Paycheck Calculator
Calculate your take-home pay per paycheck. Enter your gross annual salary, filing status, and pay frequency to see federal tax, FICA, state tax, and net pay.
How Paycheck Calculations Work
Your take-home pay is your gross salary minus all tax withholdings and deductions. The three main deductions are federal income tax, FICA taxes (Social Security and Medicare), and state income tax. Understanding how each is calculated helps you plan your finances and avoid surprises on payday.
Federal Tax Brackets (2024)
The US uses a progressive tax system with seven brackets. Your standard deduction ($14,600 for single, $29,200 for married filing jointly) is subtracted from gross income before applying the brackets:
- 10%: Up to $11,600 (single) / $23,200 (married)
- 12%: $11,601 - $47,150 / $23,201 - $94,300
- 22%: $47,151 - $100,525 / $94,301 - $201,050
- 24%: $100,526 - $191,950 / $201,051 - $383,900
- 32%: $191,951 - $243,725 / $383,901 - $487,450
- 35%: $243,726 - $609,350 / $487,451 - $731,200
- 37%: Over $609,350 / Over $731,200
FICA Taxes
Social Security is 6.2% on wages up to $168,600 (2024 cap). Medicare is 1.45% on all wages with no cap, plus an Additional Medicare Tax of 0.9% on earnings over $200,000 (single) or $250,000 (married filing jointly). Combined, employees pay 7.65% of their gross pay in FICA taxes, and employers match the standard 7.65%.
Effective vs Marginal Tax Rate
Your marginal tax rate is the rate on your last dollar of income (your highest bracket), while your effective tax rate is the total tax you pay divided by your total income. For example, a single filer earning $80,000 is in the 22% bracket but their effective federal rate is approximately 13-14%. Understanding this distinction helps you evaluate the true impact of raises, bonuses, and deductions.
Practical Tips
- Review your W-4 form annually to ensure withholdings match your actual tax liability
- Maximize pre-tax contributions (401(k) up to $23,000 in 2024, or $30,500 if 50+) to reduce taxable income
- If you receive a large refund each year, consider adjusting your W-4 to increase take-home pay
- Self-employed individuals must pay both the employee and employer portions of FICA (15.3% total), known as self-employment tax
- Use the IRS Tax Withholding Estimator at irs.gov to fine-tune your withholdings