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Personal financial planning means setting targets. That may mean targets for savings, targets for paying down debts, targets for investments, targets for retirement, etc. And sometimes it can mean setting targets for income. Maybe you have a certain lifestyle in mind. Or perhaps you're hoping to buy a home of a certain type and value, and need to know how much you need to earn to afford it. Or maybe you're approaching retirement or looking to semi-retire and want to know how much you can cut back while still maintaining your lifestyle. The Net to Gross Paycheck Calculator can help. Put in the take-home (net) income you require, along with some other information, and it will figure out your deductions for taxes, insurance, retirement savings and the like and determine the level of gross income you'll need to hit that figure.
Your gross income and your net income are two very different figures. Gross income is your actual earnings, before any deductions for taxes, 401(k) contributions, employee-paid health insurance, union dues and the like. Your net income is the amount you actually receive after all that is taken out.
There are a lot of different things that can be deducted from your gross earnings to produce your net income, and they are figured in different ways. Some may be a fixed dollar amount, some a percentage of earnings, or perhaps a multiple of some other figure. This calculator takes that all into account, based on current federal income tax guidelines, crunches the numbers and gives you the best estimate you can get, based on the data you provide.
Start by entering your year-to-date earnings. (This doesn't affect the calculation, but it will appear for reference purposes in the report generated by the calculator).
Next, enter your net income target and indicate how often you seek to receive this much – weekly, every other week, twice a month, monthly or annually.
After that, enter your filing status and withholdings information, using the following guidelines:
Note that you can adjust any of these using the green triangles are right to easily explore the impacts of a range of values in any of these.
When you are done, click "View Report" at the top of the page. You will get a figure for the gross income you need to produce the desired net income, along with a report breaking down all the various costs going into the calculation.
Your gross income and your net income are two very different figures. There are several items that are deducted from your gross income to determine your net income. So what kind of a gross income do you need to make in order to make the net income that you are striving for? This calculator will help you find your answer.