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Paychex offers payroll, HR, and benefits services for self-employed and small to large businesses. Request pricing, see customer testimonials, and find the right solution for your business needs.
Calculate your take home pay per paycheck for both salary and hourly jobs after taxes. See how federal, state and local taxes affect your income and learn about tax brackets, deductions and exemptions.
- 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
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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.
Estimate your net income after taxes with this online tool that covers all 50 states. Learn how to calculate net income, annual income, taxes, deductions and more from your paycheck.
Paychex offers online payroll and tax administration, HR solutions, and payroll protection for businesses of all sizes. Compare payroll plans, access reports and analytics, and integrate with other software tools.
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?
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 basics.
