Paycheck Calculator

The tool is highly accurate regarding tax formulas and math. However, exact accuracy depends on the precision of the data you enter regarding deductions, hours, and tax filing status.

Most online estimators run locally in your browser or session and do not store sensitive personal data like Social Security Numbers (which are not required for calculation).

You may have additional deductions on your actual pay stub that were not entered into the system, such as life insurance, disability insurance, or local municipality taxes.

Yes, but bonuses are often taxed at a flat “supplemental rate” (typically 22% federal). Standard calculators use the aggregate method unless there is a specific “Bonus” mode.

If you select “Hourly,” the tool usually allows you to input overtime hours. It typically calculates these hours at 1.5 times your base pay rate before applying taxes.

Employer matching does not affect your paycheck’s net amount or your taxes; it goes directly into your 401k account. Therefore, the system focuses only on your contribution, which reduces your taxable income.

FICA stands for the Federal Insurance Contributions Act. The tool computes this as 6.2% for Social Security and 1.45% for Medicare, deducted from your gross pay.

If your gross income is below the standard deduction (e.g., $14,600 for singles in 2025/2026 projections), your taxable income is zero. The system correctly shows $0 in federal withholding.

This specific article focuses on the 2026 Paycheck Calculator. Tax brackets change annually. Using a 2026 calculator for 2024 income will result in inaccuracies due to different inflation adjustments.

Yes, significantly. “Married Filing Jointly” generally has wider tax brackets and a higher standard deduction than “Single,” often resulting in higher net pay on the estimator.

To use the calculator for a second job, you should ideally check the “Multiple Jobs” box on your W-4. In the tool, you may need to simulate the combined income to see the true marginal tax rate impact.

Yes, but contractors must look at the “Self-Employment Tax” figure. The system can estimate this burden (approx. 15.3%) so contractors can set aside money.