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Use SmartAsset's paycheck calculator to calculate your take home pay per paycheck for both salary and hourly jobs after taking into account federal, state and local taxes.
- Salary Paycheck Calculator Guide
- How to Calculate Net Income
- How to Calculate Annual Income
- How to Calculate Taxes Taken Out of A Paycheck
- What Is A Paycheck?
- How to Read A Paycheck
- Understanding Paychecks: Withholdings and Deductions
- Frequently Asked Questions About Paychecks
Although our salary paycheck calculator does much of the heavy lifting, it may be helpful to take a closer look at a few of the calculations that are essential to payroll.
Determine taxable income by deducting any pre-tax contributions to benefitsWithhold all applicable taxes (federal, state and local)Deduct any post-tax contributions to benefitsGarnish wages, if necessaryTo calculate an annual salary, multiply the gross pay (before tax deductions) by the number of pay periods per year. For example, if an employee earns $1,500 per week, the individual’s annual income would be 1,500 x 52 = $78,000.
Refer to employee withholding certificates and current tax brackets to calculate federal income taxCalculate Federal Insurance Contribution Act (FICA) taxes using the latest rates for Medicare and Social SecurityDetermine if state income tax and other state and local taxes and withholdings applyDivide the sum of all applicable taxes by the employee’s gross payA paycheck is how businesses compensate employees for their work. The most common delivery schedules are bi-weekly and semi-monthly, though this varies based on employer preferences and applicable state laws and regulations. Business-specific requirements, such as collective bargaining agreements covering union employees, may also dictate paycheck ...
Unlike withholding certificates and other employment documents, paychecks are pretty easy to decipher. Reading them is simply a matter of making sure the payment information is correct.
When reviewing their first paycheck, those who are new to the workforce may wonder why their take home pay is less than their gross pay. The reason is because of taxes, withholdings and deductions such as these:
Is a pay stub the same as a paycheck?
Although paychecks and pay stubs are generally provided together, they are not one in the same. A paycheck is a directive to a financial institution that approves the transfer of funds from the employer to the employee. A pay stub, on the other hand, has no monetary value and is simply an explanatory document.
What should a pay stub look like?
Pay stubs generally show how an employee’s income for a particular pay period was derived, along with line items of the taxes withheld, voluntary deductions and any other benefits received. Further specifics may be required by state or local governments.
What should you do with your paycheck stub?
Pay stubs are used to verify payment accuracy and may be necessary when settling wage/hour disputes. For this reason, employees may want to save their pay stubs, but aren’t required to do so. Employers, however, must keep payroll records for the specific lengths of time mandated by federal and state governments.
Calculate your net pay or take home pay by entering your salary and W4 information into this free online tool. See how federal and state taxes, benefits and deductions affect your paycheck amount and learn more about payroll terms and concepts.
- How do I complete a paycheck calculation?To calculate a paycheck start with the annual salary amount and divide by the number of pay periods in the year. This number is the gross pay per p...
- What is gross pay?Gross pay amount is earnings before taxes and deductions are withheld by the employer. This calculator will take a gross pay and calculate the net...
- What is the gross pay method?The gross pay method refers to whether the gross pay is an annual amount or a per period amount. The annual amount is your gross pay for the whole...
- If my paycheck has a bonus, is it taxed differently?Congratulations on your bonus! Unfortunately yes, bonuses are taxed more. They are taxed with what’s called the supplemental wage rate. Use our Bo...
- What is pay frequency?Pay frequency refers to the frequency with which employers pay their employees. The pay frequency starts the entire payroll process and determines...
- How is pay frequency used to calculate payroll?For salaried employees, the number of payrolls in a year is used to determine the gross paycheck amount. For example, let’s look at a salaried empl...
- What is the difference between bi-weekly and semi-monthly?Bi-weekly is once every other week with 26 payrolls per year. Semi-monthly is twice per month with 24 payrolls per year.
- What are my withholding requirements?Employers and employees are subject to income tax withholding. There are federal and state withholding requirements. Find federal and state withhol...
- How do I know if I’m exempt from federal taxes?You are tax-exempt when you do not meet the requirements for paying tax. This usually happens because your income is lower than the tax threshold....
People also ask
Is a pay stub the same as a paycheck?
What is a paycheck & how does it work?
How do I calculate a paycheck?
How do I create a paycheck?
Estimate your net pay after taxes and deductions with this online tool. Learn how to complete your W-4 form, understand FICA withholding and other paycheck deductions.
