SmartAsset Paycheck Calculator
Use this calculator to estimate your net pay per pay period after federal, state, and FICA taxes, as well as common deductions. Understand how your gross income translates into your take-home pay.
Understanding Your Paycheck: A SmartAsset Guide
Your paycheck is more than just your gross salary; it's a detailed breakdown of your earnings and various deductions that ultimately determine your take-home pay, or "net pay." Understanding each component is crucial for financial planning and budgeting.
Gross Pay vs. Net Pay
Gross Pay is the total amount of money you earn before any deductions are taken out. This is typically the salary or hourly wage you agree upon with your employer. Net Pay, on the other hand, is the amount of money you actually receive after all taxes and deductions have been subtracted from your gross pay. This is your "take-home" pay.
Key Paycheck Deductions Explained
Several types of deductions reduce your gross pay to your net pay. These can be broadly categorized into mandatory taxes and voluntary deductions.
1. Federal Income Tax
This is a progressive tax levied by the U.S. government on your earnings. The amount you pay depends on your income level, filing status (Single, Married Filing Jointly, Head of Household), and the number of dependents you claim. The tax system uses brackets, meaning different portions of your income are taxed at different rates. Our calculator uses simplified 2024 federal tax brackets and standard deductions for estimation.
2. FICA Taxes (Social Security and Medicare)
- Social Security Tax: This funds retirement, disability, and survivor benefits. Employees typically pay 6.2% of their gross wages up to an annual wage base limit (e.g., $168,600 for 2024).
- Medicare Tax: This funds hospital insurance for the elderly and disabled. Employees pay 1.45% of all their gross wages, with no income limit. An additional 0.9% Medicare tax applies to wages above certain thresholds ($200,000 for single filers, $250,000 for married filing jointly).
3. State Income Tax
Most states (but not all) levy their own income tax. The rates and rules vary significantly from state to state. Some states have flat rates, while others use progressive brackets similar to federal taxes. Our calculator uses a simplified flat rate for state tax estimation; for precise figures, consult your state's tax department.
4. Pre-tax Deductions
These are deductions taken from your gross pay *before* taxes are calculated. This reduces your taxable income, which can lower your overall tax liability. Common pre-tax deductions include:
- Contributions to a 401(k), 403(b), or traditional IRA
- Health insurance premiums
- Health Savings Account (HSA) contributions
- Flexible Spending Account (FSA) contributions
5. Post-tax Deductions
These deductions are taken from your pay *after* taxes have been calculated. They do not reduce your taxable income. Examples include:
- Contributions to a Roth 401(k) or Roth IRA
- Union dues
- Garnishments
- Life insurance premiums (if paid post-tax)
How to Use the Calculator
Enter your gross pay per pay period, select your pay frequency, federal filing status, and number of dependents. Input any pre-tax and post-tax deductions you have, and provide an estimated state income tax rate. The calculator will then provide an estimate of your net pay and a breakdown of your deductions.
Why This Matters
Understanding your paycheck helps you:
- Budget Effectively: Knowing your exact take-home pay is essential for creating a realistic budget.
- Plan for Retirement: See the impact of 401(k) contributions on your net pay and long-term savings.
- Evaluate Job Offers: Compare net pay from different offers, not just gross salaries.
- Spot Errors: If your net pay seems off, understanding the components helps you identify potential payroll errors.
While this calculator provides a strong estimate, actual deductions may vary slightly due to specific employer benefits, local taxes, and other factors. Always refer to your official pay stubs for exact figures.
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function calculatePaycheck() {
var grossPayPerPeriod = parseFloat(document.getElementById('grossPay').value);
var payFrequencyMultiplier = parseFloat(document.getElementById('payFrequency').value);
var federalFilingStatus = document.getElementById('federalFilingStatus').value;
var federalDependents = parseInt(document.getElementById('federalDependents').value);
var preTaxDeductionsPerPeriod = parseFloat(document.getElementById('preTaxDeductions').value);
var stateTaxRate = parseFloat(document.getElementById('stateTaxRate').value) / 100;
var postTaxDeductionsPerPeriod = parseFloat(document.getElementById('postTaxDeductions').value);
// Input validation
if (isNaN(grossPayPerPeriod) || grossPayPerPeriod < 0) {
alert("Please enter a valid Gross Pay per Pay Period.");
return;
}
if (isNaN(preTaxDeductionsPerPeriod) || preTaxDeductionsPerPeriod < 0) {
alert("Please enter a valid amount for Pre-tax Deductions.");
return;
}
if (isNaN(postTaxDeductionsPerPeriod) || postTaxDeductionsPerPeriod < 0) {
alert("Please enter a valid amount for Post-tax Deductions.");
return;
}
if (isNaN(federalDependents) || federalDependents < 0) {
alert("Please enter a valid number for Federal Dependents.");
return;
}
if (isNaN(stateTaxRate) || stateTaxRate < 0) {
alert("Please enter a valid State Income Tax Rate.");
return;
}
// Annualize values
var annualGrossPay = grossPayPerPeriod * payFrequencyMultiplier;
var annualPreTaxDeductions = preTaxDeductionsPerPeriod * payFrequencyMultiplier;
var annualPostTaxDeductions = postTaxDeductionsPerPeriod * payFrequencyMultiplier;
// — Federal Tax Calculation (Simplified 2024) —
// 1. Standard Deduction
var standardDeduction;
if (federalFilingStatus === 'single') {
standardDeduction = 14600;
} else if (federalFilingStatus === 'married') {
standardDeduction = 29200;
} else if (federalFilingStatus === 'hoh') {
standardDeduction = 21900;
}
// 2. Taxable Income
var taxableIncome = annualGrossPay – annualPreTaxDeductions – standardDeduction;
if (taxableIncome < 0) taxableIncome = 0;
// 3. Federal Income Tax Brackets (2024)
var federalTax = 0;
var brackets;
if (federalFilingStatus === 'single') {
brackets = [
{ rate: 0.10, limit: 11600 },
{ rate: 0.12, limit: 47150 },
{ rate: 0.22, limit: 100525 },
{ rate: 0.24, limit: 191950 },
{ rate: 0.32, limit: 243725 },
{ rate: 0.35, limit: 609350 },
{ rate: 0.37, limit: Infinity }
];
} else if (federalFilingStatus === 'married') {
brackets = [
{ rate: 0.10, limit: 23200 },
{ rate: 0.12, limit: 94300 },
{ rate: 0.22, limit: 201050 },
{ rate: 0.24, limit: 383900 },
{ rate: 0.32, limit: 487450 },
{ rate: 0.35, limit: 731200 },
{ rate: 0.37, limit: Infinity }
];
} else if (federalFilingStatus === 'hoh') {
brackets = [
{ rate: 0.10, limit: 16550 },
{ rate: 0.12, limit: 63100 },
{ rate: 0.22, limit: 100500 },
{ rate: 0.24, limit: 191950 },
{ rate: 0.32, limit: 243700 },
{ rate: 0.35, limit: 609350 },
{ rate: 0.37, limit: Infinity }
];
}
var remainingTaxable = taxableIncome;
var prevLimit = 0;
for (var i = 0; i 0) {
federalTax += incomeInBracket * bracket.rate;
remainingTaxable -= incomeInBracket;
}
if (remainingTaxable additionalMedicareThreshold) {
additionalMedicareTax = (annualGrossPay – additionalMedicareThreshold) * 0.009;
}
medicareTax += additionalMedicareTax;
// — State Income Tax (Simplified Flat Rate) —
var annualStateTax = (annualGrossPay – annualPreTaxDeductions) * stateTaxRate;
if (annualStateTax < 0) annualStateTax = 0;
// — Total Deductions and Net Pay —
var totalAnnualDeductions = federalTax + socialSecurityTax + medicareTax + annualStateTax + annualPreTaxDeductions + annualPostTaxDeductions;
var annualNetPay = annualGrossPay – totalAnnualDeductions;
// Convert back to per pay period
var federalTaxPerPeriod = federalTax / payFrequencyMultiplier;
var socialSecurityTaxPerPeriod = socialSecurityTax / payFrequencyMultiplier;
var medicareTaxPerPeriod = medicareTax / payFrequencyMultiplier;
var stateTaxPerPeriod = annualStateTax / payFrequencyMultiplier;
var netPayPerPeriod = annualNetPay / payFrequencyMultiplier;
// Display results
var resultDiv = document.getElementById('result');
resultDiv.innerHTML = `
Estimated Paycheck Breakdown
Gross Pay per Period: $${grossPayPerPeriod.toFixed(2)}
Total Pre-tax Deductions: -$${preTaxDeductionsPerPeriod.toFixed(2)}
Federal Income Tax: -$${federalTaxPerPeriod.toFixed(2)}
Social Security Tax: -$${socialSecurityTaxPerPeriod.toFixed(2)}
Medicare Tax: -$${medicareTaxPerPeriod.toFixed(2)}
State Income Tax: -$${stateTaxPerPeriod.toFixed(2)}
Total Post-tax Deductions: -$${postTaxDeductionsPerPeriod.toFixed(2)}
Estimated Net Pay per Period: $${netPayPerPeriod.toFixed(2)}
`;
}