Paycheck Calculator
Estimate your take-home pay per paycheck after federal tax, state tax, FICA, 401(k), and insurance deductions.
How Your Paycheck Is Calculated
Your take-home pay is your gross salary minus federal income tax, state income tax, FICA taxes (Social Security and Medicare), and any pre-tax deductions like 401(k) contributions and health insurance premiums. Understanding each deduction helps you make better decisions about benefits enrollment and retirement savings.
Federal Income Tax Withholding
Federal tax is calculated using progressive brackets after subtracting the standard deduction ($14,600 for single filers, $29,200 for married filing jointly in 2024). Pre-tax 401(k) contributions and health insurance premiums further reduce your taxable income. The more you contribute pre-tax, the less federal tax is withheld from each paycheck.
FICA Taxes Explained
FICA taxes fund Social Security (6.2%) and Medicare (1.45%), totaling 7.65% of your gross pay. Unlike income tax, FICA is calculated on your full gross salary — pre-tax 401(k) contributions do not reduce FICA. Social Security tax stops applying once your annual income exceeds $168,600, but Medicare has no cap.
Maximizing Your Take-Home Pay
To increase your net paycheck, consider maximizing pre-tax deductions like 401(k) and HSA contributions, which lower your taxable income. Make sure your W-4 withholding accurately reflects your situation to avoid over-withholding. If you consistently get a large tax refund, you may be withholding too much and could adjust your W-4 to get more money in each paycheck.
Frequently Asked Questions
How is federal income tax calculated?
Federal income tax uses a progressive bracket system. For 2024, single filers pay 10% on income up to $11,600, 12% on $11,601-$47,150, 22% on $47,151-$100,525, 24% on $100,526-$191,950, and higher rates above that. This calculator applies the standard deduction ($14,600 single, $29,200 married) before calculating tax.
What is FICA and how much is it?
FICA (Federal Insurance Contributions Act) includes Social Security tax at 6.2% on income up to $168,600 and Medicare tax at 1.45% on all income, totaling 7.65%. Your employer pays a matching 7.65%. If you earn above $200,000, an additional 0.9% Medicare surtax applies.
How does a pre-tax 401(k) contribution reduce my taxes?
Pre-tax 401(k) contributions are deducted from your gross income before federal and state income taxes are calculated, lowering your taxable income. However, FICA taxes are still calculated on your full gross pay. For example, contributing 10% of a $60,000 salary saves you $6,000 in taxable income.
Why does my actual paycheck differ from this estimate?
This calculator provides an estimate. Actual paychecks may differ due to additional deductions (dental, vision, life insurance, HSA), local/city taxes, year-to-date income affecting tax brackets, W-4 withholding allowances, overtime, bonuses, or employer-specific policies.