1. What is Virginia After-Tax Income?

After-tax income (net pay) is the amount of money you take home after all deductions including federal tax, Virginia state tax, and FICA (Social Security and Medicare) contributions.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• Gross Pay — Your total annual income before any deductions
• Federal Tax — Amount withheld for federal income tax
• Virginia State Tax — Amount withheld for Virginia state income tax
• FICA — Social Security (6.2%) and Medicare (1.45%) contributions

3. Importance of After-Tax Income Calculation

Details: Knowing your after-tax income helps with budgeting, financial planning, and understanding your true take-home pay. Virginia has a progressive state income tax ranging from 2% to 5.75%.

4. Using the Calculator

Tips: Enter your gross annual salary and estimated tax amounts. For most employees, tax amounts can be found on pay stubs or W-2 forms.

5. Frequently Asked Questions (FAQ)

Q1: What is Virginia's state income tax rate?
A: Virginia has progressive tax rates from 2% to 5.75% depending on income level.

Q2: Are there local taxes in Virginia?
A: Most Virginia localities impose personal property taxes (mainly on vehicles) but not local income taxes.

Q3: What's included in FICA?
A: FICA includes Social Security (6.2% on income up to $160,200 in 2023) and Medicare (1.45% on all wages, plus 0.9% additional Medicare tax for high earners).

Q4: How can I reduce my Virginia tax burden?
A: Virginia offers deductions for retirement contributions, college savings plans, and certain military benefits.

Q5: Are bonuses taxed differently in Virginia?
A: Bonuses are subject to Virginia state income tax at your marginal rate, plus federal tax (typically withheld at 22%).