Income Comparison Calculator
Use this calculator to compare two different income scenarios side-by-side. This is useful for evaluating job offers, understanding the impact of a career change, or simply budgeting by seeing how different income streams and deductions affect your take-home pay.
Comparison Results
Scenario 1 Summary
Total Gross Income:
Taxable Income:
Estimated Annual Tax:
Net Annual Income:
Net Monthly Income:
Net Bi-Weekly Income:
Net Weekly Income:
Scenario 2 Summary
Total Gross Income:
Taxable Income:
Estimated Annual Tax:
Net Annual Income:
Net Monthly Income:
Net Bi-Weekly Income:
Net Weekly Income:
Differences (Scenario 2 – Scenario 1)
Total Gross Income Difference:
Taxable Income Difference:
Estimated Annual Tax Difference:
Net Annual Income Difference:
Net Monthly Income Difference:
Net Bi-Weekly Income Difference:
Net Weekly Income Difference:
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function calculateIncomeComparison() {
// Helper function to parse input and handle NaN
function parseInput(id) {
var value = parseFloat(document.getElementById(id).value);
return isNaN(value) ? 0 : value;
}
// Get inputs for Scenario 1
var annualGrossIncome1 = parseInput("annualGrossIncome1");
var annualBonuses1 = parseInput("annualBonuses1");
var otherAnnualIncome1 = parseInput("otherAnnualIncome1");
var annualDeductions1 = parseInput("annualDeductions1");
var taxRate1 = parseInput("taxRate1");
// Get inputs for Scenario 2
var annualGrossIncome2 = parseInput("annualGrossIncome2");
var annualBonuses2 = parseInput("annualBonuses2");
var otherAnnualIncome2 = parseInput("otherAnnualIncome2");
var annualDeductions2 = parseInput("annualDeductions2");
var taxRate2 = parseInput("taxRate2");
// — Calculations for Scenario 1 —
var totalGross1 = annualGrossIncome1 + annualBonuses1 + otherAnnualIncome1;
var taxableIncome1 = totalGross1 – annualDeductions1;
if (taxableIncome1 < 0) taxableIncome1 = 0; // Cannot have negative taxable income
var estimatedAnnualTax1 = taxableIncome1 * (taxRate1 / 100);
var netAnnual1 = taxableIncome1 – estimatedAnnualTax1;
var netMonthly1 = netAnnual1 / 12;
var netBiWeekly1 = netAnnual1 / 26;
var netWeekly1 = netAnnual1 / 52;
// — Calculations for Scenario 2 —
var totalGross2 = annualGrossIncome2 + annualBonuses2 + otherAnnualIncome2;
var taxableIncome2 = totalGross2 – annualDeductions2;
if (taxableIncome2 < 0) taxableIncome2 = 0; // Cannot have negative taxable income
var estimatedAnnualTax2 = taxableIncome2 * (taxRate2 / 100);
var netAnnual2 = taxableIncome2 – estimatedAnnualTax2;
var netMonthly2 = netAnnual2 / 12;
var netBiWeekly2 = netAnnual2 / 26;
var netWeekly2 = netAnnual2 / 52;
// — Comparison Calculations (Scenario 2 – Scenario 1) —
var diffTotalGross = totalGross2 – totalGross1;
var diffTaxableIncome = taxableIncome2 – taxableIncome1;
var diffEstimatedTax = estimatedAnnualTax2 – estimatedAnnualTax1;
var diffNetAnnual = netAnnual2 – netAnnual1;
var diffNetMonthly = netMonthly2 – netMonthly1;
var diffNetBiWeekly = netBiWeekly2 – netBiWeekly1;
var diffNetWeekly = netWeekly2 – netWeekly1;
// Helper function to format currency
function formatCurrency(amount) {
return "$" + amount.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
}
// Display results for Scenario 1
document.getElementById("totalGross1").innerText = formatCurrency(totalGross1);
document.getElementById("taxableIncome1").innerText = formatCurrency(taxableIncome1);
document.getElementById("estimatedTax1").innerText = formatCurrency(estimatedAnnualTax1);
document.getElementById("netAnnual1").innerText = formatCurrency(netAnnual1);
document.getElementById("netMonthly1").innerText = formatCurrency(netMonthly1);
document.getElementById("netBiWeekly1").innerText = formatCurrency(netBiWeekly1);
document.getElementById("netWeekly1").innerText = formatCurrency(netWeekly1);
// Display results for Scenario 2
document.getElementById("totalGross2").innerText = formatCurrency(totalGross2);
document.getElementById("taxableIncome2").innerText = formatCurrency(taxableIncome2);
document.getElementById("estimatedTax2").innerText = formatCurrency(estimatedAnnualTax2);
document.getElementById("netAnnual2").innerText = formatCurrency(netAnnual2);
document.getElementById("netMonthly2").innerText = formatCurrency(netMonthly2);
document.getElementById("netBiWeekly2").innerText = formatCurrency(netBiWeekly2);
document.getElementById("netWeekly2").innerText = formatCurrency(netWeekly2);
// Display comparison results
document.getElementById("diffTotalGross").innerText = formatCurrency(diffTotalGross);
document.getElementById("diffTaxableIncome").innerText = formatCurrency(diffTaxableIncome);
document.getElementById("diffEstimatedTax").innerText = formatCurrency(diffEstimatedTax);
document.getElementById("diffNetAnnual").innerText = formatCurrency(diffNetAnnual);
document.getElementById("diffNetMonthly").innerText = formatCurrency(diffNetMonthly);
document.getElementById("diffNetBiWeekly").innerText = formatCurrency(diffNetBiWeekly);
document.getElementById("diffNetWeekly").innerText = formatCurrency(diffNetWeekly);
}
// Run calculation on page load with default values
document.addEventListener('DOMContentLoaded', calculateIncomeComparison);
Understanding Your Income Comparison
An income comparison calculator is an invaluable tool for anyone looking to understand the financial implications of different income streams or job opportunities. It allows you to input various components of your earnings and deductions for two distinct scenarios, providing a clear, side-by-side view of your potential take-home pay.
Why Use This Calculator?
- Job Offer Evaluation: Compare a current job's compensation package with a new job offer, considering not just base salary but also bonuses, other income, and benefits deductions.
- Career Planning: Assess the financial impact of a career change, a promotion, or taking on a side hustle.
- Budgeting and Financial Planning: Get a precise understanding of your net income under different circumstances, which is crucial for effective budgeting, saving, and investment planning.
- Tax Impact Analysis: See how different gross incomes and deductions can affect your estimated annual tax liability.
How the Calculator Works:
The calculator takes several inputs for two separate scenarios to determine your net income at various frequencies:
- Annual Gross Income: Your base salary or primary annual earnings before any deductions.
- Annual Bonuses/Commissions: Any additional variable income you expect to receive annually, such as performance bonuses or sales commissions.
- Other Annual Income: This can include income from side projects, rental properties, dividends, or any other regular annual earnings not covered by gross income or bonuses.
- Annual Deductions: Total annual amounts deducted from your gross income before taxes are calculated. This typically includes contributions to 401(k)s, health insurance premiums, HSA contributions, and other pre-tax benefits.
- Estimated Annual Tax Rate (%): Your estimated effective annual income tax rate. This is a crucial input as tax rates can vary significantly based on income level, filing status, and location. For a more accurate estimate, you might need to consult tax tables or a tax professional.
Output Explained:
For each scenario, the calculator provides:
- Total Gross Income: The sum of your annual gross income, bonuses, and other annual income.
- Taxable Income: Your total gross income minus your annual deductions. This is the amount on which your estimated taxes are calculated.
- Estimated Annual Tax: The calculated tax based on your taxable income and estimated tax rate.
- Net Annual Income: Your taxable income minus your estimated annual tax. This is your total take-home pay for the year.
- Net Monthly/Bi-Weekly/Weekly Income: Your net annual income divided by 12, 26, or 52, respectively, to show your take-home pay at different frequencies.
The "Differences" section then clearly shows the monetary difference between Scenario 2 and Scenario 1 for each of these metrics, helping you quickly identify which scenario is financially more advantageous or by how much.
Example Scenario:
Let's say you're comparing your current job (Scenario 1) with a new job offer (Scenario 2).
Scenario 1 (Current Job):
- Annual Gross Income: $60,000
- Annual Bonuses/Commissions: $5,000
- Other Annual Income: $2,000 (from a small side hustle)
- Annual Deductions: $8,000 (401k, health insurance)
- Estimated Annual Tax Rate: 20%
Scenario 2 (New Job Offer):
- Annual Gross Income: $70,000
- Annual Bonuses/Commissions: $3,000
- Other Annual Income: $1,000 (less time for side hustle)
- Annual Deductions: $9,000 (higher health insurance, more 401k contribution)
- Estimated Annual Tax Rate: 22% (due to higher income bracket)
By inputting these values into the calculator, you can quickly see that while the new job offers a higher base salary, the combined effect of lower bonuses, higher deductions, and a slightly higher tax rate might lead to a different net income outcome than you initially expected. The calculator will show you the exact difference in your annual, monthly, bi-weekly, and weekly take-home pay, allowing for a well-informed decision.