Paycheck Calculator
Discover exactly how much of your paycheck you actually get to keep. Generate your net take-home pay by analyzing modern 2024 federal tax brackets, FICA mandates, and pre-tax 401k/health deductions automatically.
Deductions (Per Year)
How Payroll Taxes Strip Your Gross Wage
Looking at a hefty $100,000 job offer is exciting, right up until you receive your first bi-weekly direct deposit and realize the government took a massive chunk of it. Understanding how those deductions work is critical for personal budgeting and negotiating fair compensation.
1. The FICA Mandate (Social Security & Medicare)
Before income taxes are even calculated, the Federal Insurance Contributions Act (FICA) legally requires 7.65% to be seized from your paycheck to fund national safety nets.
- Social Security (6.2%): Taken out of your gross wage until you hit the annual cap of $168,600 (for 2024). Once you earn more than that in a year, this deduction drops to zero.
- Medicare (1.45%): Taken out of your check indefinitely, with no cap. In fact, if you earn over $200,000, you are hit with an additional 0.9% Medicare surcharge.
2. Progressive Federal Income Tax (2024)
Federal taxes are 'Progressive', which means you don't pay a single flat rate. Your income is chopped into buckets. For a single filer in 2024:
- 10% on your first $11,600
- 12% on dollars between $11,601 and $47,150
- 22% on dollars between $47,151 and $100,525
- ...And so on, peaking at 37% for money earned over $609,350
Crucial Note: The IRS also shields a massive chunk of your income from taxes entirely using the Standard Deduction ($14,600 for singles in 2024). This calculator automatically accounts for these rules natively.
Frequently Asked Questions
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