Take Home Pay Calculator
Calculate your net paycheck after taxes and deductions. Enter your gross salary to see how much you will actually take home after federal income tax, state tax, Social Security, Medicare, and other deductions are withheld from your paycheck.
How to Use This Take Home Pay Calculator
Enter your gross annual salary, select your pay frequency and filing status, then input any pre-tax deductions like 401k contributions and health insurance premiums. The calculator will estimate your federal and state taxes, FICA taxes (Social Security and Medicare), and show your net take-home pay per paycheck.
What is Take Home Pay?
Take home pay, also called net pay, is the amount of money you actually receive in your paycheck after all taxes and deductions are withheld. Your gross salary is reduced by federal income tax, state income tax (if applicable), Social Security tax (6.2%), Medicare tax (1.45%), and any pre-tax deductions you have elected. Understanding your take home pay is essential for accurate budgeting and financial planning.
How Federal Income Tax Works
Federal income tax uses a progressive tax system with marginal tax brackets. This means different portions of your income are taxed at different rates. For 2024, the brackets range from 10% on your first dollars of taxable income up to 37% on income over $609,350 (single filers). Your taxable income is your gross income minus pre-tax deductions and the standard deduction.
- 10% on income up to $11,600 (single)
- 12% on income from $11,601 to $47,150
- 22% on income from $47,151 to $100,525
- 24% on income from $100,526 to $191,950
- 32% on income from $191,951 to $243,725
- 35% on income from $243,726 to $609,350
- 37% on income over $609,350