Take-Home Pay Calculator
Calculate your take-home pay after taxes and deductions
Results
Take-Home Pay
$0.00
Per annually period
Annual Net Pay
$0.00
Total after taxes & deductions
Total Taxes
$0.00
Federal + State + FICA
Total Deductions
$0.00
Pre-tax + Post-tax
Federal Tax
$0.00
State Tax
$0.00
FICA Taxes
$0.00
Understanding Your Paycheck
Gross Pay vs. Net Pay
Gross pay is your total earnings before any deductions or taxes. Net pay, or take-home pay, is what you actually receive after all deductions and taxes are taken out.
Common Paycheck Deductions
- Pre-tax deductions: 401(k), health insurance, HSA, FSA
- Taxes: Federal income tax, state tax, local tax
- FICA taxes: Social Security (6.2%) and Medicare (1.45%)
- Post-tax deductions: Roth 401(k), disability insurance
Tax Withholding and Allowances
Your employer withholds taxes based on your W-4 form. The number of allowances you claim affects how much tax is withheld:
- More allowances = Less tax withheld = Larger paycheck
- Fewer allowances = More tax withheld = Smaller paycheck
- Claiming too many allowances may result in owing taxes
- Claiming too few may result in a large tax refund
Pre-Tax vs. Post-Tax Deductions
Pre-Tax Deductions
- Traditional 401(k) contributions
- Health insurance premiums
- Health Savings Account (HSA)
- Flexible Spending Account (FSA)
- Commuter benefits
Post-Tax Deductions
- Roth 401(k) contributions
- Roth IRA contributions
- Disability insurance
- Life insurance
- Union dues
Maximizing Your Take-Home Pay
Tax Reduction Strategies
- Contribute to pre-tax retirement accounts
- Use HSA/FSA accounts for healthcare expenses
- Take advantage of commuter benefits
- Review and adjust your W-4 withholdings
Benefits Optimization
- Compare health insurance options during open enrollment
- Consider high-deductible health plans with HSA
- Maximize employer 401(k) match
- Review and adjust voluntary deductions periodically
2024 Tax Information
FICA Taxes
- Social Security tax: 6.2% up to $168,600
- Medicare tax: 1.45% (no limit)
- Additional Medicare tax: 0.9% over $200,000
Contribution Limits
- 401(k): $23,000 ($30,500 if 50+)
- IRA: $7,000 ($8,000 if 50+)
- HSA: $4,150 single, $8,300 family
- FSA: $3,200