Paycheck Calculator
Estimate your net pay after standard federal deductions. See exactly where your money goes each pay period.
Assumptions: This calculator uses simplified 2024 US federal tax brackets for estimation purposes only. It does not include state or local taxes, pre-tax deductions (like 401k or health insurance), and your actual tax liabilities may vary.
How It Works
Your net pay is your gross pay minus federal income taxes, Social Security (6.2%), and Medicare (1.45%). Federal income taxes are estimated by projecting your pay annually, applying the standard deduction, and running it through tax brackets.
Frequently Asked Questions
What do you mean by paycheck?
A paycheck is the payment an employee receives for work performed during a specific pay period. It may show gross pay, taxes, other deductions, and the final net pay.
Is paycheck the same as salary?
No. Salary is the agreed compensation for a job, usually stated as an annual amount. A paycheck is a periodic payment of that compensation after taxes and deductions.
How is federal tax calculated?
Federal tax is estimated using progressive tax brackets based on your taxable income, which is your gross pay minus standard deductions.
What is FICA?
FICA stands for the Federal Insurance Contributions Act, a US federal payroll tax. It includes Social Security (6.2%) and Medicare (1.45%) taxes.
What is Medicare tax?
Medicare tax is 1.45% of your gross pay, which goes toward funding the federal health insurance program. High earners may pay an additional 0.9%.
How can I increase my take-home pay?
You can increase take-home pay by updating your W-4 to reduce withholding, contributing less to pre-tax accounts, or earning a higher gross salary.
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