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Tools / Business / Payroll Calculator
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📊 Business

Payroll Calculator

Understanding your paycheck breakdown is essential for personal financial planning. This payroll calculator shows you the full breakdown of gross pay minus FICA (Social Security + Medicare), federal and state income taxes, and any pre-tax deductions like 401(k) contributions or health insurance.

Net Pay:

Total Deductions:

Enter values and click Calculate to see chart

How to Use This Tool

  1. Enter your gross pay amount per paycheck.
  2. Enter your pay frequency (26 = bi-weekly, 24 = semi-monthly, 12 = monthly, 52 = weekly).
  3. Select your filing status (1 = Single, 2 = Married Filing Jointly).
  4. Enter your state tax rate (0 for states with no income tax).
  5. Enter any pre-tax deductions (401k, health insurance premiums).
  6. Click Calculate to see your net pay and full tax breakdown.

The Formula

Net pay = Gross Pay - FICA (6.2% Social Security + 1.45% Medicare) - Federal Tax - State Tax - Pre-Tax Deductions. Federal tax uses the 2024 IRS brackets with progressive rates from 10% to 35%.

Why It Matters

You are hiring your first employee with a $65,000 salary. Factoring in employer payroll taxes (FICA, Medicare, unemployment) at ~7.65%, the total cost is $70,000 — $5,000 more than the salary.

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