Configure Inputs

$75.00K
$
$20.00K$500.00K
0%
%
015

Estimated Take-Home Pay Per Paycheck

$2,343.13

Federal Tax

$8.34K

FICA + State Tax

$5.74K

Annual Net Pay

After undefined Years

$60.92K

Break-up of Maturity Value

Federal Tax
FICA + State Tax
Federal Tax-$8,341.00
FICA (SS & Medicare)-$5,737.50
State Tax-$0.00
Total Taxes-$14,078.50

Where Your Money Goes

Principal
Interest
Fees & Charges
Principal = Net Pay, Interest = Federal Tax, Fees = FICA & State Tax

Deep Dive & FAQ

Where Does the Money Go?

Your Gross Pay is your salary before any deductions. Your Net Pay is what actually hits your bank account. The difference is taxes and other deductions.

FICA Taxes

  • Social Security: 6.2% of your income (up to a limit). This funds retirement benefits for current retirees.
  • Medicare: 1.45% of your income (unlimited). This funds healthcare for seniors.

Income Taxes

  • Federal Tax: Progressive rates from 10% to 37% based on your filing status.
  • State Tax: Varies by state. Some (like TX, FL, WA) have 0%, while others (like CA, NY) have high rates.

Pay Frequency Impact

While your total annual tax is the same, your paycheck size depends on frequency.
- Bi-Weekly (26 paychecks): You get paid every 2 weeks. This means 2 months a year you get 3 paychecks ("magic months").
- Semi-Monthly (24 paychecks): You get paid twice a month (e.g., 15th and 30th). Every paycheck is the same size.