Paycheck Calculator – Estimate Your Take-Home Pay

Federal income tax withholding depends on your W-4 elections, filing status, and income level. The 2024 federal brackets range from 10% (income under $11,600 for single filers) to 37% (above $609,350). FICA taxes are 7.65% on wages up to the Social Security wage base ($168,600 in 2024): 6.2% Social Security + 1.45% Medicare. Your employer matches the FICA 7.65%.

Hourly employees are paid per hour worked and earn overtime (1.5× rate) for hours over 40 per week under FLSA. Salaried employees receive a fixed amount per pay period regardless of hours. Salaried workers classified as "exempt" don't receive overtime, but must earn at least $684/week ($35,568/year) to qualify for exemption.

Pre-tax 401(k) contributions reduce your taxable income dollar-for-dollar. Contributing $500/month to a 401(k) reduces your federal taxable income by $6,000/year. In the 22% tax bracket, this saves $1,320 in federal taxes annually. Your actual paycheck reduction is $500 minus the tax savings — so your take-home only drops by roughly $390, not $500.

Under the Fair Labor Standards Act (FLSA), non-exempt hourly employees earn 1.5 times their regular hourly rate for each hour over 40 in a workweek. Some states (California, Nevada) have daily overtime rules (over 8 hours/day). Salaried exempt employees generally do not receive overtime regardless of hours worked.

A W-4 (Employee's Withholding Certificate) tells your employer how much federal income tax to withhold. Changes to the W-4 form in 2020 eliminated withholding allowances. You can now claim deductions and extra withholding more precisely. Filing a new W-4 after major life changes (marriage, new child, second job) ensures accurate withholding and avoids a large tax bill or unnecessary overpayment.