Below are your Colorado salary paycheck results. The results are broken up into three sections: "Paycheck Results" is your gross pay and specific deductions from your paycheck, "Net Pay" is your take-home pay, and "Calculation Based On" is the information entered into the calculator.

To understand how to calculate federal, state and local taxes, check the paycheck FAQs below the results.

Employee Paycheck Results

Gross Pay
\$0.00
Federal Withholding
\$0.00
Social Security
\$0.00
Medicare
\$0.00
State Tax Withholding
\$0.00
Take home pay (net pay)
\$0.00

Employer Taxes

Manage employer taxes and reports with PaycheckCity Payroll

Calculation Based On

Check Date
4/11/2024
Gross Pay
\$0.00
Gross Pay Method
Annually
Gross Salary Year to Date
\$0.00
Pay Frequency
Weekly
Federal Filing Status
Single
# of Federal Allowances
0
\$0.00
Round Federal Withholding
Yes
Exempt from Federal Withholding
No
Exempt from Social Security
No
Exempt from Medicare
No

What is state withholding?

Currently, 43 states and territories impose a state income tax. Generally, employees will pay state income tax based on where they live. Most states calculate their tax similarly to federal methods. They have their own state withholding form and tax brackets and depend on the employee’s marital status and specified withholding allowances. Check Colorado’s withholding method in our free Payroll Resources.

How is Colorado state income tax calculated?

The flat rate for Colorado withholding is 4.4% for 2023. There’s a deduction that gets taken off the annual wages before calculating the 4.4%: this is the Annual Withholding Allowance option in the calculator’s State and Local Taxes section. If it's left as 0, the calculation falls back to a default value based on the filing status set in that section. These values are defined in DR 1098 step 2a:

• Married filing jointly: \$9,000
• Single and all others: \$4,500

For example, if the gross weekly is \$1,000 and filing status is single:
\$1,000 x 52 = \$52,000
\$52,000 - \$4,500 = \$47,500
\$47,500 x 4.4% = \$2,090
\$2,090 / 52 = \$40.19

Colorado then rounds to the nearest dollar, so \$40 is withheld.

Which states don’t have state income tax?

There are 9 states that do not have state income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Note that this doesn’t apply to bonuses.

What is Unemployment Insurance (SUI)?

SUI (State Unemployment Insurance), also known as SUTA (State Unemployment Tax Act), are payroll taxes that employers, and in some states employees, have to pay to their state unemployment fund. These contributions support unemployment payments for displaced workers.

In our paycheck calculators, SUI is used to refer to the unemployment tax paid by the employee. AK, NJ, and PA have an employee unemployment tax.

Find Colorado’s unemployment insurance tax rates in our Payroll Resources SUI section.

How was my Federal Withholding calculated?

The more taxable income you have, the higher tax rate you are subject to. This calculation process can be complex, so PaycheckCity’s free calculators can do it for you! To learn how to calculate income tax by hand, follow these step-by-step instructions.

The federal income tax is a tax on annual earnings for individuals, businesses, and other legal entities. All wages, salaries, cash gifts from employers, business income, tips, gambling income, bonuses, and unemployment benefits are subject to a federal income tax.

For each payroll, federal income tax is calculated based on wages and the answers provided on the W-4 and year to date income, which is then referenced to the tax tables in IRS Publication 15-T. The current tax rates are 0%, 10%, 12%, 22%, 24%, 32%, 35%, or 37%. Again, the percentage chosen is based on the paycheck amount and your W4 answers.

How is an employee’s Social Security and Medicare taxes calculated?

Social Security tax is 6.2% on \$147,000 of earned income. The maximum Social Security tax for employees is \$9,114. Social Security is also known as OASDI (Old Age, Survivors, and Disability Insurance). Employees can log into www.ssa.gov to verify their wages and confirm their benefits at various retirement ages.

Medicare is meant to supplement an employee’s healthcare benefits when they reach retirement age. Both employers and employees are required to contribute to Medicare at a rate of 1.45%. For employees, there is an additional 0.9% Medicare tax on wages earned after a \$200,000 threshold. This means when an employee’s income reaches \$200,000 in a calendar year, the employer should withhold 2.35% for Medicare, and it’s called the Additional Medicare Tax. The Social Security and Medicare taxes are collectively known as FICA (Federal Insurance Contributions Act).

Are some deductions not taxed by federal income tax?

Yes, some examples of pre-tax deductions include 401(k), health insurance, and flexible spending accounts (FSA). To calculate pre-tax deductions, check the Exempt checkboxes, meaning the deduction will be taxed.

What are pre-tax and post-tax deductions?

Pre-tax deductions are deducted before federal/state withholding taxes are imposed. Post-tax deductions are deducted after being taxed. An example of a post-tax deduction is a Roth 401(k).

How do I get my paycheck?

An employer might choose to distribute earnings by check, but more commonly these days the pay is deposited directly into the employee’s checking account automatically, based on the pay frequency. If your paycheck is late or inaccurate, contact your HR department.

How can I reduce my tax liability?

Explore deductions and credits available, such as contributions to retirement accounts, to potentially lower your taxable income.

The calculators on this website are provided by Symmetry Software and are designed to provide general guidance and estimates. These calculators should not be relied upon for accuracy, such as to calculate exact taxes, payroll or other financial data. Neither these calculators nor the providers and affiliates thereof are providing tax or legal advice. You should refer to a professional adviser or accountant regarding any specific requirements or concerns.