- Gross pay
- This is your gross pay, before any deductions, for the pay
period. Please enter a dollar amount from $1 to $1,000,000.
- Pay period
- This is how often you are paid. Your selections are: Weekly (52
paychecks per year), Every other week (26 paychecks per year),
Twice a month (24 paychecks per year), and Monthly (12 paychecks
per year).
- Filing status
- This is your income tax filing status. The choices are "Single"
and "Married". Choose "Married" if you are married or file as "head
of household". Choose "Single" if you file your taxes as a single
person or if you are married but file separately.
- Number of allowances
- When your Federal income tax withholdings are calculated, you
are allowed to claim allowances to reduce the amount of the Federal
income tax withholding. In 2012, each allowance you claim is equal
to $3,800 of income that you expect to have in deductions when you
file your annual tax return. The number of allowances you should
claim depends largely on the number of dependents you have and your
itemized deductions. This calculator allows from 0 to 99
allowances.
- State and local taxes
- This is the percentage that will be deducted for state and
local taxes. We take your gross pay, minus $3,800 per allowance,
times this percentage to calculate your estimated state and local
taxes. Please note, this calculator can only estimate your state
and local withholdings.
- Pre-tax deductions
- Enter any payroll deductions made by your employer that are
made with pre-tax income. This might include your health insurance,
life insurance among other pre-tax deductions.
- Post-tax deductions
- Enter any payroll deductions made by your employer that are
made with after-tax income.
- Post-tax reimbursements
- Enter any reimbursements made by your employer that are
after-tax.
- Year to date income
- Income from your employer that you have been paid during the
current year, before the current payroll period. We use this amount
to determine if you are still required to pay FICA OASDI for the
current payroll period.
- FICA OASDI
- FICA Old Age Survivors and Disability Insurance. For 2012, FICA
OASDI is calculated as your gross earnings times 4.2%. This is a
temporary reduction from 6.2%. This tax may revert back to 6.2% as
early as March 2012. Please note that this calculator does not make
any assumptions as to the total FICA OASDI paid for the current
year. For 2012, incomes over $110,100 that have already had the
maximum FICA OASDI amount of $4624.20 withheld will not have
additional FICA OASDI withholdings.
- FICA Medicare
- FICA Medicare is calculated as the gross earnings times 1.45%.
Unlike FICA OASDI, there is no annual limit to FICA Medicare
deductions.
- Federal tax withholding
calculations
- Federal income tax withholdings were calculated by:
- Multiplying taxable gross wages by the number of pay periods
per year to compute your annual wage.
- Subtracting the value of allowances allowed (for 2012, this is
$3,800 multiplied by withholding allowances claimed).
- Determining your annual tax by using the tables below (single
and married rates, respectively).
- Dividing the amount of tax by the number of pay periods per
year to arrive at the amount of federal withholding tax to be
deducted per pay period.
Single Withholding Rates*
|
Annual taxable income between these amounts
|
Annual withholding
|
Withhold additional % of income over this
amount
|
|
$0.00
|
$2,150.00
|
$0.00
|
|
|
$2,150.00
|
$10,850.00
|
$0.00
|
plus 10% of income over $2,150.00
|
|
$10,850.00
|
$37,500.00
|
$870.00
|
plus 15% of income over $10,850.00
|
|
$37,500.00
|
$87,800.00
|
$4,867.50
|
plus 25% of income over $37,500.00
|
|
$87,800.00
|
$180,800.00
|
$17,442.50
|
plus 28% of income over $87,800.00
|
|
$180,800.00
|
$390,500.00
|
$43,482.50
|
plus 33% of income over
$180,800.00
|
|
$390,500.00
|
(no limit)
|
$112,683.50
|
plus 35% of income over
$390,500.00
|
|
|
Married Withholding Rates*
|
Annual taxable income between these amounts
|
Annual withholding
|
Withhold additional % of income over this
amount
|
|
$0.00
|
$8,100.00
|
$0.00
|
|
|
$8,100.00
|
$25,500.00
|
$0.00
|
plus 10% of income over $8,100.00
|
|
$25,500.00
|
$78,800.00
|
$1,740.00
|
plus 15% of income over $25,500.00
|
|
$78,800.00
|
$150,800.00
|
$9,735.00
|
plus 25% of income over $78,800.00
|
|
$150,800.00
|
$225,550.00
|
$27,735.00
|
plus 28% of income over
$150,800.00
|
|
$225,550.00
|
$396,450.00
|
$48,665.00
|
plus 33% of income over
$225,550.00
|
|
$396,450.00
|
(no limit)
|
$105,062.00
|
plus 35% of income over
$396,450.00
|
|
|
- Plan type
- Choose the type of plan your employer sponsors. The choices are
401(k), 403(b) or 457. Your plan choice will not affect the
calculations, it is only used to label the generated results.
- Plan withholding
- This is the percent of your gross income you put into a taxable
deferred retirement account such as a 401(k), 403(b) or 457. While
increasing your retirement account savings does lower your take
home pay, it also lowers your Federal income tax withholdings. The
impact on your paycheck might be less than you think. We compare
the amount you enter here to the minimal participation rate of 1%.
While your plan may not have a deferral percentage limit, this
calculator limits deferrals to 80% to account for FICA (Social
Security and Medicare) taxes. Please note that your plan's
contributions may be limited to less than 80% of your income. Check
with your plan administrator for details. For 2012 the maximum
contribution to a 401(k), 403(b) or 457 is $17,000 per year for
individuals under 50 and $22,500 for individuals age 50 and
over.
- Current age
- Your current age.
- Age of retirement
- Age you wish to retire. This calculator assumes that the year
you retire, you do not make any contributions. So if you retire at
age 65, your last contribution happened when you were actually
64.
- Annual contribution limits
- Your total contribution for one year is based on your annual
salary times the percent you contribute. However, your annual
contribution is also subject to certain maximum total contributions
per year. The annual maximum for 2012 is $17,000. If you are age 50
or over, a "catch-up" provision allows you to contribute additional
$5,500 into your account. It is also important to note that
employer contributions do not affect an employee's maximum annual
contribution limit. The catch-up amount is indexed for inflation in
increments of $500.
It is important to note that some employees are subject to
another form of contribution limitations. Employees classified as
"Highly Compensated" may be subject to contribution limits based on
their employer's overall participation. If you expect your salary
to be $115,000 or more in 2012 or was $115,000 or more in 2011, you
may need to contact your employer to see if these additional
contribution limits apply to you.
|