Salary Calculator

About the Salary Calculator

This calculator helps you estimate your take-home pay after federal taxes and FICA contributions. Understanding the breakdown of your paycheck is essential for budgeting and financial planning.

How It Works

The calculator takes your gross annual salary and filing status to estimate your net pay for different pay frequencies (annually, monthly, or bi-weekly).

• Gross Annual Salary: Your total salary before any taxes or deductions are taken out.
• Filing Status: Your tax filing status (e.g., Single, Married Filing Jointly), which determines your standard deduction and the federal tax brackets that apply to you.
• Pay Frequency: How often you are paid.

Breakdown of Deductions

The calculator estimates two main types of federal payroll deductions:

1. Federal Income Tax: This is calculated based on the 2024 U.S. federal income tax brackets and the standard deduction for your filing status.
2. FICA Taxes: This is a combination of two separate federal taxes:
   • Social Security: A 6.2% tax on your income up to an annual limit.
   • Medicare: A 1.45% tax on all of your income.

The final "Net Pay" is your estimated take-home amount after these deductions.

This tool provides an estimate for federal taxes only. It does not account for state or local taxes, or other common deductions like health insurance premiums, 401(k) contributions, or flexible spending accounts.