Use Our Free Paycheck Calculator
To See How Changes Affect Take Home Pay
You can use this Free Paycheck Calculator to help you figure out how changes you make to your payroll deductions will impact your net (take home) pay.
What's cool is that with a Paycheck Tax Calculator, you can plug in your current and proposed payroll information and deductions, and compare both to see how it changes your paycheck amount.
You can also make changes to your retirement savings, filing status or other with-holdings and see how those changes affect the money you bring home to your family.
As this calculator uses 2012 withholding schedules, even employers can use this free tool as a Payroll Tax Deduction Calculator.
Free Paycheck Calculator
All of the definitions for the Free Paycheck Calculator are listed on this page below, above and below the Paycheck Tax Calculator.
Payroll Deductions
Use our FREE calculator to help you determine the impact of changing your payroll deductions. You can enter your current payroll information and deductions, and then compare them to your proposed deductions. Try changing your withholdings, filing status or retirement savings and let the payroll deduction calculator show you the impact on your take home pay. This calculator has been updated to use the new withholding schedules for 2012.
Paycheck Tax Calculator Definitions
Pay Period
Enter the frequency with which you are paid. Your choices are: Weekly (52 paychecks a year), Every other week (26 paychecks a year), Twice a month (24 paychecks each year), Monthly (12 paychecks a year), and Annually (one paycheck a year).
Gross Pay
This is your total pay for your pay period - before any deductions. Enter any amount from $1.00 to $1,000,000.00.
Filing Status
We're talking about your income tax filing status here. Your choices are Single or Married. Choose "Married" if you are married or file as "head of household" and enter "Single" if you file your taxes as a single person or if you are married but you and your spouse file separately.
Number of Allowances
When your Federal income tax withholdings are calculated with the Free Paycheck Calculator, you can claim allowances to reduce the amount of the Federal income tax withholding. In 2011, each allowance you claim is equals $3,700 of income you expect to have in deductions when you file your annual tax return.
The number of allowances you should claim depends largely on the number of dependents you have and your itemized deductions. This calculator allows from 0 to 99 allowances.
401(k)/403(b) Plan Withholding
This is the percent of your gross income you put into a taxable deferred retirement account such as a 401(k) or 403(b). While increasing your retirement account savings does lower your take home pay, it also lowers your Federal income tax withholdings. You might be surprised at the result here because the result on the net income in your paycheck may be less than you think. While your plan may not have a deferral percentage limit, this calculator limits deferrals to 80% to account for FICA (Social Security and Medicare) taxes.
Please note that your 401(k) or 403(b) plan contributions may be limited to less than 80% of your income. Check with your plan administrator for details. For 2011 there has been no change to the maximum contribution to a 401(k) or 403(b) which is $16,500 per year for individuals under 50 and $22,000 for individuals 50 or older.
State and Local Taxes
This is the percentage that will be deducted for state and local taxes. In our Free Paycheck Calculator, we take your gross pay, minus $3,700 per allowance, times this percentage to calculate your estimated state and local taxes. Please note, this calculator can only estimate your state and local withholdings.
Post-Tax Deductions
Enter any payroll deductions made by your employer that are made with after-tax income.
Post-Tax Reimbursements
Enter in to the Paycheck Tax Calculator any reimbursements made by your employer that are after-tax.
FICA OASDI
FICA Old Age Survivors and Disability Insurance. For 2011, FICA OASDI is calculated as your gross earnings times 4.2%.
This is a one year reduction from 6.2%, which will return in 2012.
Please note that this calculator does not make any assumptions as to the total FICA OASDI paid for the current year.
For 2011, incomes over $106,800 that have already had the maximum FICA OASDI amount of $4485.60 withheld will not have additional FICA OASDI withholdings.
FICA Medicare
FICA Medicare is calculated as the gross earnings times 1.45%. Unlike FICA OASDI, there is no annual limit to FICA Medicare deductions.
Free Paycheck Calculator Federal Tax Withholding Calculations
Federal income tax withholdings were calculated by:
Multiplying taxable gross wages by the number of pay periods per year to compute your annual wage.
Subtracting the value of allowances allowed (for 2011, this is $3,700 multiplied by withholding allowances claimed).
Determining your annual tax by using the tables below (single and married rates, respectively).
Dividing the amount of tax by the number of pay periods per year to arrive at the amount of federal withholding tax to be deducted per pay period.
SINGLE WITHHOLDING RATES*
|
| Annual Taxable Income Between These Amounts |
Annual Withholding |
Withhold Additional % Of Income Over This Amount |
| $0.00 |
$2,100.00 |
$0.00 |
-- |
| $2,100.00 |
$10,600.00 |
$0.00 |
plus 10% of income OVER $2,100.00 |
| $10,600.00 |
$36,600.00 |
$850.00 |
plus 15% of income OVER $10,600.00 |
| $36,600.00 |
$85,700.00 |
$4,750.00 |
plus 25% of income OVER $36,600.00 |
| $85,700.00 |
$176,500.00 |
$17,025.00 |
plus 28% of income OVER $85,700.00 |
| $176,500.00 |
$381,250.00 |
$42,449.00 |
plus 33% of income OVER $176,500.00 |
| $381,250.00 |
No Limit |
$110,016.50 |
plus 35% of income OVER $381,250.00 |
MARRIED WITHHOLDING RATES*
|
| Annual Taxable Income Between These Amounts |
Annual Withholding |
Withhold Additional % Of Income Over This Amount |
| $0.00 |
$7,900.00 |
$0.00 |
-- |
| $7,900.00 |
$24,900.00 |
$0.00 |
plus 10% of income OVER $7,900.00 |
| $24,900.00 |
$76,900.00 |
$1,700.00 |
plus 15% of income OVER $24,900.00 |
| $76,900.00 |
$147,250.00 |
$9,500.00 |
plus 25% of income OVER $76,900.00 |
| $147,250.00 |
$220,200.00 |
$27,087.50 |
plus 28% of income OVER $147,250.00 |
| $220,200.00 |
$387,050.00 |
$47,513.50 |
plus 33% of income OVER $220,200.00 |
| $387,050.00 |
No Limit |
$102,574.00 |
plus 35% of income OVER $387,050.00 |
Note: The interactive calculators and all related information provided by Easy-Tax-Information.com are provided to you as helpful tools for your individual and hypothetical use and are not intended to provide professional investment advice. Easy-Tax-Information.com can not and does not guarantee calculator applicability and/or accuracy with regard to your specific circumstances. Any and all examples provided are strictly hypothetical and for illustrative purposes. We strongly encourage you to seek personalized advice from qualified tax professionals regarding all of your personal finance matters.
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