Paycheck Calculator

About Paycheck Calculations

Your take-home pay is your gross earnings minus federal income tax, state income tax, FICA taxes (Social Security and Medicare), and any voluntary deductions.

FICA Taxes (2024)

• Social Security: 6.2% on earnings up to $168,600 (employer matches 6.2%)
• Medicare: 1.45% on all earnings (employer matches 1.45%)
• Additional Medicare: 0.9% on earnings over $200,000 (employee only, no employer match)

Pre-tax vs Post-tax Deductions

• Pre-tax: 401(k), traditional IRA, HSA, FSA, health insurance — reduce your taxable income
• Post-tax: Roth 401(k), Roth IRA, life insurance, disability insurance — deducted after taxes

W-4 Withholding

The W-4 form determines how much federal tax is withheld from each paycheck. The 2020+ W-4 uses a 5-step process. For simple situations (single job, standard deduction), the default withholding is accurate. Multiple jobs, working spouse, or itemized deductions require additional steps.

Overtime Pay

Under the Fair Labor Standards Act (FLSA), non-exempt employees must be paid 1.5x their regular rate for hours worked over 40 in a workweek. Some states have daily overtime rules (e.g., California requires overtime after 8 hours/day).