Paycheck Calculator
Calculate your take-home pay after federal, state, Social Security, and Medicare deductions.
Why is my take-home pay so much less than my salary?
Your paycheck is reduced by federal income tax (10-37% depending on bracket), state income tax (0-13% depending on state), Social Security (6.2%), Medicare (1.45%), and potentially local taxes, health insurance, 401(k) contributions, and other deductions. On average, expect to take home 70-80% of gross pay.
What is FICA tax?
FICA (Federal Insurance Contributions Act) includes Social Security (6.2% up to $160,200 in 2023) and Medicare (1.45% on all wages, plus 0.9% additional Medicare tax on wages over $200,000). Your employer matches these amounts.
How can I increase my take-home pay?
Adjust your W-4 withholding allowances (be careful not to under-withhold), contribute to pre-tax accounts like 401(k) or HSA, take advantage of pre-tax benefits, or move to a state with lower income tax. However, ensure you won't owe taxes at year-end.
What federal tax bracket am I in?
Federal tax brackets for 2023: 10% (up to $11,000), 12% ($11,001-$44,725), 22% ($44,726-$95,375), 24% ($95,376-$182,100), 32% ($182,101-$231,250), 35% ($231,251-$578,125), 37% (over $578,125) for single filers. Tax is progressive, meaning you pay different rates on different portions of income.