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Calculate your net take-home pay after federal and state taxes, FICA, and 401(k) contributions.
Take-Home = Gross - Federal Tax - State Tax - Social Security (6.2%) - Medicare (1.45%) - 401(k)
Uses 2024 federal tax brackets with standard deduction.
FICA (Federal Insurance Contributions Act) consists of Social Security tax (6.2% up to $168,600 in 2024) and Medicare tax (1.45% on all wages, plus 0.9% on wages over $200,000).
Yes. Traditional 401(k) contributions are pre-tax, reducing your taxable income. If you contribute $5,000 at a 22% marginal rate, you save $1,100 in federal taxes. Roth 401(k) contributions are after-tax.
In 2024, Social Security tax (6.2%) is only applied to the first $168,600 of wages. Income above this limit is exempt from Social Security tax but still subject to Medicare tax.
Married filing jointly receives a higher standard deduction ($29,200 vs $14,600) and wider tax brackets, typically resulting in lower federal taxes and higher take-home pay compared to filing single.
Pre-tax deductions include 401(k), 403(b), HSA, FSA, and health insurance premiums. These reduce your taxable income before federal and state taxes are calculated, increasing your take-home pay.