Refinance your mortgage
It takes less than 5 minutes to get a quote. And it's FREE!
Let's get you started!
This Payroll Deductions Calculator will help you to determine the impact that changing your payroll deductions can have on your financial situation. You can enter your current payroll information and deductions and compare them to your proposed deductions. Try changing your withholdings, filing status or retirement savings and let the payroll deduction calculator show you the impact that these changes can have on the amount of money that you get to take home in your paycheck. This calculator has been updated to use the new withholding schedules for this year.
We all work hard for our money, so we all want to make use of our money as wisely as possible. One way to maximize your income and minimize your taxes is to choose wisely when making payroll deductions from your paycheck.
What deductions and how many deductions you choose to be taken from your payroll can directly affect your income and tax situation. It may become a pay now or pay later situation, but armed with the right tools (this calculator for example) you can ascertain the impact that making changes to your payroll deductions may have.
You may find that by altering your allowances and withholdings, you can add a substantial amount to your take-home pay. However, it is important to remain aware that taxes will need to be paid eventually, and consider whether it is worth holding onto your salary in the short term. Also consider whether you have the self-discipline not to spend the money that you will need to pay at the end of the year.
Fill in the boxes, as follows. You can enter the information directly or use the sliding scale to explore how changing different factors will affect your paycheck:
This calculator is most useful if you:
In this case, it is perfectly acceptable to leave the decision and the necessary calculations in the hands of your employer. Typically, social security tax, federal income tax, state tax, local tax and Medicare taxes are withheld by employers by default. You are only required to take action in this situation if you know that your employer is claiming the wrong allowances.