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When you're running a calculation, it can be overwhelming providing the proper information in the correct field. Below we will cover what each field means and what you should input to get an accurate calculation in the hourly calculator.
The first bit of information to fill in is the Calculation Date and State. The date will auto-fill to the current day, make sure that this is the date you want your calculation. Also, make sure to choose the appropriate state. Next, you have the Rate Information. Fill in the Pay Rate with your hourly rate and the number of hours worked under 'Hours 1.' If you need to add more rate information, for example, to add any overtime pay, just click the “add rate” button.
The General and Federal Information sections follow. In this section, your gross pay automatically calculates from the rate information you entered above. Your gross pay is all the money you have made while working at your job, either per pay period or annually. You can choose which option in the next field by clicking the section and selecting an option from the drop-down bar. The next field, gross pay YTD, is your total pay received within the year. This field is optional but recommended for the most accurate calculation. Next, you have pay frequency. This field can be filled in by asking yourself the question, 'how often do I get paid?' You can choose any option, from daily to quarterly payment. The IRS determines your filing status, federal allowances, and additional withholding.
Lastly, you have the option to choose if your withholding is exempt from certain taxes such as FICA and Medicare. These are adjustable by clicking the corresponding sliders. 'Round Federal Withholding' refers to rounding your federal tax to the nearest dollar instead of the nearest penny. Rounding is not required but is permitted by federal law.
The next section is State and Local Information. This section will adjust depending on which state you have selected. Often, your state information will mirror your federal settings, but occasionally you'll have additional fields to fill out for state and local withholding.
Lastly, you have Voluntary Deductions. This is where you can add any deductions relevant to your paycheck.
Now that you have accurately filled in the calculator fields you can click 'Calculate', and your results will follow.
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