Calculate Net Paycheck

Net Paycheck Calculator

Use this calculator to estimate your take-home pay after various deductions. Understanding your net paycheck is crucial for budgeting and financial planning.

Weekly Bi-Weekly Semi-Monthly Monthly

e.g., 401(k) contributions, health insurance premiums

e.g., Roth 401(k) contributions, union dues

Understanding Your Net Paycheck

Your net paycheck, often referred to as your "take-home pay," is the amount of money you actually receive after all deductions have been subtracted from your gross earnings. While your gross salary is the total amount your employer pays you before any deductions, your net pay is what lands in your bank account.

Key Components of Your Paycheck:

  • Gross Pay: This is your total earnings before any taxes or other deductions are taken out. It can be an annual salary, hourly wages multiplied by hours worked, or a commission.
  • Pre-Tax Deductions: These are amounts subtracted 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. Because these deductions reduce your taxable income, they can lower your overall tax liability.
  • Taxes:
    • Federal Income Tax: This is withheld based on your W-4 form and current tax laws. The amount depends on your income, filing status, and any allowances or additional withholdings you've specified.
    • State Income Tax: Similar to federal tax, but levied by your state government. Not all states have state income tax.
    • FICA Taxes (Social Security and Medicare): These are mandatory federal taxes that fund Social Security and Medicare programs. Social Security tax is typically 6.2% of your gross pay (up to an annual limit), and Medicare tax is 1.45% of all gross pay.
  • Post-Tax Deductions: These are amounts subtracted from your pay *after* all taxes have been calculated and withheld. Examples include Roth 401(k) contributions, union dues, garnishments, and some types of life insurance premiums.

How the Calculator Works:

Our Net Paycheck Calculator simplifies this process by taking your annual gross salary, pay frequency, and estimated tax rates, along with any pre-tax and post-tax deductions. It then performs the following steps:

  1. Calculates your gross pay for each pay period based on your annual salary and chosen frequency.
  2. Subtracts pre-tax deductions from your gross pay to determine your taxable income.
  3. Calculates FICA taxes (Social Security and Medicare) based on your taxable income.
  4. Applies your specified federal and state income tax withholding rates to the taxable income.
  5. Sums up all taxes and subtracts them from your taxable income.
  6. Finally, it subtracts any post-tax deductions to arrive at your estimated net pay per period.

Please note that this calculator provides an estimate. Actual withholdings can vary based on specific state and local tax laws, additional deductions, and the precise details of your W-4 form.

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Calculate Gross Pay per Period var grossPayPerPeriod = grossAnnualSalary / payPeriodsPerYear; // 2. Subtract Pre-Tax Deductions var taxableGrossPay = grossPayPerPeriod – preTaxDeductions; if (taxableGrossPay < 0) { taxableGrossPay = 0; // Ensure taxable income doesn't go negative due to excessive pre-tax deductions } // 3. Calculate FICA Taxes var socialSecurityTax = taxableGrossPay * socialSecurityRate; var medicareTax = taxableGrossPay * medicareRate; // 4. Calculate Federal and State Income Taxes var federalIncomeTax = taxableGrossPay * (federalTaxRate / 100); var stateIncomeTax = taxableGrossPay * (stateTaxRate / 100); // 5. Calculate Total Taxes var totalTaxes = socialSecurityTax + medicareTax + federalIncomeTax + stateIncomeTax; // 6. Calculate Net Pay before Post-Tax Deductions var netPayBeforePostTax = grossPayPerPeriod – preTaxDeductions – totalTaxes; // 7. Calculate Final Net Pay var finalNetPay = netPayBeforePostTax – postTaxDeductions; if (finalNetPay < 0) { finalNetPay = 0; // Net pay cannot be negative } // Display Results var resultDiv = document.getElementById("result"); resultDiv.innerHTML = "Estimated Net Pay per Period: $" + finalNetPay.toFixed(2) + "" + "Gross Pay per Period: $" + grossPayPerPeriod.toFixed(2) + "" + "Pre-Tax Deductions: $" + preTaxDeductions.toFixed(2) + "" + "Taxable Gross Pay: $" + taxableGrossPay.toFixed(2) + "" + "Federal Income Tax: $" + federalIncomeTax.toFixed(2) + "" + "State Income Tax: $" + stateIncomeTax.toFixed(2) + "" + "Social Security Tax: $" + socialSecurityTax.toFixed(2) + "" + "Medicare Tax: $" + medicareTax.toFixed(2) + "" + "Total Taxes: $" + totalTaxes.toFixed(2) + "" + "Post-Tax Deductions: $" + postTaxDeductions.toFixed(2) + ""; } // Run calculation on page load with default values window.onload = calculateNetPaycheck;

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