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Paycheck Calculator For Salary And Hourly Payment 2023

Curious to know how much taxes and other deductions will reduce your paycheck? Use our paycheck tax calculator.

If you’re an employee, generally your employer must withhold certain taxes such as federal tax withholdings, social security and Medicare taxes from your paycheck. In addition, you may opt to have voluntary deductions withheld from your paycheck, these may include health care, retirement or other expenses.

The amount that remains after these deductions are considered your net pay.

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Your estimated NET Take-Home Pay

$42,755.20

FICA Social Security (6.2%)
$3,410.00
FICA Medicare (1.45%)
$797.50
Federal Tax Withheld
$6,188.88
Voluntary Deductions $0.00
Tax Deferral Plan $0.00
Health Insurance Premiums $0.00
Pre-Tax Deductions $0.00
State Taxes $1,848.43
Post-Tax Deductions $0.00
Post-Tax Reimbursements $0.00
Disclaimer: This calculator is for educational and illustrative purposes only and should not be construed as financial or tax advice.The results are only estimates and may not apply to your specific situation. Please consult a qualified professional regarding financial decisions.

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How Is Your Paycheck’s Income Tax Withholding Calculated?

When you start a new job, you’re required to complete an IRS Form W-4, which is used to determine how much federal income tax and other deductions will be withheld each time you get paid.

Information you supply on your W-4—including your tax filing status (such as single or married filing jointly) and number of dependents—will help your employer calculate the proper withholding. Completing your W-4 form correctly can protect you from being hit with a tax penalty if too little is withheld throughout the year.

You can make changes to your withholding at any time by submitting a new W-4 form to your employer.

If you’re required to pay state or local income taxes, you may face additional withholding for the appropriate taxing authorities in your state or community.

How Is Your Net Pay Calculated?

When you think of how much money you make in a year, you probably think of your salary before taxes are taken out. That’s your gross income. The amount you actually take home is typically much smaller and called your net pay.

It’s important to understand your net pay so you can budget around it—in other words,  know how much money you can spend each month on rent, groceries, dinners out and other expenses.

Your net pay is essentially your gross income minus the taxes and other deductions that are withheld from your earnings by your employer. Your net pay each pay period is the final amount on your paycheck. Your annual net pay is your salary minus the money that’s withheld throughout the year.

What Is FICA Withholding on a Paycheck?

FICA stands for the Federal Insurance Contributions Act. It’s a law requiring employers and their workers to pay taxes to fund the Social Security and Medicare programs that benefit retirees, disabled people and even some children.

In 2022, these FICA taxes are being withheld from your paychecks:

  • 6.2% of up to $147,000 in wages, for Social Security
  • 1.45% of all your wages, for Medicare
  • 0.9% extra on any wages over $200,000 in a calendar year, also for Medicare

Your employer withholds Social Security and Medicare taxes from your pay, then kicks in its own matching amounts—except for the additional 0.9% Medicare tax, which doesn’t require an employer match.

If you’re self-employed your FICA rates are doubled, since you’re paying on behalf of both the employee (you) and the employer (also you).

What Are the Other Deductions on Your Paycheck?

Beyond the withholding for income taxes, Social Security and Medicare, other regular paycheck deductions also might be shrinking your earnings. Your employer may be taking money out for:

Frequently Asked Questions (FAQs)

Do you get taxed more if paid monthly versus biweekly?

Whether you’re paid monthly or biweekly doesn’t affect the amount of your taxes. Regardless of how often you’re paid throughout the year, the withheld taxes will be the same at the end of the year.

How do you calculate your net pay?

Different factors impact your net pay, such as your tax filing status, the number of dependents, federal and state income taxes withheld, as well as Social Security and Medicare taxes. Various deductions, such as for retirement, health insurance and a flexible spending account (FSAs) will also reduce your net pay.

To find out your correct net pay, you may want to use our Payroll Tax Calculator.

What percentage of my paycheck is withheld for federal tax in 2022?

While there isn’t any one size that fits all when it comes to your tax withholdings, generally you can expect to have both FICA and federal income taxes withheld from your pay.

In 2022, your employer will withhold 6.2% of your wages (up to $147,000) for Social Security. Additionally, you must pay 1.45% of all of your wages for Medicare, without any limitations. If you earn over $200,000, you can expect an extra tax of .9% of your wages, known as the additional Medicare tax.

Your federal income tax withholdings are based on your income and filing status. For 2022, the federal income tax brackets are 10%, 12%, 22%, 24%, 32%, 35%, and 37%.

Regardless of your situation, you’ll need to complete a W-4 and submit it to your employer. The information you provide on your W-4 will determine the correct amount of tax withholdings.

Frequently Asked Questions

Paycheck Calculators by State

Compare NET Take-Home Pay to Other States

This is the gross pay for the pay period before any deductions, including wages, tips, bonuses, etc. You can calculate this from an annual salary by dividing the annual salary by the number of pay period (monthly=12, biweekly=26, etc). You can calculate the gross pay from hourly wages by multiplying the regular hours times the regular hourly rate + overtime hours times the overtime rate.
How often you are paid. Note that biweekly means "every other week" or 26 times per year and semi-monthly means "twice per month" usually on the 1st and 15th of each month.
This amount is calculated just for your reference. It is only an estimate because it doesn't take into account bonuses, raises, or other variations in your gross pay.
You may choose either "Married (Filing Jointly)", "Single", or "Head of Household" as your income filing status.
Is Box 2(c) on the W-4 form Checked?: If Box 2(c) is NOT checked, then the federal withholding is calculated from the STANDARD threshhold tables. If it IS checked, then the federal withholding is calculated from the HIGHER threshold tables.
Enter the amount calculated in Step 3 from the W-4. For example, in 2020, if you claimed 3 children and one other dependent, the amount would be 3*2000+500 = 6500. This amount is subtracted from the tentative annual federal tax withholding.
Enter the amount from W-4 Step 4(a). The description on the W-4 form says: "If you want tax withheld for other income you expect this year that won't have withholding, enter the amount of other income here. This may include interest, dividends, and retirement income."
Enter the amount from W-4 Step 4(b). The description on the W-4 form says: "If you expect to claim deductions other than the standard deduction and want to reduce your withholding, use the Deductions Worksheet on page 3 and enter the result here." See the W-4 form to complete the worksheet on page 3.
This is an amount that the employee has elected to withhold EACH PAYCHECK in addition to the amount from the federal withholdings tables.
This is the percent of your gross pay that you put into a tax-deferred retirement account like a 401(k) or 403(b) plan. Note that there are usually limits to how much you can defer pre-tax, but this calculator has no limits built in.
Some employer-sponsored health insurance plans allow you to pay insurance premiums pre-tax. Premiums paid this way might also not be subject to FICA (Social Security and Medicare). If you enter an amount in this field, it will affect your Federal Taxable Gross and also the amount of FICA tax.
If you contribute to a Health Spending Account or Flexible Spending Account the contribution might be a pre-tax deduction.
This is the Gross Pay minus the various pre-tax deductions and allowances.
This calculator assumes that state and local taxes are a percentage of the Federal Taxable Gross. These taxes will vary from state to state, but you can estimate the percentage from one of your pay stubs.
These deductions can take many forms, such as insurance premiums, dental plans, etc.
There are many rules regarding the definition of post-tax reimbursements in IRS Publication 15, but these will typically be business and travel expenses that you pay out of your personal account that your employer later reimburses you for.
Social Security Tax is calculated by multiplying your gross earnings by 6.2% based on the 2010 IRS Publication 15. There is an annual limit for Social Security deductions, but this calculator does not take into account year-to-date totals.
This is calculated by multiplying your Gross Pay by 1.45% according to IRS Publication 15, 2010. There is no annual limit for Medicare deductions.
Estimating the federal tax withholding is a fairly complicated algorithm that involves multiple steps and checks. Use the calculators on IRS.gov to verify the results.
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