Payroll Calculator
Calculate take-home pay from gross salary, find required salary for desired net, or convert hourly to annual
Calculate Take-Home Pay
Paycheck Breakdown
Net Annual
$60,921.50
Per Period
$60,921.50
Effective tax rate: 18.8%
Understanding Your Paycheck
Your paycheck consists of your gross pay minus various deductions. Understanding these deductions helps you plan your finances and ensure your withholdings are correct.
Common Deductions
- Federal Income Tax
- Social Security (6.2%)
- Medicare (1.45%)
- State/Local Income Tax
- 401(k) Contributions
- Health Insurance Premiums
Pre-Tax Benefits
- Traditional 401(k) contributions
- Health insurance premiums
- HSA contributions
- FSA contributions
- Commuter benefits
- Dependent care FSA
2024 FICA Tax Rates
Social Security
6.2%
On first $168,600
Medicare
1.45%
On all wages
Additional Medicare
0.9%
On wages over $200,000
Pay Frequency Comparison
| Frequency | Paychecks/Year | $50K Salary | $75K Salary |
|---|---|---|---|
| Weekly | 52 | $961.54 | $1,442.31 |
| Bi-Weekly | 26 | $1,923.08 | $2,884.62 |
| Semi-Monthly | 24 | $2,083.33 | $3,125.00 |
| Monthly | 12 | $4,166.67 | $6,250.00 |
2024 Federal Tax Brackets
Single Filers
Married Filing Jointly
Frequently Asked Questions
Why is my take-home pay so much less than my salary?
Your gross salary is reduced by federal income tax (based on your tax bracket), Social Security (6.2%), Medicare (1.45%), and any state/local taxes or voluntary deductions like 401(k) contributions and health insurance.
What's the difference between gross and net pay?
Gross pay is your total earnings before any deductions. Net pay (take-home pay) is what you actually receive after all taxes, benefits, and other deductions are subtracted from your gross pay.
Should I use the standard deduction?
For 2024, the standard deduction is $14,600 (single) or $29,200 (married filing jointly). You should itemize only if your deductions exceed these amounts. Most taxpayers benefit from the standard deduction.
How much should I contribute to my 401(k)?
At minimum, contribute enough to get your full employer match - it's free money. Financial advisors often recommend saving 10-15% of income for retirement. The 2024 401(k) contribution limit is $23,000 ($30,500 if over 50).
Hourly to Annual Salary Quick Reference
| Hourly Rate | Weekly (40 hrs) | Monthly | Annual (52 weeks) |
|---|---|---|---|
| $15/hr | $600 | $2,600 | $31,200 |
| $20/hr | $800 | $3,466.667 | $41,600 |
| $25/hr | $1,000 | $4,333.333 | $52,000 |
| $30/hr | $1,200 | $5,200 | $62,400 |
| $35/hr | $1,400 | $6,066.667 | $72,800 |
| $40/hr | $1,600 | $6,933.333 | $83,200 |
| $50/hr | $2,000 | $8,666.667 | $104,000 |
| $60/hr | $2,400 | $10,400 | $124,800 |
| $75/hr | $3,000 | $13,000 | $156,000 |
| $100/hr | $4,000 | $17,333.333 | $208,000 |
Tips for Maximizing Take-Home Pay
Adjust W-4 withholdings: If you consistently get large tax refunds, you're over-withholding. Update your W-4 to get more money in each paycheck instead of waiting for a refund.
Use pre-tax benefits: Contributions to 401(k), HSA, and FSA reduce your taxable income, lowering your tax bill and potentially increasing your net pay even though you're saving more.
Choose the right health plan: A high-deductible health plan (HDHP) with HSA can lower premiums and provide tax-free savings. Evaluate total costs including expected medical expenses.
Consider Roth vs Traditional: Roth 401(k) contributions don't reduce your current taxes but grow tax-free. This may be beneficial if you expect to be in a higher tax bracket in retirement.