No. 004 — Finance
Paycheck Calculator
Estimate your take-home pay after federal tax, state tax, FICA, and 401(k) contributions.
How this calculator works
Your 401(k) contribution and health insurance premium are subtracted from gross pay before federal tax is calculated, since both are typically pre-tax deductions. The remainder is reduced by the 2024 standard deduction, then taxed using the current federal marginal brackets for your filing status. State tax here is a flat percentage you enter, since actual state brackets vary widely — check your state's rules for an exact figure. FICA (Social Security and Medicare, 7.65% combined) applies to wages after health insurance but before 401(k), matching how most payroll systems calculate it.
Frequently asked
- What gets taken out of my paycheck?
- Federal income tax, state income tax where applicable, FICA (7.65% combined), and any pre-tax deductions like 401(k) or health insurance.
- Why is this calculator only an estimate?
- It uses 2024 federal brackets and the standard deduction but can't account for tax credits, itemized deductions, local taxes, or your exact state rules.