Paycheck Calculation:
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This calculator helps estimate your net paycheck from your gross salary by accounting for federal tax, state tax, and FICA (Social Security and Medicare) deductions.
The calculator uses the following formula:
Where:
Details: Understanding your net pay helps with budgeting, financial planning, and ensuring proper tax withholdings.
Tips: Enter your annual gross salary and estimated tax amounts. For more accuracy, use actual withholding amounts from your pay stubs.
Q1: How accurate is this calculator?
A: This provides an estimate. Actual paychecks may vary based on additional deductions, benefits, or tax credits.
Q2: What's included in FICA?
A: FICA includes Social Security (6.2%) and Medicare (1.45%) taxes.
Q3: Should I use annual or paycheck amounts?
A: This calculator uses annual amounts. Divide by pay periods for per-paycheck amounts.
Q4: Why are my actual withholdings different?
A: Withholdings depend on W-4 elections, additional income, deductions, and tax credits.
Q5: How can I get more accurate results?
A: Use the ADP paycheck calculator with your exact withholding information for precise results.