Paycheck Calculator – Estimate Your Take-Home Pay 💵

What is the Paycheck Calculator?

The Paycheck Calculator helps you estimate your net take-home pay after taxes, deductions, and contributions. Whether you're a salaried employee, hourly worker, contractor, or freelancer, this tool shows exactly how much money hits your bank account after federal tax, state tax, Social Security, Medicare, retirement contributions (401k), and other deductions.

Simply enter your gross salary or hourly wage, pay frequency, and tax information—this calculator works for multiple countries (US, UK, Canada, India, etc.) and currencies (USD, EUR, GBP, INR, etc.), making it ideal for job offer comparisons, budgeting, financial planning, and salary negotiations.

For more finance and career tools, visit Toolyfy Finance Tools or check ADP's Paycheck Calculator.

How to Use the Paycheck Calculator

Enter your Gross Pay (salary or hourly wage).
Select your Pay Frequency (weekly, bi-weekly, semi-monthly, monthly, or annually).
Choose your preferred Currency (USD, EUR, GBP, INR, etc.).
Input your Federal Tax Rate (%), State/Local Tax (if applicable), and any Pre-tax Deductions (401k, health insurance, etc.).
Click "Calculate Paycheck" to see your net take-home pay and deduction breakdown.

Gross Pay Per Period: Pay Frequency: Currency: Federal Tax Rate (%): State/Local Tax (% - optional): Social Security (% - typically 6.2%): Medicare (% - typically 1.45%): Pre-Tax Deductions (401k, Insurance, etc.):

Understanding Paycheck Deductions

Your paycheck is reduced by several mandatory and voluntary deductions:

Federal Income Tax: Based on your income bracket and filing status (single, married, etc.). Rates range from 10-37% in the US.

State/Local Tax: Varies by location. Some states (e.g., Texas, Florida) have 0% state income tax.

Social Security: 6.2% of gross pay (up to wage cap, ~$160k in 2025).

Medicare: 1.45% of all wages (plus 0.9% additional for high earners).

Pre-Tax Deductions: 401k contributions, health insurance premiums, HSA, FSA—reduce your taxable income.

For official tax rates and brackets, visit IRS.gov or check ADP's Calculator.

Learn more with our 401k Calculator or Savings Goal Calculator.

Why Use a Paycheck Calculator?

Budget accurately: Know your real take-home pay for monthly expenses.
Compare job offers: See which offer nets you more after taxes.
Plan deductions: Test how 401k contributions or insurance premiums affect net pay.
Avoid surprises: Understand exactly what gets deducted from your paycheck.
Multi-currency & frequency: Works for weekly, bi-weekly, monthly, annual pay cycles globally.

Compare with SmartAsset Paycheck Calculator, PaycheckCity, or Toolyfy.

FAQ: Paycheck Calculator

Why is my actual paycheck different from this estimate?: This calculator uses standard tax rates and deductions. Your actual paycheck may include additional withholdings (garnishments, union dues, etc.) or employer-specific benefits. Check your pay stub for details.
Can I use this for freelancers or contractors?: Yes, but note that contractors don't have automatic withholdings. You'll need to pay estimated quarterly taxes separately (use 25-35% as a rough guide).
Does this work for countries outside the US?: Yes—adjust the tax rates manually for your country (e.g., UK PAYE, Canada CPP/EI, India TDS). Multi-currency support included.
How can I increase my take-home pay?: Adjust your W-4 withholdings (for US), increase pre-tax deductions like 401k or HSA, or negotiate salary/bonuses.

Take Charge of Your Finances

Understanding your paycheck is the first step to financial freedom. Use this calculator to plan budgets, compare opportunities, and maximize your earnings. For more personal finance tools and tips, visit Toolyfy and bookmark this calculator today!