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A Flexible Spending Account (FSA), also known as a Section 125 Cafeteria Plan, is an effective way to save on taxes by allowing you to pull certain expenses — such as childcare, insurance, and medical bills — from your paycheck before taxes are charged. This accurate calculator tool shows you how much you'd save in net pay by making use of an FSA, based on up-to-date 2018 withholding schedules.
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| Marginal tax inputs: Press spacebar to hide inputs | [-] |
| Married Filing Jointly | If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married Filing Separately". |
|---|---|
| Qualified Widow(er) | Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or stepchild for whom you are the primary provider. |
| Single | If you are divorced, legally separated or unmarried as of the last day of the year you should use this status. |
| Head of Household | This is the status for unmarried individuals that pay for more than half of the cost to keep up a home. This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you. |
| Married Filing Separately | If you are married, you have the choice to file separate returns. The filing status for this option is "Married Filing Separately". |
For 2017, the standard deductions are:
| Filing Status | Standard Deduction |
|---|---|
| Married Filing Joint | $12,700 |
| Qualified Widow(er) | $12,700 |
| Single | $6,350 |
| Heads of Household | $9,350 |
| Married Filing Separately | $6,350 |
Your standard deduction will be automatically calculated for you based on the filing status and number of dependents you enter. If the number you enter here is lower, your standard deduction will be used to determine your average tax rate.
| Your taxes are estimated at $11,139. This is 15.47% of your total income of $72,000. 15.47% would also be your average tax rate. Your income puts you in the 25% tax bracket. At higher incomes, exemptions, many deductions and many credits are phased out. This increases your tax bill and your marginal tax rate. With these phase outs, adding $1,000 to your income would result in a 25% marginal tax rate. press spacebar to hide graph | [-] |
| Tax Rate | Married Filing Jointly or Qualified Widow(er) | Single | Head of Household | Married Filing Separately |
|---|---|---|---|---|
| 10% | $0 - $18,650 | $0 - $9,325 | $0 - $13,350 | $0 - $9,325 |
| 15% | $18,650 - $75,900 | $9,325 - $37,950 | $13,350 - $50,800 | $9,325 - $37,950 |
| 25% | $75,900 - $153,100 | $37,950 - $91,900 | $50,800 - $131,200 | $37,950 - $76,550 |
| 28% | $153,100 - $233,350 | $91,900 - $191,650 | $131,200 - $212,500 | $76,550 - $116,675 |
| 33% | $233,350 - $416,700 | $191,650 - $416,700 | $212,500 - $416,700 | $116,675 - $208,350 |
| 35% | $416,700 - $470,700 | $416,700 - $418,400 | $416,700 - $444,550 | $208,350 - $235,350 |
| 39.6% | Over $470,700 | Over $418,400 | Over $444,550 | Over $235,350 |
*Caution: Do not use these tax rate schedules to figure 2016 taxes. Use only to figure 2017 estimates. Source: Rev. Proc. 2016-55 | ||||
| Married Filing Jointly | If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married Filing Separately". |
|---|---|
| Qualified Widow(er) | Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or stepchild for whom you are the primary provider. |
| Single | If you are divorced, legally separated or unmarried as of the last day of the year you should use this status. |
| Head of Household | This is the status for unmarried individuals that pay for more than half of the cost to keep up a home. This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you. |
| Married Filing Separately | If you are married, you have the choice to file separate returns. The filing status for this option is "Married Filing Separately". |
For 2017, the standard deductions are:
| Filing Status | Standard Deduction |
|---|---|
| Married Filing Joint | $12,700 |
| Qualified Widow(er) | $12,700 |
| Single | $6,350 |
| Heads of Household | $9,350 |
| Married Filing Separately | $6,350 |
Your standard deduction will be automatically calculated for you based on the filing status and number of dependents you enter. If the number you enter here is lower, your standard deduction will be used to determine your average tax rate.
This is how often you are paid. Your selections are: Weekly (52 paychecks per year), Every other week (26 paychecks per year), Twice a month (24 paychecks per year), Monthly (12 paychecks per year), and Annually (one paycheck per year).
This is your gross pay, before any deductions, for the pay period. Please enter a dollar amount from $1 to $1,000,000.
This is your income tax filing status. The choices are "Single", "Married" and "Head of Household." Choose "Married" if you are married, "Head of household" if you are unmarried with dependent children, "Single" if you file your taxes as a single person or if you are married but file separately.
Check this box if you have two jobs that have similar annual pay, or if you are married and your spouse also works with similar annual pay. If you check this box, it is assumed that you have also checked this option on the other job (or your spouse�s job). If the jobs do not have similar pay, the tax tables provided by the IRS will require more taxes than necessary to be withheld. This will result in a larger tax refund (or smaller shortfall if you have other tax liabilities) when you file your taxes.
Enter your estimated child tax credit. This is typically $2,000 for each of your of children under age 17 that are your dependents. The IRS instructions are to include this credit only if your income is $200,000 or less ($400,000 or less if married filing jointly). If you have a spouse that works or have two jobs you should only claim these credits with one employer/paycheck.
Enter your estimated credit for other dependents. This is typically $500 for each dependent that qualifies. Do not include children under age 17. The IRS instructions are to include this credit only if your income is $200,000 or less ($400,000 or less if married filing jointly). If you have a spouse that works or have two jobs you should only claim these credits with one employer/paycheck.
This is the percent of your gross income you put into a taxable deferred retirement account such as a 401(k) or 403(b). While increasing your retirement account savings does lower your take home pay, it also lowers your Federal income tax withholding. The impact on your paycheck might be less than you think. While your plan may not have a deferral percentage limit, this calculator limits deferrals to 80% to account for FICA (Social Security and Medicare) taxes. Please note that your 401(k) or 403(b) plan contributions may be limited to less than 80% of your income. Check with your plan administrator for details. For 2020, the maximum contribution for this type of plan is $19,500 per year for individuals under 50 and $26,000 for individuals 50 or older.
This is the percentage that will be deducted for state and local taxes. We take your calculated taxable income times your entered state income tax rate for your paycheck times this percentage to estimate your state and local taxes. Please note, this calculator can only estimate your state and local tax withholding. The tax rate displayed is an assumption that may or may not be relevant to your situation.
The amount that will be deducted from your paycheck each pay period for your FSA participation. All amounts are considered pre-tax deductions from your paycheck when you participate in your company's FSA plan. We consider these expenses to be ordinary after-tax expenses if you do not participate.
The amount per period that you wish to contribute to a Flexible Spending Account (FSA) for medical and dental expenses. All amounts you enter here are considered pre-tax deductions from your paycheck if you participate in your company's medical FSA. We consider these expenses to be ordinary after-tax expenses if you do not participate. In 2020, the maximum annual contribution to a medical FSA is $2,750. This amount is indexed for inflation for future years.
The amount per period that you wish to contribute to Flexible Spending Account (FSA) for dependent expenses. All amounts you enter here are considered pre-tax deductions from your paycheck if you participate in your company's dependent care FSA. We consider these expenses to be ordinary after-tax expenses if you do not participate. The maximum annual contribution is $5000 per household. If your spouse participates in dependent care FSA, the combined household limit is $5000.
The amount per period that you wish to contribute to a Flexible Spending Account (FSA) for health insurance premiums. All amounts you enter here are considered pre-tax deductions from your paycheck if you participate in your company's medical FSA. We consider these expenses to be ordinary after-tax expenses if you do not participate. The maximum annual contribution of $2750 per year does not apply to health insurance premiums.
The amount per period that you wish to contribute to a Flexible Spending Account (FSA) for adoption assistance. All amounts you enter here are considered pre-tax deductions from your paycheck if you participate in your company's adoption FSA. We consider these expenses to be ordinary after-tax expenses if you do not participate. Contribution limits for an adoption assistance are set by your employer's FSA plan. Unlike other FSA contributions, adoption assistance FSA contributions do not reduce your Social Security or Medicare taxes.
Your current year gross earnings that were subject to FICA taxes (Social Security tax and Medicare tax). This total should not include the current payroll period or any income from other sources or employers. We use this amount to determine if you are required to have Social Security tax or additional Medicare tax withheld for the current payroll period. Typically, this is your gross earnings minus employer paid health insurance and any Flexible Spending Account (FSA) contributions. In 2020, year-to-date earnings is not required or used for incomes under $137,700 per year, or if your current year-to-date earnings plus your current payroll does not exceed $137,700.
For 2020, Social Security tax is calculated as your gross earnings times 6.2%. For 2020, incomes over $137,700 that have already had the maximum Social Security tax of $8537.40 withheld will not have additional withholding. Please note that if you have other wages or employers this calculator does not make any assumptions as to the total Social Security tax withheld for the current year other than the actual inputs for this calculator. This tax is also referred to as the Federal Insurance Contributions Act Old Age Survivors and Disability Insurance (FICA OASDI).
Medicare tax is calculated as your gross earnings times 1.45%. Unlike the Social Security tax, there is no annual limit to the Medicare tax. Starting in 2013, an additional Medicare tax of 0.9% is withheld on all gross earnings paid in excess of $200,000 in a calendar year. If you enter an amount for the year-to-date gross earnings, this additional Medicare tax will be calculated based on the current period's gross earnings that exceed the annual $200,000 threshold. If no year-to-date amount is entered, any additional Medicare tax withholding will be calculated only for any gross earnings in excess of $200,000 for the current payroll period. If year-to-date wages prior to the current payroll period have exceeded $200,000, the year-to-date wages must be entered to calculate an accurate additional Medicare tax.
2020 Federal income tax withholding calculation:
There are many benefits of using a payroll calculator, including the ability to estimate your paycheck in advance. You can also use the same tool to calculate hypothetical changes, such as withholding more money from each paycheck or increasing your retirement contributions.
Another benefit of a salary paycheck calculator is its ability to answer questions regarding your finances accurately. Examples include:
A paycheck calculator allows you to quickly and accurately calculate take-home pay. It’s a simple four-step process:
The result is your take-home pay (or net income).
This varies from person to person and location to location. For example, the more money you earn, the more you pay in taxes. Additionally, state income tax rates vary.
Take these steps to determine how much tax is taken out of a paycheck:
These steps will leave you with the percentage of taxes deducted from your paycheck.
To calculate your annual salary, multiply the gross pay — before taxes — by the number of pay periods in the year.
For example, if you earn $2,000/week, your annual income is calculated by taking $2,000 x 52 weeks for a total salary of $104,000.
Note: your pay frequency may differ, such as if you’re paid bi-weekly, semi-monthly, or monthly.
Experiment with the paycheck calculator above to answer these questions — among others — while also pinpointing any changes you can make to boost your take-home pay and improve your personal finances.
SurePayroll, Inc. and its subsidiaries assume no liability and make no warranties on or for the information contained on these state payroll pages. The information presented is intended for reference only and is neither tax nor legal advice. Consult a professional tax, legal or other advisor to verify this information and determine if and/or how it may apply to your particular situation.
This website contains articles posted for informational and educational value. SurePayroll is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, SurePayroll. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant. If you require legal or accounting advice or need other professional assistance, you should always consult your licensed attorney, accountant or other tax professional to discuss your particular facts, circumstances and business needs.
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