Question 1

How do I calculate my take-home pay?

Accepted Answer

To calculate your take-home pay: (1) Subtract pre-tax deductions (e.g. 401k, HSA) from your gross income. (2) Calculate federal income tax based on your tax bracket. (3) Deduct FICA tax (6.2% Social Security + 1.45% Medicare). (4) Deduct state and local taxes. (5) Subtract post-tax insurance or benefit deductions.

Question 2

What is the difference between gross pay and net pay?

Accepted Answer

Gross pay is your total agreed salary or hourly compensation before any payroll taxes or deductions are removed. Net pay (take-home pay) is the actual cash deposited into your bank account after all taxes and benefits are withheld.

Question 3

How much is FICA tax on my paycheck?

Accepted Answer

FICA tax totals 7.65% for employees: 6.2% for Social Security (up to the annual wage cap) and 1.45% for Medicare (with no wage cap). High earners making over $200,000 pay an additional 0.9% Medicare surtax.

Question 4

How do pre-tax deductions lower my taxes?

Accepted Answer

Pre-tax deductions (such as traditional 401k, 403b, or HSA contributions) are subtracted from your gross earnings before taxes are calculated. This lowers your total taxable income, reducing both your federal income tax and state tax burden every pay period.

Question 5

What states have no state income tax?

Accepted Answer

Nine U.S. states have zero state income tax on earned wages: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. If working in these states, set state tax to 0% in your salary calculator.

Question 6

Why does biweekly pay differ from semi-monthly pay?

Accepted Answer

Biweekly pay results in 26 paychecks per year (paid every 2 weeks), meaning two months out of the year have 3 paychecks. Semi-monthly pay results in exactly 24 paychecks per year (paid twice a month, e.g. 1st and 15th).

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