Colorado Paycheck Calculator

Colorado Paycheck Calculator

function calculatePaycheck() { // 1. Get Input Values var grossPayPerPeriod = parseFloat(document.getElementById('grossPayPerPeriod').value); var payFrequency = document.getElementById('payFrequency').value; var federalFilingStatus = document.getElementById('federalFilingStatus').value; var federalDependents = parseInt(document.getElementById('federalDependents').value); var preTaxDeductions = parseFloat(document.getElementById('preTaxDeductions').value); var postTaxDeductions = parseFloat(document.getElementById('postTaxDeductions').value); var additionalFederalWithholding = parseFloat(document.getElementById('additionalFederalWithholding').value); var additionalColoradoWithholding = parseFloat(document.getElementById('additionalColoradoWithholding').value); // Validate inputs if (isNaN(grossPayPerPeriod) || grossPayPerPeriod < 0) { alert('Please enter a valid Gross Pay per Period.'); return; } if (isNaN(federalDependents) || federalDependents < 0) { federalDependents = 0; // Default to 0 if invalid } if (isNaN(preTaxDeductions) || preTaxDeductions < 0) { preTaxDeductions = 0; } if (isNaN(postTaxDeductions) || postTaxDeductions < 0) { postTaxDeductions = 0; } if (isNaN(additionalFederalWithholding) || additionalFederalWithholding < 0) { additionalFederalWithholding = 0; } if (isNaN(additionalColoradoWithholding) || additionalColoradoWithholding < 0) { additionalColoradoWithholding = 0; } // 2. Determine Pay Period Multiplier var payPeriodsPerYear; switch (payFrequency) { case 'weekly': payPeriodsPerYear = 52; break; case 'bi-weekly': payPeriodsPerYear = 26; break; case 'semi-monthly': payPeriodsPerYear = 24; break; case 'monthly': payPeriodsPerYear = 12; break; default: payPeriodsPerYear = 26; // Default to bi-weekly } // 3. Calculate Annualized Values var annualGrossPay = grossPayPerPeriod * payPeriodsPerYear; var annualPreTaxDeductions = preTaxDeductions * payPeriodsPerYear; var annualTaxableGross = annualGrossPay – annualPreTaxDeductions; // 4. FICA Taxes (Social Security & Medicare) – 2024 Rates var socialSecurityLimit = 168600; // 2024 limit var socialSecurityRate = 0.062; var medicareRate = 0.0145; var annualSocialSecurityTaxable = Math.min(annualTaxableGross, socialSecurityLimit); var annualSocialSecurityTax = annualSocialSecurityTaxable * socialSecurityRate; var annualMedicareTax = annualTaxableGross * medicareRate; var perPeriodSocialSecurityTax = annualSocialSecurityTax / payPeriodsPerYear; var perPeriodMedicareTax = annualMedicareTax / payPeriodsPerYear; var perPeriodFicaTax = perPeriodSocialSecurityTax + perPeriodMedicareTax; // 5. Federal Income Tax (FIT) – Simplified 2024 Percentage Method var annualFederalTaxableIncome = annualTaxableGross; // Apply W-4 adjustments for standard deduction and dependents (simplified for withholding) var standardDeduction; if (federalFilingStatus === 'single') { standardDeduction = 14600; // 2024 Single Standard Deduction } else { // Married Filing Jointly standardDeduction = 29200; // 2024 MFJ Standard Deduction } // Reduce taxable income by standard deduction and dependent credits (simplified $2000 per dependent) var adjustedAnnualTaxableIncome = annualFederalTaxableIncome – standardDeduction – (federalDependents * 2000); if (adjustedAnnualTaxableIncome 609350) { annualFederalTax += (adjustedAnnualTaxableIncome – 609350) * 0.37; adjustedAnnualTaxableIncome = 609350; } if (adjustedAnnualTaxableIncome > 243725) { annualFederalTax += (adjustedAnnualTaxableIncome – 243725) * 0.35; adjustedAnnualTaxableIncome = 243725; } if (adjustedAnnualTaxableIncome > 191950) { annualFederalTax += (adjustedAnnualTaxableIncome – 191950) * 0.32; adjustedAnnualTaxableIncome = 191950; } if (adjustedAnnualTaxableIncome > 100525) { annualFederalTax += (adjustedAnnualTaxableIncome – 100525) * 0.24; adjustedAnnualTaxableIncome = 100525; } if (adjustedAnnualTaxableIncome > 47150) { annualFederalTax += (adjustedAnnualTaxableIncome – 47150) * 0.22; adjustedAnnualTaxableIncome = 47150; } if (adjustedAnnualTaxableIncome > 11600) { annualFederalTax += (adjustedAnnualTaxableIncome – 11600) * 0.12; adjustedAnnualTaxableIncome = 11600; } annualFederalTax += adjustedAnnualTaxableIncome * 0.10; } else { // Married Filing Jointly if (adjustedAnnualTaxableIncome > 731200) { annualFederalTax += (adjustedAnnualTaxableIncome – 731200) * 0.37; adjustedAnnualTaxableIncome = 731200; } if (adjustedAnnualTaxableIncome > 487450) { annualFederalTax += (adjustedAnnualTaxableIncome – 487450) * 0.35; adjustedAnnualTaxableIncome = 487450; } if (adjustedAnnualTaxableIncome > 383900) { annualFederalTax += (adjustedAnnualTaxableIncome – 383900) * 0.32; adjustedAnnualTaxableIncome = 383900; } if (adjustedAnnualTaxableIncome > 201050) { annualFederalTax += (adjustedAnnualTaxableIncome – 201050) * 0.24; adjustedAnnualTaxableIncome = 201050; } if (adjustedAnnualTaxableIncome > 94300) { annualFederalTax += (adjustedAnnualTaxableIncome – 94300) * 0.22; adjustedAnnualTaxableIncome = 94300; } if (adjustedAnnualTaxableIncome > 23200) { annualFederalTax += (adjustedAnnualTaxableIncome – 23200) * 0.12; adjustedAnnualTaxableIncome = 23200; } annualFederalTax += adjustedAnnualTaxableIncome * 0.10; } var perPeriodFederalTax = (annualFederalTax / payPeriodsPerYear) + additionalFederalWithholding; if (perPeriodFederalTax < 0) perPeriodFederalTax = 0; // Federal tax cannot be negative // 6. Colorado State Income Tax (SIT) – 2024 Rate var coloradoTaxRate = 0.0440; // 4.40% for 2024 // Colorado taxes federal taxable income, which is gross minus pre-tax deductions for simplicity here var annualColoradoTaxableIncome = annualTaxableGross; var annualColoradoTax = annualColoradoTaxableIncome * coloradoTaxRate; var perPeriodColoradoTax = (annualColoradoTax / payPeriodsPerYear) + additionalColoradoWithholding; if (perPeriodColoradoTax < 0) perPeriodColoradoTax = 0; // Colorado tax cannot be negative // 7. Total Deductions and Net Pay var totalDeductionsPerPeriod = preTaxDeductions + postTaxDeductions + perPeriodFicaTax + perPeriodFederalTax + perPeriodColoradoTax; var netPayPerPeriod = grossPayPerPeriod – totalDeductionsPerPeriod; // 8. Display Results var resultsHtml = '

Your Estimated Paycheck Details:

'; resultsHtml += 'Gross Pay per Period: $' + grossPayPerPeriod.toFixed(2) + "; resultsHtml += 'Pre-Tax Deductions: $' + preTaxDeductions.toFixed(2) + "; resultsHtml += 'Federal Income Tax (FIT): $' + perPeriodFederalTax.toFixed(2) + "; resultsHtml += 'Social Security Tax: $' + perPeriodSocialSecurityTax.toFixed(2) + "; resultsHtml += 'Medicare Tax: $' + perPeriodMedicareTax.toFixed(2) + "; resultsHtml += 'Colorado State Income Tax (SIT): $' + perPeriodColoradoTax.toFixed(2) + "; resultsHtml += 'Post-Tax Deductions: $' + postTaxDeductions.toFixed(2) + "; resultsHtml += 'Total Deductions: $' + totalDeductionsPerPeriod.toFixed(2) + "; resultsHtml += 'Net Pay per Period: $' + netPayPerPeriod.toFixed(2) + "; document.getElementById('paycheckResult').innerHTML = resultsHtml; }

Understanding Your Colorado Paycheck

Navigating your paycheck can sometimes feel like deciphering a complex code. Our Colorado Paycheck Calculator is designed to help you understand how your gross earnings are reduced by various taxes and deductions to arrive at your net pay. This tool provides an estimate based on current 2024 tax laws for federal and Colorado state taxes.

How Your Paycheck is Calculated

Your net pay (what you actually take home) is determined by subtracting several types of deductions from your gross pay. Here's a breakdown of the key components:

1. Gross Pay

This is your total earnings before any taxes or deductions are taken out. It's calculated based on your hourly wage or annual salary and your pay frequency (e.g., weekly, bi-weekly, monthly).

2. Pre-Tax Deductions

These are deductions taken from your gross pay before taxes are calculated, which can lower your taxable income. Common examples include:

• 401(k) or 403(b) contributions: Retirement savings plans.
• Health, dental, and vision insurance premiums: Employer-sponsored health benefits.
• Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs): Accounts for healthcare expenses.

3. Federal Income Tax (FIT)

Federal income tax is withheld from your paycheck based on the information you provide on your W-4 form (filing status, number of dependents, and any additional withholding). The U.S. uses a progressive tax system, meaning different portions of your income are taxed at different rates (tax brackets). Our calculator uses a simplified percentage method based on 2024 federal tax brackets and standard deductions.

4. FICA Taxes (Social Security & Medicare)

FICA stands for Federal Insurance Contributions Act and funds Social Security and Medicare. These are mandatory federal taxes:

• Social Security: For 2024, the rate is 6.2% on earnings up to $168,600.
• Medicare: For 2024, the rate is 1.45% on all earnings, with no income limit.

Your employer also pays an equal amount for these taxes.

5. Colorado State Income Tax (SIT)

Colorado stands out with a flat income tax rate. For 2024, the rate is 4.40%. This means that a single percentage is applied to your taxable income, regardless of how much you earn. Unlike many other states, Colorado does not have a progressive tax system with multiple brackets for state income tax.

6. 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: Retirement savings that are taxed now, but tax-free in retirement.
• Union dues: Fees paid to a labor union.
• Garnishments: Court-ordered deductions for debts.
• Charitable contributions: Deductions to charities through payroll.

Important Considerations

• Accuracy: This calculator provides an estimate. Your actual paycheck may vary slightly due to specific employer payroll systems, additional local taxes (if any), or other unique deductions.
• W-4 Form: Ensure your W-4 form with your employer is up-to-date, especially if your financial situation (e.g., marriage, new dependents) changes. This directly impacts your federal withholding.
• Additional Withholding: If you anticipate owing more tax at the end of the year, you can elect to have additional federal or Colorado state tax withheld from each paycheck.

Use this calculator as a helpful guide to better understand your earnings and deductions in Colorado!