1. What is Net Salary Calculation?

The net salary calculation determines take-home pay by subtracting all applicable taxes and deductions from gross salary. For UFT paraprofessionals in NYC, this includes federal tax, NY state tax, NYC tax, and FICA contributions.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• Gross Salary — Total earnings before deductions
• Federal Tax — Federal income tax withholding
• NY State Tax — New York State income tax
• NYC Tax — New York City local tax
• FICA — Social Security and Medicare taxes

Explanation: The calculation provides the actual amount the employee will receive after all mandatory deductions.

3. Importance of Net Salary Calculation

Details: Understanding net salary helps paraprofessionals budget effectively and plan their finances, as it represents the actual take-home pay.

4. Using the Calculator

Tips: Enter all amounts in USD. For accurate results, use values from your pay stub or W-2 form. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is FICA?
A: FICA stands for Federal Insurance Contributions Act, which includes Social Security (6.2%) and Medicare (1.45%) taxes.

Q2: Are there other deductions not included here?
A: Yes, this calculator focuses on mandatory taxes. Other deductions like health insurance, retirement contributions, or union dues would be additional.

Q3: How often should I calculate my net salary?
A: It's good practice to check whenever your gross pay changes or at least annually when tax rates are updated.

Q4: Why are NYC employees subject to three income taxes?
A: NYC residents pay federal, state, and local income taxes, which fund different levels of government services.

Q5: Can this calculator be used for other NYC jobs?
A: While the formula is universal, tax rates and deductions may vary by position and salary level.