function toggleIncomeFields() {
var incomeTypeAnnual = document.getElementById('incomeTypeAnnual');
var annualSalaryField = document.getElementById('annualSalaryField');
var hourlyWageFields = document.getElementById('hourlyWageFields');
if (incomeTypeAnnual.checked) {
annualSalaryField.style.display = 'block';
hourlyWageFields.style.display = 'none';
} else {
annualSalaryField.style.display = 'none';
hourlyWageFields.style.display = 'grid';
}
}
function calculateColoradoWage() {
// Input values
var incomeType = document.querySelector('input[name="incomeType"]:checked').value;
var annualSalary = parseFloat(document.getElementById('annualSalary').value);
var hourlyWage = parseFloat(document.getElementById('hourlyWage').value);
var hoursPerWeek = parseFloat(document.getElementById('hoursPerWeek').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 otherDeductions = parseFloat(document.getElementById('otherDeductions').value);
// Validate inputs
if (isNaN(preTaxDeductions) || preTaxDeductions < 0) preTaxDeductions = 0;
if (isNaN(otherDeductions) || otherDeductions < 0) otherDeductions = 0;
if (isNaN(federalDependents) || federalDependents < 0) federalDependents = 0;
var annualGrossIncome = 0;
if (incomeType === 'annual') {
if (isNaN(annualSalary) || annualSalary <= 0) {
alert("Please enter a valid Annual Salary.");
return;
}
annualGrossIncome = annualSalary;
} else { // hourly
if (isNaN(hourlyWage) || hourlyWage <= 0) {
alert("Please enter a valid Hourly Wage.");
return;
}
if (isNaN(hoursPerWeek) || hoursPerWeek <= 0) {
alert("Please enter valid Hours Per Week.");
return;
}
annualGrossIncome = hourlyWage * hoursPerWeek * 52;
}
var paysPerYear = 0;
switch (payFrequency) {
case 'weekly': paysPerYear = 52; break;
case 'bi-weekly': paysPerYear = 26; break;
case 'semi-monthly': paysPerYear = 24; break;
case 'monthly': paysPerYear = 12; break;
default: paysPerYear = 26; // Default to bi-weekly
}
var grossPayPerPeriod = annualGrossIncome / paysPerYear;
var preTaxDeductionsPerPeriod = preTaxDeductions / paysPerYear;
var otherDeductionsPerPeriod = otherDeductions / paysPerYear;
// — Tax Calculations —
// 1. FICA Taxes (Social Security & Medicare)
var socialSecurityRate = 0.062; // 6.2%
var medicareRate = 0.0145; // 1.45%
var socialSecurityLimit = 168600; // 2024 limit
var annualSocialSecurityTaxable = Math.min(annualGrossIncome, socialSecurityLimit);
var annualSocialSecurityTax = annualSocialSecurityTaxable * socialSecurityRate;
var annualMedicareTax = annualGrossIncome * medicareRate;
var socialSecurityTaxPerPeriod = annualSocialSecurityTax / paysPerYear;
var medicareTaxPerPeriod = annualMedicareTax / paysPerYear;
// 2. Colorado State Income Tax (Flat Rate)
var coloradoTaxRate = 0.0440; // 4.40% for 2023/2024
var annualTaxableIncomeCO = annualGrossIncome – preTaxDeductions;
if (annualTaxableIncomeCO < 0) annualTaxableIncomeCO = 0; // Cannot be negative
var annualStateTax = annualTaxableIncomeCO * coloradoTaxRate;
var stateTaxPerPeriod = annualStateTax / paysPerYear;
// 3. Federal Income Tax (Simplified Approximation for W-4)
// This is a simplified estimation and not a full IRS withholding calculation.
// Uses 2024 standard deductions and a simplified allowance value.
var annualTaxableIncomeFederal = annualGrossIncome – preTaxDeductions;
if (annualTaxableIncomeFederal < 0) annualTaxableIncomeFederal = 0;
var standardDeduction = 0;
var allowanceValue = 2000; // Simplified value per dependent for calculation purposes
switch (federalFilingStatus) {
case 'single':
standardDeduction = 14600; // 2024
break;
case 'married':
standardDeduction = 29200; // 2024
break;
case 'hoh':
standardDeduction = 21900; // 2024
break;
}
var adjustedGrossIncomeForFederal = annualTaxableIncomeFederal – standardDeduction – (federalDependents * allowanceValue);
if (adjustedGrossIncomeForFederal < 0) adjustedGrossIncomeForFederal = 0;
var annualFederalTax = 0;
// Simplified 2024 Federal Tax Brackets (approximation)
if (federalFilingStatus === 'single') {
if (adjustedGrossIncomeForFederal <= 11600) annualFederalTax = adjustedGrossIncomeForFederal * 0.10;
else if (adjustedGrossIncomeForFederal <= 47150) annualFederalTax = 1160 + (adjustedGrossIncomeForFederal – 11600) * 0.12;
else if (adjustedGrossIncomeForFederal <= 100525) annualFederalTax = 5426 + (adjustedGrossIncomeForFederal – 47150) * 0.22;
else if (adjustedGrossIncomeForFederal <= 191950) annualFederalTax = 17168.50 + (adjustedGrossIncomeForFederal – 100525) * 0.24;
else if (adjustedGrossIncomeForFederal <= 243725) annualFederalTax = 39115.00 + (adjustedGrossIncomeForFederal – 191950) * 0.32;
else if (adjustedGrossIncomeForFederal <= 609350) annualFederalTax = 55678.00 + (adjustedGrossIncomeForFederal – 243725) * 0.35;
else annualFederalTax = 183647.25 + (adjustedGrossIncomeForFederal – 609350) * 0.37;
} else if (federalFilingStatus === 'married') {
if (adjustedGrossIncomeForFederal <= 23200) annualFederalTax = adjustedGrossIncomeForFederal * 0.10;
else if (adjustedGrossIncomeForFederal <= 94300) annualFederalTax = 2320 + (adjustedGrossIncomeForFederal – 23200) * 0.12;
else if (adjustedGrossIncomeForFederal <= 201050) annualFederalTax = 10852 + (adjustedGrossIncomeForFederal – 94300) * 0.22;
else if (adjustedGrossIncomeForFederal <= 383900) annualFederalTax = 34337 + (adjustedGrossIncomeForFederal – 201050) * 0.24;
else if (adjustedGrossIncomeForFederal <= 487450) annualFederalTax = 78233 + (adjustedGrossIncomeForFederal – 383900) * 0.32;
else if (adjustedGrossIncomeForFederal <= 731200) annualFederalTax = 111357 + (adjustedGrossIncomeForFederal – 487450) * 0.35;
else annualFederalTax = 195854.50 + (adjustedGrossIncomeForFederal – 731200) * 0.37;
} else if (federalFilingStatus === 'hoh') {
if (adjustedGrossIncomeForFederal <= 16550) annualFederalTax = adjustedGrossIncomeForFederal * 0.10;
else if (adjustedGrossIncomeForFederal <= 63100) annualFederalTax = 1655 + (adjustedGrossIncomeForFederal – 16550) * 0.12;
else if (adjustedGrossIncomeForFederal <= 100500) annualFederalTax = 7241 + (adjustedGrossIncomeForFederal – 63100) * 0.22;
else if (adjustedGrossIncomeForFederal <= 191950) annualFederalTax = 15469 + (adjustedGrossIncomeForFederal – 100500) * 0.24;
else if (adjustedGrossIncomeForFederal <= 243700) annualFederalTax = 37417 + (adjustedGrossIncomeForFederal – 191950) * 0.32;
else if (adjustedGrossIncomeForFederal <= 609350) annualFederalTax = 53973 + (adjustedGrossIncomeForFederal – 243700) * 0.35;
else annualFederalTax = 181940.50 + (adjustedGrossIncomeForFederal – 609350) * 0.37;
}
var federalTaxPerPeriod = annualFederalTax / paysPerYear;
if (federalTaxPerPeriod < 0) federalTaxPerPeriod = 0; // Federal tax cannot be negative
// Total Deductions and Net Pay
var totalDeductionsPerPeriod = preTaxDeductionsPerPeriod + federalTaxPerPeriod + stateTaxPerPeriod + socialSecurityTaxPerPeriod + medicareTaxPerPeriod + otherDeductionsPerPeriod;
var netPayPerPeriod = grossPayPerPeriod – totalDeductionsPerPeriod;
// Display Results
document.getElementById('grossPayPerPeriod').innerText = '$' + grossPayPerPeriod.toFixed(2);
document.getElementById('preTaxDeductionsPerPeriod').innerText = '$' + preTaxDeductionsPerPeriod.toFixed(2);
document.getElementById('federalTaxPerPeriod').innerText = '$' + federalTaxPerPeriod.toFixed(2);
document.getElementById('stateTaxPerPeriod').innerText = '$' + stateTaxPerPeriod.toFixed(2);
document.getElementById('socialSecurityTaxPerPeriod').innerText = '$' + socialSecurityTaxPerPeriod.toFixed(2);
document.getElementById('medicareTaxPerPeriod').innerText = '$' + medicareTaxPerPeriod.toFixed(2);
document.getElementById('otherDeductionsPerPeriod').innerText = '$' + otherDeductionsPerPeriod.toFixed(2);
document.getElementById('netPayPerPeriod').innerText = '$' + netPayPerPeriod.toFixed(2);
}
// Initialize on page load
window.onload = function() {
toggleIncomeFields();
calculateColoradoWage(); // Calculate with default values
};
Understanding Your Colorado Paycheck
Navigating your paycheck can be complex, especially with various federal and state taxes, along with deductions. This Colorado Net Pay Calculator helps you estimate your take-home pay, providing a clearer picture of your earnings after all withholdings.
How Your Paycheck is Calculated
Your gross pay is your total earnings before any deductions. From this, several items are typically subtracted to arrive at your net pay (what you actually take home):
- Pre-Tax Deductions: These are deductions taken 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. These deductions reduce your taxable income, meaning you pay less in federal and state income taxes.
- Federal Income Tax: This is withheld based on the information you provide on your W-4 form (filing status, dependents, and other adjustments). The calculator uses a simplified approximation of federal tax brackets and standard deductions for estimation.
- FICA Taxes (Social Security and Medicare): These are mandatory federal taxes that fund Social Security and Medicare programs.
- Social Security: As of 2024, the rate is 6.2% on earnings up to $168,600.
- Medicare: The rate is 1.45% on all earnings, with no income limit.
- Colorado State Income Tax: Colorado stands out with a flat income tax rate. For 2023 and 2024, the rate is 4.40% on your taxable income. This means everyone pays the same percentage, regardless of their income level, after accounting for deductions.
- Other Post-Tax Deductions: These are deductions taken after all taxes have been calculated. Examples include Roth 401(k) contributions, union dues, or garnishments.
Why Use This Calculator?
This calculator is a valuable tool for:
- Budgeting: Understand your actual take-home pay to create a realistic budget.
- Job Offers: Compare different job offers by estimating the net pay from each.
- Tax Planning: See how changes in pre-tax deductions or W-4 settings might impact your paycheck.
- Financial Awareness: Gain a better understanding of where your money goes each pay period.
Important Considerations:
This calculator provides an estimate based on current tax laws and common deductions. It does not account for all possible scenarios, such as local taxes (Colorado does not have local income taxes), specific tax credits, or complex investment deductions. For precise tax advice, always consult with a qualified financial advisor or tax professional.
Example Calculation:
Let's consider an individual in Colorado with the following details:
- Annual Salary: $60,000
- Pay Frequency: Bi-Weekly (26 pays per year)
- Federal Filing Status: Single
- Federal Dependents: 0
- Pre-Tax Deductions: $200 per pay period (e.g., health insurance, 401k)
- Other Post-Tax Deductions: $0
Based on these inputs, the calculator would estimate:
- Gross Pay per Period: $2,307.69 ($60,000 / 26)
- Pre-Tax Deductions: $200.00
- Taxable Income for CO/Federal (per period): $2,107.69 ($2,307.69 – $200)
- Estimated Federal Income Tax: ~$180 – $220 (varies based on simplified W-4 logic)
- Colorado State Income Tax: ~$92.74 ($2,107.69 * 0.0440)
- Social Security Tax: ~$143.08 ($2,307.69 * 0.062)
- Medicare Tax: ~$33.46 ($2,307.69 * 0.0145)
- Estimated Net Pay per Period: ~$1,630 – $1,670
(Note: The exact federal tax will vary slightly based on the simplified bracket calculation used by the tool.)