Federal tax, state tax, FICA, 401k, health insurance — all in one calculation
A $75,000 annual salary paid biweekly gives a gross paycheck of $2,884 before deductions. After federal tax ($432), state tax ($144 in an average state) and FICA ($221) the net paycheck is approximately $2,087. Adding a $200 401k contribution reduces take-home to $1,931 but saves $44 in taxes because 401k is pre-tax.
A paycheck calculator shows your net pay — what actually hits your bank account — after all federal and state income taxes, FICA contributions and pre-tax benefit deductions. Unlike a simple salary calculator a paycheck calculator accounts for pay frequency, 401k contributions, health insurance premiums and other deductions that affect your taxable income.