Payroll Calculator

Understanding Your Paycheck

Your take-home pay is determined by several factors including your hourly rate, hours worked, overtime, taxes, and deductions. This calculator helps you estimate your net pay after all these considerations.

How to Use This Calculator

Enter your hourly rate, regular hours worked, and any overtime information. Then include your estimated tax rate and any deductions (like health insurance or retirement contributions) to get an accurate estimate of your take-home pay.

Key Payroll Concepts

Regular pay is calculated up to 40 hours per week (standard full-time work week in the US). Overtime is typically paid at 1.5 times your regular rate for hours worked beyond 40.

Important Terms

• Gross Pay: Total earnings before deductions
• Net Pay: Take-home pay after all deductions
• Overtime Pay: Additional pay for hours worked beyond standard work week
• Tax Withholding: Estimated taxes deducted from your paycheck

Common Deductions

• Federal/State Taxes: Required payroll taxes
• Social Security/Medicare: FICA contributions
• Health Insurance: Premium payments
• Retirement: 401(k) or other retirement contributions