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What is FICA tax?
FICA stands for the Federal Insurance Contributions Act. it's a federal payroll tax that funds Social Security and Medicare. Most employees pay 7.65% of their gross pay.
Which states have no income tax?
As of 2024, Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming do not have a state-level income tax.
How is net pay different from gross pay?
Gross pay is the total amount you earn before any deductions. Net pay (or take-home pay) is what you actually receive in your bank account after all taxes and deductions are subtracted.
How to Use the Paycheck Calculator
Estimate your take-home pay after federal tax, state tax, and FICA deductions.
- Enter your gross pay and pay frequency.
- Select your filing status and state.
- Add pre-tax deductions (401k, HSA) if any.
- See your estimated net pay and the breakdown of withholdings.
Take-Home Pay
Net Pay
FICA is Social Security (6.2%) plus Medicare (1.45%); pre-tax deductions lower taxable income.
Example:
Input: $5,000 gross
Calculation: minus federal, state, 7.65% FICA
Result: тЙИ take-home pay
Real-World Use Cases
Budgeting
Plan around actual take-home, not gross.
Job Offers
Compare net pay across offers or states.
Tips & Common Mistakes
Tips
- Pre-tax 401k/HSA contributions reduce taxable income.
- Nine states have no state income tax.
Common Mistakes to Avoid
- Budgeting on gross instead of net pay.
- Forgetting FICA caps and additional Medicare tax at high incomes.