Finance & Economics · Macroeconomics
Paycheck Calculator
Calculate your net take-home pay after federal taxes, Social Security, and Medicare deductions from your gross salary or hourly wage.
Calculator
Formula
Gross Pay is your earnings before deductions. Federal Tax is estimated using 2024 marginal tax brackets. Social Security is 6.2% of gross pay (up to the wage base). Medicare is 1.45% of gross pay.
Source: IRS Publication 15-T (2024), Social Security Administration wage base limits.
How it works
Your gross pay is divided by your pay frequency to get the per-paycheck amount. Pre-tax deductions (like 401k contributions or health insurance premiums) are subtracted before calculating federal income tax, reducing your taxable income. Federal tax is estimated using 2024 IRS single-filer marginal brackets plus the standard deduction of $14,600, adjusted for withholding allowances at $4,300 each.
FICA taxes — Social Security at 6.2% and Medicare at 1.45% — apply to your full gross pay (Social Security is capped at the 2024 wage base of $168,600). The sum of all deductions is subtracted from gross pay to produce your estimated net paycheck.
Worked example
Suppose you earn $60,000/year, paid bi-weekly (26 times), claim 1 allowance, and contribute $200/paycheck to a 401k.
- Gross per paycheck: $60,000 ÷ 26 = $2,307.69
- Annual taxable income: $60,000 − ($200 × 26) − $14,600 − $4,300 = $35,900
- Federal tax (annual): $1,160 + ($35,900 − $11,600) × 0.12 = $4,076 → per check: $156.77
- Social Security: $2,307.69 × 6.2% = $143.08
- Medicare: $2,307.69 × 1.45% = $33.46
- Net take-home: $2,307.69 − $156.77 − $143.08 − $33.46 − $200 = ~$1,774.38
Limitations & notes
This calculator provides estimates only and does not account for state or local income taxes, which can significantly reduce take-home pay. It also excludes additional Medicare tax (0.9%) on incomes above $200,000, supplemental wages, overtime, bonuses, post-tax deductions, or employer-specific benefit arrangements. Actual withholding may differ based on your W-4 elections — consult a tax professional or your payroll department for precise figures.
Frequently asked questions
What is the difference between gross pay and net pay?
Gross pay is your total earnings before any deductions. Net pay is what you actually receive after federal taxes, FICA, and other deductions are withheld.
How do I choose my pay frequency?
Enter the number of paychecks you receive per year: 52 for weekly, 26 for bi-weekly, 24 for semi-monthly, or 12 for monthly.
Does this include state taxes?
No — this calculator covers federal income tax, Social Security, and Medicare only. State income taxes vary widely and are not included.
What counts as a pre-tax deduction?
Common pre-tax deductions include 401k or 403b contributions, traditional IRA contributions, health insurance premiums, and HSA contributions. These reduce your taxable income.
Why might my actual paycheck differ from this estimate?
Your employer uses your W-4 form for withholding, which may reflect different allowances, additional withholding, or exemptions. State taxes, garnishments, and other deductions will also reduce your check further.
Last updated: 2025-01-15 · Formula verified against primary sources.