💵 Paycheck Calculator (After Tax) 🧾
Calculate your net pay by accounting for tax withholdings, FICA, and deductions based on your gross salary.
Understanding Your Paycheck and Net Earnings
The **Paycheck Calculator** helps you move from your **gross pay** (salary before deductions) to your **net pay** (the actual amount deposited in your bank). It is vital for budgeting to know your true take-home amount.
Key deductions include:
- **Income Taxes:** Federal and State income tax withholdings are based on your W-4 form.
- **FICA (Social Security & Medicare):** Mandatory payroll taxes. Social Security is currently $\mathbf{6.2\%}$ (up to a wage base limit) and Medicare is $\mathbf{1.45\%}$ of all earnings.
- **Pre-Tax Deductions:** Contributions to plans like a 401(k), traditional IRA, or Flexible Spending Accounts (FSA) are taken out *before* taxes are calculated, lowering your taxable income.