math  money  taxes


Question by  wordcountisthebaneofmyexistence (25)

How do you calculate what your paycheck will be after taxes and other deductions?

I'm not sure if my pay is calculated correctly.


Answer by  thinker (34)

Starting with your total gross pay (number of hours worked times your pay rate), subtract your federal, state and local withholding amounts. Then subtract any other deductions such as pension, savings plan, insurance, etc. The result is the net pay you will receive for that paycheck.


Answer by  2525252 (717)

Well basically you calculate what your tax is in your country where you live. For example if the tax is 13% then you collect that and find out what deductibles apply in your country and subtract from monthly pay amount.


Answer by  June77 (292)

Determine your tax rate for federal and state taxes. Add those percentages together, and then multiply it in decimal form by your gross income to determine the amount. Note that this will differ if you chose to withhold a different amount on your tax paperwork at hiring. Talk to an HR person if you are confused.


Answer by  peace232 (76)

To know what your paycheck will be multiply the hours you worked by your pay rate minus taxes and other deductions and to figure out those talk to your HR dept to see what all deductions you signed up for and also the number of dependents you chose on your W-2 form.


Answer by  noguf (162)

Your employer has a prescribed rate of taxes to take off of your paycheck. If the tax rate seems higher than what you expect it may be what the government has told them to relinquish. This is normal and you get the difference back at the end of the year when you file taxes. Check your pay stub.


Answer by  Dave2560 (204)

The calculation can vary greatly depending on what the list of deductions includes. Taxes generally vary by state as well, but I think the average for all the taxes combined comes out to about one quarter of the paycheck. It also depends on how much is earned in a paycheck.

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