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Curious to know how much taxes and other deductions will reduce your paycheck? Use our paycheck tax calculator.
If you’re an employee, generally your employer must withhold certain taxes such as federal tax withholdings, social security and Medicare taxes from your paycheck. In addition, you may opt to have voluntary deductions withheld from your paycheck, these may include health care, retirement or other expenses.
The amount that remains after these deductions are considered your net pay.
Your estimated NET Take-Home Pay
| FICA Social Security (6.2%) | $3,410.00 |
| FICA Medicare (1.45%) | $797.50 |
| Federal Tax Withheld | $6,188.88 |
| Voluntary Deductions | $0.00 |
| Tax Deferral Plan | $0.00 |
| Health Insurance Premiums | $0.00 |
| Pre-Tax Deductions | $0.00 |
| State Taxes | $0.00 |
| Post-Tax Deductions | $0.00 |
| Post-Tax Reimbursements | $0.00 |
Disclaimer: This calculator is for educational and illustrative purposes only and should not be construed as financial or tax advice.The results are only estimates and may not apply to your specific situation. Please consult a qualified professional regarding financial decisions.
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This is the gross pay for the pay period before any deductions, including wages, tips, bonuses, etc. You can calculate this from an annual salary by dividing the annual salary by the number of pay period (monthly=12, biweekly=26, etc). You can calculate the gross pay from hourly wages by multiplying the regular hours times the regular hourly rate + overtime hours times the overtime rate.
How often you are paid. Note that biweekly means "every other week" or 26 times per year and semi-monthly means "twice per month" usually on the 1st and 15th of each month.
This amount is calculated just for your reference. It is only an estimate because it doesn't take into account bonuses, raises, or other variations in your gross pay.
You may choose either "Married (Filing Jointly)", "Single", or "Head of Household" as your income filing status.
Is Box 2(c) on the W-4 form Checked?: If Box 2(c) is NOT checked, then the federal withholding is calculated from the STANDARD threshhold tables. If it IS checked, then the federal withholding is calculated from the HIGHER threshold tables.
Enter the amount calculated in Step 3 from the W-4. For example, in 2020, if you claimed 3 children and one other dependent, the amount would be 3*2000+500 = 6500. This amount is subtracted from the tentative annual federal tax withholding.
Enter the amount from W-4 Step 4(a). The description on the W-4 form says: "If you want tax withheld for other income you expect this year that won't have withholding, enter the amount of other income here. This may include interest, dividends, and retirement income."
Enter the amount from W-4 Step 4(b). The description on the W-4 form says: "If you expect to claim deductions other than the standard deduction and want to reduce your withholding, use the Deductions Worksheet on page 3 and enter the result here." See the W-4 form to complete the worksheet on page 3.
This is an amount that the employee has elected to withhold EACH PAYCHECK in addition to the amount from the federal withholdings tables.
This is the percent of your gross pay that you put into a tax-deferred retirement account like a 401(k) or 403(b) plan. Note that there are usually limits to how much you can defer pre-tax, but this calculator has no limits built in.
Some employer-sponsored health insurance plans allow you to pay insurance premiums pre-tax. Premiums paid this way might also not be subject to FICA (Social Security and Medicare). If you enter an amount in this field, it will affect your Federal Taxable Gross and also the amount of FICA tax.
If you contribute to a Health Spending Account or Flexible Spending Account the contribution might be a pre-tax deduction.
This is the Gross Pay minus the various pre-tax deductions and allowances.
This calculator assumes that state and local taxes are a percentage of the Federal Taxable Gross. These taxes will vary from state to state, but you can estimate the percentage from one of your pay stubs.
These deductions can take many forms, such as insurance premiums, dental plans, etc.
There are many rules regarding the definition of post-tax reimbursements in IRS Publication 15, but these will typically be business and travel expenses that you pay out of your personal account that your employer later reimburses you for.
Social Security Tax is calculated by multiplying your gross earnings by 6.2% based on the 2010 IRS Publication 15. There is an annual limit for Social Security deductions, but this calculator does not take into account year-to-date totals.
This is calculated by multiplying your Gross Pay by 1.45% according to IRS Publication 15, 2010. There is no annual limit for Medicare deductions.
Estimating the federal tax withholding is a fairly complicated algorithm that involves multiple steps and checks. Use the calculators on IRS.gov to verify the results.
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