Texas Paycheck Calculator

Step-by-Step Guide to Using the Texas Paycheck Calculator

Step 1: Determine Your Pay Frequency

Begin by selecting your pay frequency from the provided options. Click on the dropdown menu and choose how often you get paid. The available options are:

• Weekly – If you receive a paycheck every week.
• Bi-Weekly – If you receive a paycheck every two weeks.
• Semi-Monthly – If you receive two paychecks per month.
• Monthly – If you receive one paycheck per month.

Step 2: Enter Your Gross Pay Per Period

In the Gross Pay Per Period field, enter the amount of money you earn before any deductions in each pay period. This value should be a positive number with up to two decimal places.

Step 3: Enter Your Federal Allowances

Next, provide the number of allowances you claim on your W-4 form in the Federal Allowances field. This must be a whole number with a minimum value of zero.

Step 4: Choose Your Filing Status

Select the appropriate filing status from the dropdown list. This reflects how you file your taxes and affects your tax calculations:

• Single
• Married
• Married but withhold at higher Single rate

Step 5: (Optional) Input Additional Tax Withholding

If applicable, enter any additional tax withholding amount in the corresponding field. This amount represents extra tax you wish to withhold from your paycheck. It must be a non-negative number.

Step 6: (Optional) Enter 401(k) Contribution

If you contribute to a 401(k) retirement plan, input the percentage of your gross pay that you contribute. This percentage can range from 0% to 100% and can have one decimal place.

Step 7: (Optional) Enter Health Insurance Premium

If you pay for health insurance out of your paycheck, enter the amount deducted each pay period in this field. Again, ensure this value is non-negative.

Step 8: Review the Calculated Results

After inputting all necessary information, the calculator will compute various financial figures. Review these results, which include:

• Annual Gross Pay – Total earnings before deductions, calculated by multiplying your gross pay per period by your pay frequency.
• Federal Income Tax – Estimated federal tax deduction based on your income, allowances, filing status, and additional withholding.
• Social Security Tax – Calculated as 6.2% of gross pay, capped annually.
• Medicare Tax – Calculated as 1.45% of your gross pay.
• 401(k) Deduction – Total amount deducted for your 401(k) contributions.
• Total Deductions – Sum of all deductions, including federal tax, Social Security, Medicare, 401(k) contributions, and health insurance.
• Net Pay Per Period – Amount of money you receive after deductions.
• Annual Net Pay – Total net earnings for the year, after all deductions.

Ensure all details are correct and adjust inputs if necessary to get accurate results.