Take-Home Pay Calculator
Calculate your actual take-home pay after taxes and deductions. See your net pay per paycheck and understand where your money goes.
Paycheck Summary
Take-Home Pay
$54,471
per year
Annual Net
$54,471
21.1% effective tax rate
Salary Information
Tax Settings
Range: 0% (TX, FL, WA) to 13.3% (CA). Average is ~5%.
Deductions
2024 max: $23,000 ($30,500 if 50+). Employer match not included.
HSA, FSA, commuter benefits, etc.
Paycheck Breakdown
Annual Summary
Annual Gross
$75,000
Annual Take-Home
$54,471
Total Taxes
$15,830
Effective Tax Rate
21.1%
Hourly Equivalent
Gross Hourly
$36
Based on 2,080 hours/year
Net Hourly
$26
What you actually earn
Paycheck Summary
Take-Home Pay
$54,471
per year
Annual Net
$54,471
21.1% effective tax rate
Quick Answer
Take-home pay = Gross Pay - Federal Tax - State Tax - Social Security (6.2%) - Medicare (1.45%) - Other Deductions. On $60,000 salary, take-home is typically $45,000-$50,000 depending on state and deductions.
Key Facts
- Social Security: 6.2% up to $168,600 (2024)
- Medicare: 1.45% (additional 0.9% over $200K)
- Federal tax: 10-37% based on brackets
- State tax: 0-13.3% depending on state
- Pre-tax deductions reduce taxable income
- 401k contributions lower current taxes
Frequently Asked Questions
Take-home pay (net pay) is your gross salary minus all deductions including federal tax, state tax, Social Security (6.2%), Medicare (1.45%), 401(k) contributions, health insurance, and other withholdings. It's the actual amount deposited in your bank account.
Federal income tax varies by bracket (10-37%). Social Security is 6.2% (up to $168,600). Medicare is 1.45% (plus 0.9% above $200K). State tax varies (0-13.3%). Total tax burden typically ranges from 20-35% for most workers depending on income and location.
The 2024 standard deduction is: Single/Married Filing Separately: $14,600. Married Filing Jointly: $29,200. Head of Household: $21,900. Add $1,550 if 65+ or blind (single), $1,550 each (married). Most taxpayers use standard deduction.
Pre-tax deductions (401k, HSA, health insurance premiums) reduce your taxable income before taxes are calculated. A $500/month 401k contribution might only reduce take-home by $350-400 after tax savings. This effectively gives you a discount on these benefits.
First paychecks may differ due to: prorated pay for partial pay period, benefit waiting periods not yet started, one-time deductions (uniforms, parking), tax withholding adjustments from W-4, or timing differences between hire date and pay period.
Paycheck Summary
Take-Home Pay
$54,471
per year
Annual Net
$54,471
21.1% effective tax rate