Colorado Payroll Calculator
Use this calculator to estimate your net pay after federal, state, and FICA taxes, along with common deductions, for employees in Colorado.
Weekly (52)
Bi-Weekly (26)
Semi-Monthly (24)
Monthly (12)
Federal Withholding (Based on W-4)
Single
Married Filing Jointly
Head of Household
Deductions
Understanding Your Colorado Paycheck
A Colorado payroll calculator helps employees and employers estimate net pay by factoring in various deductions from gross wages. This includes federal income tax, FICA taxes (Social Security and Medicare), Colorado state income tax, and any pre-tax or post-tax deductions.
Gross Pay
This is your total earnings before any taxes or deductions are taken out. It can be based on an hourly rate multiplied by hours worked, or a fixed salary amount for a given pay period.
Federal Income Tax (FIT)
Federal income tax is withheld from your paycheck based on the information you provide on your W-4 form. This includes your filing status (Single, Married Filing Jointly, Head of Household), the number of dependents you claim, and any additional income, deductions, or extra withholding you specify. The calculator uses a simplified percentage method based on IRS guidelines to estimate this amount.
FICA Taxes (Social Security & Medicare)
- Social Security (OASDI): This tax funds benefits for retirees, the disabled, and survivors. For 2024, the employee contribution rate is 6.2% of your gross wages, up to an annual wage base limit of $168,600.
- Medicare (HI): This tax funds hospital insurance for the elderly and disabled. For 2024, the employee contribution rate is 1.45% of all gross wages, with no wage base limit.
Colorado State Income Tax
Colorado has a flat income tax rate. For 2024, the state income tax rate is 4.40% of your taxable income. Unlike federal tax, Colorado does not have a progressive tax bracket system or state-specific allowances that directly reduce your taxable income in the same way federal allowances used to.
Pre-tax Deductions
These are deductions taken from your gross pay before taxes are calculated. Common examples include contributions to a 401(k) or 403(b) retirement plan, health insurance premiums, and Flexible Spending Account (FSA) contributions. Pre-tax deductions reduce your taxable income for federal, state, and sometimes FICA taxes, leading to a lower overall tax burden.
Post-tax Deductions
These deductions are taken from your pay after all applicable taxes have been calculated and withheld. Examples include Roth 401(k) contributions, garnishments, union dues, or charitable contributions. Post-tax deductions do not reduce your taxable income.
Net Pay
Your net pay, or "take-home pay," is the amount remaining after all federal, state, and FICA taxes, as well as any pre-tax and post-tax deductions, have been subtracted from your gross pay.
Example Calculation
Let's consider an example for a bi-weekly pay period:
- Gross Pay: $2,000
- Pay Frequency: Bi-Weekly (26 pay periods per year)
- Federal Filing Status: Single
- Dependents: 0
- Pre-tax Deductions: $100 (e.g., 401k)
- Post-tax Deductions: $20 (e.g., Roth 401k)
Based on these inputs, the calculator would estimate:
- Gross Pay: $2,000.00
- Federal Income Tax: ~$151.69
- Social Security Tax: $124.00
- Medicare Tax: $29.00
- Colorado State Tax: $83.60
- Pre-tax Deductions: $100.00
- Post-tax Deductions: $20.00
- Estimated Net Pay: ~$1,491.71
Note: This calculator provides estimates. Actual payroll deductions may vary based on specific circumstances, additional local taxes, or other factors. Consult with a payroll professional for precise calculations.
Gross Pay: $${grossPay.toFixed(2)}
– Federal Income Tax: $${federalIncomeTax.toFixed(2)}
– Social Security Tax: $${socialSecurityTax.toFixed(2)}
– Medicare Tax: $${medicareTax.toFixed(2)}
– Colorado State Tax: $${coloradoStateTax.toFixed(2)}
– Pre-tax Deductions: $${preTaxDeductions.toFixed(2)}
– Post-tax Deductions: $${postTaxDeductions.toFixed(2)}
Net Pay: $${netPay.toFixed(2)}
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// Run calculation on page load with default values
document.addEventListener('DOMContentLoaded', calculateColoradoPayroll);