Finance
Paycheck Calculator
Estimate your take-home pay after federal tax, state tax, Social Security, Medicare, 401(k), and insurance deductions. See pay in every frequency.
Hourly ↔ Salary Converter
Enter pay details and click Calculate
How is this calculated?
Annual Gross = Gross Pay × Pay Periods per Year
Federal Tax = Taxable Income × Marginal Rate (simplified brackets)
State Tax = Gross Pay × State Rate
Social Security = Gross × 6.2% (up to $168,600 annually)
Medicare = Gross × 1.45%
401(k) = Gross × Contribution %
Net Pay = Gross – Federal – State – SS – Medicare – 401k – InsuranceFAQ
Frequently asked questions about paychecks
How is take-home pay calculated?
Take-home pay equals gross pay minus all deductions: federal income tax, state tax, Social Security (6.2%), Medicare (1.45%), 401(k) contributions, and health insurance premiums.
What is the Social Security tax rate?
Social Security tax is 6.2% of your gross pay up to the annual wage base ($168,600 in 2024). Your employer matches this amount. Self-employed pay both halves (12.4%).
How do I convert salary to hourly rate?
Divide your annual salary by 2,080 (52 weeks × 40 hours). For example, $60,000/year ÷ 2,080 = $28.85/hour. Adjust the hours if you work more or fewer than 40 per week.
What is the Medicare tax rate?
Medicare tax is 1.45% of all gross pay (no cap). High earners pay an additional 0.9% Medicare surtax on income over $200,000 (single) or $250,000 (married filing jointly).
How does 401(k) affect my paycheck?
Traditional 401(k) contributions are pre-tax — they reduce your taxable income, lowering federal and state taxes. Roth 401(k) contributions are after-tax and do not reduce your current tax bill.
Is this paycheck calculator accurate?
This calculator provides estimates using simplified tax brackets. Actual withholding depends on your W-4, state rules, local taxes, and employer-specific deductions. Use it for planning, not tax filing.