1. What is Weekly Net Salary?

Weekly net salary is the amount you take home each week after all deductions (federal tax, state tax, and FICA) have been subtracted from your gross annual salary of $120,000.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• \( 120000 \) — Annual gross salary in Massachusetts
• \( Federal Tax \) — Total annual federal tax withholding
• \( MA State Tax \) — Total annual Massachusetts state tax
• \( FICA \) — Total annual FICA contributions (Social Security + Medicare)
• \( 52 \) — Number of weeks in a year

Explanation: The calculator subtracts all annual taxes from the gross salary, then divides by 52 weeks to get the weekly take-home pay.

3. Importance of Calculating Weekly Net

Details: Knowing your exact weekly net salary helps with budgeting, financial planning, and understanding your true take-home pay after all deductions.

4. Using the Calculator

Tips: Enter your total annual amounts for federal tax, Massachusetts state tax, and FICA contributions. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is included in FICA?
A: FICA includes Social Security (6.2%) and Medicare (1.45%) taxes. The total FICA rate is 7.65% of your wages.

Q2: How accurate is this calculator?
A: The calculator is accurate if you input correct tax values. For precise calculations, consult your pay stubs or tax professional.

Q3: Does this account for pre-tax deductions?
A: No, this assumes $120,000 is your taxable income after any pre-tax deductions (401k, health insurance, etc.).

Q4: Why Massachusetts specific?
A: While the federal tax calculation would be the same nationwide, state taxes vary. This calculator is tailored for Massachusetts residents.

Q5: Can I use this for other salary amounts?
A: No, this calculator is specifically designed for a $120,000 annual salary in Massachusetts.