Paycheck Calculator, Take Home Pay
Use this paycheck calculator to determine not only your pay period take-home pay but also to create or adjust your form W-4. Whether you're starting a new job, or experiencing life changing events at your current job e.g. marriage, child etc. this salary pay-stub calculator helps you manage your tax withholding accurately. Keep in mind, your tax return results are large determined by your tax withholding. Ask an eFile Taxpert® if you have W-4 questions or for free guidance on good 2024 tax return planning.
The build in W-4 tool at the end of the calculator let's you create your from W-4 based on your paycheck before you submit or email the form to yourself or your employer. Select your state to calculate your state income taxes.
How to Use the eFile Paycheck Calculator?
The free eFile paycheck calculator helps you estimate your pay period take-home pay. For your convenience, we have divided the process into 5 segments. Here's a step-by-step guide on how to use our free salary paycheck calculator:
A. Filing Status and Number of Jobs
Step 1: Select Your Filing Status
Choose your filing status (e.g., single, married filing jointly) to adjust your tax withholding. If you select "married filing jointly," it lowers the amount withheld from your paycheck. On the other hand, choosing "single" will typically increase your withholding amount.
Step 2: Do You Have More Than One Job?
If you have multiple jobs, start by entering details for the job with the highest income. Once finished, you can move on to your second job and repeat the process to create a W-4 for each.
Step 3: Enter Job Details
Enter the number of jobs you have and input the annual gross pay for each one. For example, if you have two jobs, you’ll input your gross pay for both to get an accurate estimate of your tax withholding.
B. Job Payment Period and Payment Type
Step 4: Select Your Pay Period
Choose how often you are paid (weekly, bi-weekly, monthly, etc.). This selection won't impact your tax withholding, but it helps ensure the paycheck calculator gives you the correct results based on your pay frequency.
Step 5: Enter Your Gross Paycheck Amount
Enter your gross paycheck amount per the selected pay period. Include federal and state taxes, FICA contributions, and any deductions. For help with these numbers, feel free to contact eFile’s free Taxpert® support.
C. Pre-Tax Health and Retirement Contributions
Step 6: Pre-Tax Health Insurance
Input any contributions to a pre-tax health insurance plan, such as medical insurance, as shown on your pay stub. If you have no contributions, enter 0.
Step 7: Pre- or After-Tax Retirement Plan Contributions
Enter any pre-tax contributions to a retirement plan, like a 401(k). These contributions reduce your taxable income and, as a result, lower your tax withholding.
D. Dependents and Deductions
Step 8: Dependents and Tax Credits
Input the number of dependents you claim. Generally, the more dependents you have, the lower your tax withholding. You can also enter any child tax credits or other tax credits you expect to qualify for, which will further reduce the amount withheld.
E. Paycheck and Form W-4
Step 9: Receive Your Results
After entering all the information, you can choose to receive your paycheck estimate via email. You can also generate a W-4 PDF form.
Sample Paychecks or Pay Stubs
Married Filing Joint
Two Jobs
Understanding Your Paycheck: Key Components
A. FICA Withholding
FICA, or the Federal Insurance Contributions Act, covers Social Security and Medicare taxes. These contributions support your future Social Security and Medicare benefits.
Social Security Taxes:
- Employee Contribution: 6.2% of your earnings up to the Social Security tax cap.
- Employer Contribution: Another 6.2%.
- 2023 Cap: $160,200
- 2024 Cap: $168,600
- Earnings above this cap aren't subject to Social Security tax but still incur Medicare taxes.
Medicare Taxes:
- Employee Contribution: 1.45% of all earnings.
- Employer Contribution: Another 1.45%.
- Additional Tax: 0.9% on earnings above $200,000 for single filers, $250,000 for married joint filers, or $125,000 for married separate filers.
- Self-Employed: You pay both employee and employer portions (15.3% total) but can deduct half when filing taxes.
B. Deductions
In addition to taxes, other deductions affect your paycheck:
- Health Insurance: If you contribute to employer-sponsored health insurance, this amount is deducted from your paycheck.
- HSA/FSA Contributions: Contributions to Health Savings Accounts or Flexible Spending Accounts are deducted pre-tax.
- Pre-Tax Retirement Contributions: Contributions to retirement plans like a 401(k) or 403(b) are deducted before taxes, lowering your taxable income. While this reduces your current paycheck, it allows your savings to grow tax-free.
- Post-Tax Contributions: Roth 401(k) contributions are made after taxes are deducted. These accounts offer tax-free growth and withdrawals, which can be beneficial if you anticipate a higher future income.
C. Pay Frequency
Your paycheck size depends on how often you’re paid:
- Monthly: 12 paychecks per year
- Semi-Monthly: 24 paychecks per year
- Bi-Weekly: 26 paychecks per year
The more frequent your paychecks, the smaller each one will be, assuming your annual salary remains the same.
D. Local Taxes
If you live in a state or city with income taxes, part of each paycheck will be withheld to cover these taxes, in addition to federal taxes.
E. Wage Garnishments
Court-ordered wage garnishments for debts like child support or unpaid taxes are deducted from your paycheck as required by law. Employers must follow these orders and ensure the correct amounts are deducted.
Frequently Asked Questions
Are Paychecks and Pay Stubs the Same?
No, they are not. A paycheck is a financial document that authorizes the transfer of funds from your employer to your bank account. It represents the actual payment you receive. In contrast, a pay stub is a detailed statement that explains how your paycheck was calculated, including taxes withheld and any deductions. It doesn’t have monetary value on its own.
What Should a Pay Stub Include?
A pay stub typically includes details about your earnings for a specific pay period. It shows your gross income, taxes withheld, voluntary deductions, and any benefits you receive. It might also include other specifics required by state or local laws.
How Should You Handle Your Pay Stub?
You should keep your pay stubs to check for payment accuracy and for reference in case of wage disputes. While it’s not mandatory to keep them, it’s a good practice. Employers are required to maintain payroll records for a specific period as set by federal and state regulations.
What to Do If You Don’t Receive Your Paycheck or If It’s Late?
If you don’t get your paycheck or it’s delayed, first contact your employer’s HR department. Often, late payments are due to simple errors that can be quickly resolved.
Related Resources:
Paycheck Calculators by State
Taxwork LLC All Rights Reserved: All information contained herein is, and remains the property of Taxwork LLC and eFile.com. The intellectual and technical concepts contained herein are proprietary to Taxwork LLC and may be covered by U.S. and Foreign Patents, patents in process, and are protected by trade secret or copyright law. Dissemination of this information or reproduction of this material is strictly forbidden unless prior written permission is obtained from Taxwork LLC.
TurboTax® is a registered trademark of Intuit, Inc.
H&R Block® is a registered trademark of HRB Innovations, Inc.