Paycheck Calculator
A paycheck calculator shows how much of your gross salary actually lands in your bank account after federal and state income taxes, Social Security, Medicare, and pre-tax retirement contributions are withheld. Understanding your take-home pay helps with budgeting and evaluating job offers.
How this calculator works
Federal income tax is calculated using the 2024 marginal tax brackets for your filing status, applied to taxable income (gross minus pre-tax 401k contributions). Social Security is 6.2% of gross wages up to the annual wage base. Medicare is 1.45% of all wages. State income tax is applied at the flat rate you enter. Net pay = Gross - Federal tax - Social Security - Medicare - State tax - 401(k) contribution.
Formula reference: IRS: Tax withholding estimator
Example
Example: a $65,000 salary, single filer, 5% state tax, biweekly pay, 5% 401(k). Gross per paycheck: $2,500. After ~$340 federal tax, $155 Social Security, $36 Medicare, $119 state tax, and $125 401(k), estimated net take-home is roughly $1,725 per paycheck.
Frequently asked questions
- Why does this differ from my actual paycheck?
- This calculator uses simplified 2024 federal brackets and a flat state rate. Your actual withholding depends on your W-4 elections (allowances, extra withholding), additional Medicare tax for high earners, local/city taxes, health insurance premiums, HSA contributions, and other deductions your employer may withhold.
- What is the difference between pre-tax and post-tax 401(k) contributions?
- Traditional 401(k) contributions are pre-tax — they reduce your taxable income now and grow tax-deferred. Roth 401(k) contributions are post-tax — no immediate tax benefit, but qualified withdrawals in retirement are tax-free. This calculator models traditional pre-tax contributions.
This calculator provides estimates for general informational purposes only and does not constitute financial, tax, or legal advice. Always confirm important numbers with a qualified professional or your lender/institution before making a decision.