Paycheck Calculator

Where Does All Your Money Go?

Your gross salary and your take-home pay are two very different numbers. This Paycheck Calculator bridges that gap. It provides a clear estimate of your net pay after subtracting federal and state taxes, retirement contributions (like a 401(k)), and health insurance premiums. Knowing this number is the most critical first step for creating an accurate budget and making smart financial plans.

How to Estimate Your Take-Home Pay

To get a reliable estimate, you'll need a few pieces of information:

1. Gross Salary: Your total salary before any taxes or deductions are taken out.
2. Pay Frequency: How often you get paid (e.g., weekly, bi-weekly, semi-monthly, or monthly).
3. Tax Details: Your filing status (Single, Married) and any additional withholding information. This calculator uses simplified average tax rates.
4. Pre-Tax Deductions: The amount you contribute per paycheck to retirement plans (401k), health savings accounts (HSA), or health insurance.

The calculator will then show a detailed breakdown of your gross pay, deductions, and your final net pay for each pay period.

Why This Is Important

Basing your budget on your gross salary is a common mistake that leads to overspending.

• Accurate Budgeting: Knowing your precise take-home pay allows you to create a budget that actually works.
• Comparing Job Offers: A higher gross salary doesn't always mean more take-home pay, especially if benefits or state taxes are different. This tool helps you compare offers on an apples-to-apples basis.
• Seeing the Impact of Deductions: Instantly see how increasing your 401(k) contribution affects your paycheck, helping you balance long-term savings with short-term needs.