Paycheck City Calculator

How to Use the Paycheck City Calculator

This guide will walk you through the steps of using the Paycheck City Calculator to estimate your paycheck details. Follow the instructions carefully and ensure that all required fields are filled out accurately to get the best estimate of your income and deductions.

Step 1: Enter Your Annual Salary

Annual Salary: Start by entering your annual salary in the first input field. This is a required field, so make sure to enter your gross salary amount accurately. The calculator will use this information to calculate your pay per period. Note that the minimum value allowed is 0.

Step 2: Select Your Pay Frequency

Pay Frequency: Choose how often you receive your paycheck from the available options. You have the choice between weekly (52 times a year), bi-weekly (26 times a year), semi-monthly (24 times a year), or monthly (12 times a year). This selection is crucial for determining the calculation of your pay per period.

Step 3: Specify Your Filing Status

Filing Status: Select your tax filing status from the options provided. The choices include Single, Married Filing Jointly, and Head of Household. Ensure your selection aligns with your tax filing records.

Step 4: Enter Federal Allowances

Federal Allowances: Input the number of federal allowances you claim. This field is required and influences federal tax calculations. The minimum value allowed is 0 and it should be an integer.

Step 5: Choose Your State

State: Select the state in which you reside from the list of available options. Your state selection can affect state tax calculations.

Step 6: Specify 401(k) Contribution

401(k) Contribution (%): If applicable, enter the percentage of your gross pay that you contribute to a 401(k) retirement plan. This field is optional, but entering a value can help estimate your retirement plan deductions. The allowed range is from 0% to 100% with increments of 0.1%.

Step 7: Enter Health Insurance Premium

Health Insurance Premium per Pay Period: Optionally, enter the amount deducted from your paycheck for health insurance each pay period. The minimum value allowed is 0.

Step 8: Review Your Results

• Gross Pay Per Period: Calculated by dividing your annual salary by the pay frequency you selected.
• Federal Income Tax: An estimate based on a flat rate of 22% of your gross pay per period.
• Social Security: Calculated at 6.2% of your gross pay subject to a maximum annual cap.
• Medicare: Calculated at 1.45% of your gross pay per period.
• State Tax: Estimated at 5% of your gross pay per period.
• 401(k) Deduction: Calculated based on the percentage you entered for your 401(k) contribution.
• Total Deductions: Sum of all above deductions plus your entered health insurance premium.
• Net Pay Per Period: Your gross pay per period minus total deductions.
• Annual Net Pay: Calculated by multiplying your net pay per period by your pay frequency.

Once you’ve filled out all the necessary details, review the results to understand your estimated gross pay, total deductions, and net pay. You can adjust inputs and recalculate to see how changes affect your paycheck.