PaycheckCity has launched a dual scenario paycheck calculator where individuals can compare two paycheck calculations side-by-side. As individuals begin to prepare for 2014 paychecks, users of PaycheckCity’s dual scenario calculator can compare the per-paycheck impact of 2013 tax rates versus 2014 tax rates. Using PaycheckCity’s dual scenario calculator to compare take-home pay for two different paycheck calculations, users of the PaycheckCity calculator enter their gross salary, pay type, pay frequency, federal filing status, number of federal allowances, and any additional federal withholding into the left side of the calculator. They then enter state and local specific information before moving on to the voluntary deduction section. Next, this user would follow the same procedure on the right side of the calculator adjusting the year or any other factors under consideration. For pre-tax deductions, users must check the boxes for any taxes from which the benefit is exempt, such as federal, fica, state, or local taxes, for the calculation to run accurately. By clicking the “calculate” button, the two paycheck results are displayed side-by-side for easy comparison. The Dual Scenario Calculator is available in both a salary calculator and an hourly calculator. In addition, PaycheckCity offers seven different paycheck calculators for personal use in running what-if scenarios to determine the impact on take-home pay. Visit www.paycheckcity.com to learn more.
These free resources should not be taken as tax or legal advice. Content provided is intended as general information. Tax regulations and laws change and the impact of laws can vary. Consult a tax advisor, CPA or lawyer for guidance on your specific situation.