimates Federal Income Tax, Social Security (6.2%), and Medicare (1.45%). It does not include state income tax, local taxes, health insurance premiums, 401(k) contributions, or other voluntary deductions.
What's the difference between gross and net pay?
Gross pay is the total amount earned before any deductions. Net pay (take-home pay) is what remains after all taxes and deductions are subtracted from gross pay.
How is federal income tax calculated?
Federal income tax uses progressive tax brackets. Your income is divided into portions, and each portion is taxed at its corresponding rate. The calculator uses 2024 tax brackets for single and married filing jointly statuses.
Can I use this for my business payroll?
This calculator is for estimation purposes only. For actual business payroll, you need to consider employer taxes (matching FICA), state requirements, and proper tax withholding. Create a free Finorly account for more comprehensive payroll tools.
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