Federal Salary Paycheck Calculator Results
Below are your federal 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 your results better, check the paycheck results FAQs below.
Take Home Pay
Calculation Based On
What is gross pay and net pay?
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 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?
What are pre-tax and post-tax deductions?
How do I get my paycheck?
Do employees pay Federal Unemployment Tax Act (FUTA)?
State Federal Salary Paycheck Calculators
Select your state from the list below to see its federal salary paycheck calculator.
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- Washington DC
- Puerto Rico
- American Samoa
- Northern Mariana Islands
- US Virgin Islands