1. What is Net Salary?

Net salary is the amount of money you take home after all deductions including federal tax, state tax, and FICA (Social Security and Medicare) contributions have been subtracted from your gross salary.

2. How Does the Calculator Work?

The calculator uses the following equation:

Where:

• Gross Salary — Your total annual salary before deductions
• Federal Tax — Amount withheld for federal income tax
• Virginia State Tax — Amount withheld for Virginia state income tax
• FICA — Social Security and Medicare contributions (7.65% of gross salary typically)

3. Importance of Net Salary Calculation

Details: Understanding your net salary helps with budgeting, financial planning, and comparing job offers. Virginia has state income tax that affects take-home pay differently than other states.

4. Using the Calculator

Tips: Enter your gross annual salary in USD, estimated federal tax, Virginia state tax, and FICA contributions. The calculator will show your estimated annual take-home pay.

5. Frequently Asked Questions (FAQ)

Q1: What's the difference between gross and net salary?
A: Gross salary is your total compensation before taxes and deductions. Net salary is what you actually receive after all deductions.

Q2: How is Virginia state tax calculated?
A: Virginia has progressive income tax rates from 2% to 5.75% based on income brackets.

Q3: What is included in FICA?
A: FICA includes Social Security (6.2%) and Medicare (1.45%) taxes. There's an additional 0.9% Medicare tax for high earners.

Q4: Are there other deductions not included here?
A: Yes, this calculator doesn't account for retirement contributions, health insurance premiums, or other voluntary deductions.

Q5: How accurate is this calculator?
A: It provides a basic estimate. For precise calculations, consult a tax professional or payroll specialist.