Flexible Spending Account Calculator
Use our free Flexible Spending Account calculator to estimate how changing your FSA contributions could affect your paystub, help you save on taxes, and increase your net pay.
These calculators are provided for estimates only. Calculations will not affect SurePayroll account information. You must enter payroll data directly into your SurePayroll account to process it for an upcoming payroll period. Log into your account here or by clicking Sign In at the top of the page. Please direct specific SurePayroll questions to Customer Care after logging in.
Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide legal, investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
What is an FSA Payroll Deduction Calculator
You can use our free FSA calculator to estimate how changing your FSA savings (included in a Section 125 Cafeteria Plan) contributions could affect your paystub, help you save on taxes, and increase your net pay.
What is an FSA?
Health FSAs are employer-established benefit plans that allow employees to set aside pre-tax dollars to pay for qualified health expenses. Employer contribution is not required, but employers can choose to contribute to employees’ health FSAs.
Employees can use these accounts for a variety of medical costs, such as copayments, prescriptions, and some over-the-counter medications
How Do You Calculate Take-Home Pay?
A paycheck calculator allows you to quickly calculate your estimated take-home pay.
Generally, you can calculate your take-home—or net pay—in these steps:
- determine your taxable income by deducting pre-tax contributions, such as retirement plan contributions, from your gross pay
- subtract all applicable local, state, and federal taxes
- deduct post-tax contributions for items like healthcare
- minus any additional withholdings, such as wage garnishments
How Much Tax is Taken Out of a Paycheck?
Calculating how much tax is taken out of a paycheck differs for everyone.
Several factors affect paycheck tax deductions. This includes a person’s earnings, their federal filing status, and state income tax rate. The number of allowances they claim is also important.
You can use our free salary or hourly take home calculators to estimate how much tax is taken out of a paycheck.
Or to determine an estimated percentage of taxes deducted from your check:
- Review current income tax brackets to calculate federal income tax.
- Calculate Social Security and Medicare (FICA) taxes.
- Determine if state income and local income tax apply.
- Divide the sum of all taxes by your gross pay.
How Do You Calculate Annual Income?
Generally, to find the annual salary, multiply the gross pay from one paycheck by the number of pay periods in a year. Gross pay is the amount before taxes.
For example, if you earn $2,000 every other week before taxes your calculation would be:
$2,000 every two weeks x 26 pay periods for a total salary of $52,000.
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