- Gross pay
- This is your gross pay, before any deductions, for the
pay period.
Please enter a dollar amount from $1 to $1,000,000.
- Pay period
- This is how often you are paid. Your selections
are: Weekly (52 paychecks per year), Every other week (26 paychecks per year),
Twice a month (24 paychecks per year), and Monthly (12 paychecks per year).
- Filing status
- This is your income tax filing status. The
choices are "Single" and "Married".
Choose "Married" if you are married or file as "head of household". Choose
"Single" if you file your taxes as a single person or if you are married but
file separately.
- Number of allowances
- When your Federal income tax withholdings
are calculated, you are allowed to claim allowances to reduce the amount of the
Federal income tax withholding. In 2006, each allowance you claim is equal
to $3,300 of income that you expect to have in deductions when you file your
annual tax return. The number of allowances you should claim depends
largely on the number of dependents you have and your itemized deductions.
This calculator allows from 0 to 99 allowances.
- State and Local Taxes
- This is the percentage that will be
deducted for state and local taxes. We take your gross pay, minus $3,300 per
allowance, times this percentage to calculate your estimated state and local
taxes. Please note, this calculator can only estimate your state and local
withholdings.
- Pre-tax deductions
- Enter any payroll deductions made by your
employer that are made with pre-tax income. This might include your health
insurance, life insurance among other pre-tax deductions.
- Post-tax deductions
- Enter any payroll deductions made by your
employer that are made with after tax income.
- Post-tax reimbursements
- Enter any reimbursements made by your
employer that are after tax.
- FICA OASDI
- FICA Old Age Survivors and Disability Insurance.
FICA OASDI is calculated as your gross earnings times 6.2%. Please note
that this calculator does not make any assumptions as to the total FICA OASDI
paid for the current year. For 2006, incomes over $94,200 that have
already had the maximum FICA OASDI amount of $5840.40 withheld will not have
additional FICA OASDI withholdings.
- FICA Medicare
- FICA Medicare is calculated as the gross earnings
times 1.45%. Unlike FICA OASDI there is no annual limit to FICA Medicare
deductions.
- Federal tax withholding calculations
- Federal
income tax withholdings were calculated by:
- Multiplying taxable gross wages by the number of pay periods per year to compute your annual wage.
- Subtracting the value of allowances allowed (for 2006, this is $3,300
multiplied by withholding allowances claimed).
- Determining your annual tax by using the tables below (single and married rates, respectively).
- Dividing the amount of tax by the number of pay periods per year to arrive at the amount of federal withholding tax to be deducted per
pay period.
Single Withholding Rates*
|
Annual taxable income between these amounts |
Annual withholding |
Withhold additional %
of income over this amount |
| $0.00 |
$2,650.00 |
$0.00 |
0% |
$0.00 |
| $2,650.00 |
$9,800.00 |
$0.00 |
10% |
$2,650.00 |
| $9,800.00 |
$31,500.00 |
$715.00 |
15% |
$9,800.00 |
| $31,500.00 |
$69,750.00 |
$3,970.00 |
25% |
$31,500.00 |
| $69,750.00 |
$151,950.00 |
$13,532.50 |
28% |
$69,750.00 |
| $151,950.00 |
$328,250.00 |
$36,548.50 |
33% |
$151,950.00 |
| $328,250.00 |
(no limit) |
$94,727.50 |
35% |
$328,250.00 |
|
Married Withholding Rates*
|
Annual taxable income between these amounts |
Annual withholding |
Withhold additional % of income over this amount |
| $0.00 |
$8,000.00 |
$0.00 |
0% |
$0.00 |
| $8,000.00 |
$22,600.00 |
$0.00 |
10% |
$8,000.00 |
| $22,600.00 |
$ 66,200.00 |
$1,460.00 |
15% |
$22,600.00 |
| $66,200.00 |
$120,750.00 |
$8,000.00 |
25% |
$66,200.00 |
| $120,750.00 |
$189,600.00 |
$21,637.50 |
28% |
$120,750.00 |
| $189,600.00 |
$333,250.00 |
$40,915.50 |
33% |
$189,600.00 |
| $333,250.00 |
(no limit) |
$88,320.00 |
35% |
$333,250.00 |
|
|