Paycheck Calculator
Not sure how much of your paycheck you’ll actually take home? Our free paycheck calculator estimates your net pay after federal income tax, Social Security, Medicare (FICA), state taxes, and common pre-tax deductions like 401(k) contributions. Works for both hourly and salaried employees across all 50 U.S. states β no signup needed!
Your Pay Details
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Enter your pay details and click Calculate to see your take-home pay breakdown.
Understanding Your Paycheck Deductions
Your gross pay is your total earnings before any taxes or deductions are applied. What you actually take home β your net pay or βtake-home payβ β is what remains after federal income tax, state income tax, Social Security, Medicare, and any voluntary deductions are subtracted. Understanding each of these line items helps you verify your paycheck is correct and plan your finances more effectively.
Federal and State Income Taxes
Federal income tax is a progressive tax, meaning higher income is taxed at higher rates. The IRS uses tax brackets that range from 10% to 37% for 2024. Your employer withholds an estimated amount each pay period based on the W-4 form you filed, which accounts for your filing status and any allowances you claimed. State income taxes vary widely β some states like Texas and Florida have no income tax, while others like California can reach over 13% for high earners.
FICA Taxes (Social Security and Medicare)
The Federal Insurance Contributions Act (FICA) requires employees to pay 6.2% of their gross wages toward Social Security (up to the annual wage base limit of $168,600 in 2024) and 1.45% toward Medicare with no wage limit. Your employer matches these contributions. High earners pay an additional 0.9% Medicare surtax on wages above $200,000 (single filers) or $250,000 (married filing jointly).
Pre-Tax Deductions
Pre-tax deductions reduce your taxable income before taxes are calculated, which lowers your overall tax burden. Common pre-tax deductions include contributions to a 401(k) or 403(b) retirement plan, health insurance premiums, dental and vision insurance, Flexible Spending Accounts (FSA), and Health Savings Accounts (HSA). These deductions are subtracted from your gross pay before federal and state income taxes are applied, though they are still subject to FICA taxes in most cases.
Frequently Asked Questions
How accurate is this paycheck calculator?
This calculator provides a close estimate of your actual take-home pay based on standard federal and state tax tables. However, slight variations may occur due to highly specific local/city taxes, unusual employer-specific deductions, or recent mid-year tax code changes that haven’t yet been reflected in standard payroll systems.
What is FICA tax?
FICA stands for Federal Insurance Contributions Act. It is a mandatory payroll tax deducted from every American worker’s paycheck to fund Social Security (which provides retirement and disability benefits) and Medicare (which provides health insurance for individuals over age 65).
Does my 401(k) contribution reduce my taxes?
Yes. Traditional 401(k) contributions are pre-tax, meaning they are subtracted from your gross pay before income taxes are calculated. This effectively lowers your taxable income for the year, resulting in less federal and state income tax withheld from your paycheck.
How do I calculate my hourly rate from my annual salary?
To find your hourly rate from an annual salary, divide your annual salary by 2,080 (the number of working hours in a standard year, assuming 40 hours per week for 52 weeks). For example, a $60,000 salary divided by 2,080 equals approximately $28.85 per hour.