Estimate your net pay in Georgia by entering your wage, hours, and withholding information. This calculator accounts for federal income tax, Social Security, Medicare, and Georgia state income tax, as well as common deductions. Please note that this calculator provides an estimate and does not account for all possible scenarios, such as local taxes, specific employer benefits, or complex tax situations.
A paycheck calculator helps you estimate how much money you'll actually take home after all deductions and taxes are withheld from your gross pay. For residents of Georgia, this involves several key components, including federal taxes, state taxes, and any pre-tax or post-tax deductions you might have.
Gross Pay
Your gross pay is the total amount of money you earn before any deductions. This is typically calculated by multiplying your hourly wage by the number of hours you work in a pay period, or by dividing your annual salary by your pay frequency (e.g., 26 for bi-weekly). It's the starting point for all paycheck calculations.
Pre-tax Deductions
These are deductions taken from your gross pay before taxes are calculated. Common pre-tax deductions include contributions to a 401(k) or 403(b) retirement plan, health insurance premiums, and Flexible Spending Account (FSA) contributions. Because these reduce your taxable income, they effectively lower the amount of federal and state income tax you owe.
Federal Taxes
Federal taxes are a significant portion of your paycheck deductions. They include:
Social Security: This funds retirement, disability, and survivor benefits. The tax rate is 6.2% of your gross wages, up to an annual wage base limit (e.g., $168,600 for 2024). Once your year-to-date earnings exceed this limit, Social Security tax is no longer withheld for the remainder of the year.
Medicare: This funds hospital insurance for the elderly and disabled. The tax rate is 1.45% of all your gross wages, with no wage base limit. An additional 0.9% Medicare tax may apply to wages above certain thresholds, though this calculator does not include that complexity.
Federal Income Tax: This is a progressive tax, meaning higher earners pay a higher percentage. The amount withheld depends on your gross pay, filing status (Single, Married Filing Jointly, Head of Household), and information provided on your W-4 form, such as the number of dependents you claim and any additional withholding you request.
Georgia State Income Tax
Georgia has its own state income tax, which is also progressive. The amount withheld depends on your gross pay, your Georgia filing status, and the number of Georgia allowances you claim on your state withholding form (Form G-4). For 2024, Georgia's tax rates range from 1% to 5.49%, applied after considering standard deductions and personal exemptions.
Post-tax Deductions
These deductions are taken from your pay after all taxes have been calculated and withheld. Examples include Roth 401(k) contributions, union dues, garnishments, or certain types of insurance premiums. Since taxes are already calculated on the gross amount before these are taken, they do not reduce your taxable income.
Net Pay
Your net pay, or "take-home pay," is the amount remaining after all federal taxes, state taxes, and pre-tax and post-tax deductions have been subtracted from your gross pay. This is the actual amount you receive in your bank account or as a physical check.
Disclaimer
This calculator provides an estimate based on current tax laws and common deductions for the year 2024. It does not account for all possible scenarios, such as local taxes, specific employer benefits, or complex tax situations (e.g., additional Medicare tax, self-employment taxes, or specific tax credits beyond the dependent credit). For precise figures, consult with a financial advisor or your employer's payroll department.