Hourly Paycheck Calculator

Use this calculator to help you determine your paycheck for hourly wages. First, enter your current payroll information and deductions. Then enter the hours you expect to work, and how much your are paid. You can enter regular, overtime and one additional hourly rate. This calculator has been updated to use the new withholding schedules for 2006.

Your gross paycheck is estimated at GROSS_EARNINGS1

Your net paycheck is estimated at DD_CURRENT8. This is your net paycheck after subtracting TOTAL_DEDUCTIONS1 in total deductions. Please see below for a detailed breakdown of your estimated deductions.

Paycheck Summary
Pay period:	PAY_LABEL
Filing status:	FILING_STATUS
Regular hours:	WAGE_IN_PERIOD1 X HOURS_IN_PERIOD1 = TOTAL_IN_PERIOD1
Overtime hours:	WAGE_IN_PERIOD2 X HOURS_IN_PERIOD2 = TOTAL_IN_PERIOD2
Other hours:	WAGE_IN_PERIOD3 X HOURS_IN_PERIOD3 = TOTAL_IN_PERIOD3
Total gross pay for paycheck:	GROSS_EARNINGS1
Number of allowances:	WITHHOLD_COUNT1
DD_CATAGORY1	DD_CURRENT1
DD_CATAGORY2	DD_CURRENT2
DD_CATAGORY3	DD_CURRENT3
DD_CATAGORY4	DD_CURRENT4
DD_CATAGORY5	DD_CURRENT5
DD_CATAGORY6	DD_CURRENT6
DD_CATAGORY7	DD_CURRENT7
DD_CATAGORY9	DD_CURRENT9 (RETIRE_PLAN_PERCENT1 of income)
Total deductions	TOTAL_DEDUCTIONS1
DD_CATAGORY8	DD_CURRENT8

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Definitions

Pay period

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).

Hours worked

This is the number of hours you will be paid for working at your employer. Each of the "hours worked" entry fields has its own pay per hour. You can enter regular, overtime and other hours worked.

Pay per hour

This is your pay per hour from your employer. Each of the "pay per hour" entry fields has its own hours worked. You can enter regular, overtime and other pay per hour.

Filing status

This is your income tax filing status. The choices are "Single" and "Married". Choose "Married" if you are married or file as "head of household". Choose "Single" if you file your taxes as a single person or if you are married but file separately.

Number of allowances

When your Federal income tax is calculated, you are allowed to claim allowances to reduce the amount of the Federal income tax withholding. In 2006, each allowance you claim is equal to $3,300 of income that you expect to have in deductions when you file your annual tax return. The number of allowances you should claim depends largely on the number of dependents you have and your itemized deductions. This calculator allows from 0 to 99 allowances.

401(k)/403(b) plan withholding

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 withholdings. 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 2006, the maximum contribution to a 401(k) or 403(b) is $15,000 per year for individuals under 50 and $20,000 for individuals over 50.

State and Local Taxes

This is the percentage that will be deducted for state and local taxes. We take your gross pay, minus $3,300 per allowance, times this percentage to calculate your estimated state and local taxes. Please note, this calculator can only estimate your state and local withholdings.

Post-tax deductions

Enter any payroll deductions made by your employer that are made with after tax income.

Post-tax reimbursements

Enter any reimbursements made by your employer that are after tax.

FICA OASDI

FICA Old Age Survivors and Disability Insurance. FICA OASDI is calculated as your gross earnings times 6.2%. Please note that this calculator does not make any assumptions as to the total FICA OASDI paid for the current year. For 2006, incomes over $94,200 that have already had the maximum FICA OASDI amount of $5840.40 withheld will not have additional FICA OASDI withholdings.

FICA Medicare

FICA Medicare is calculated as the gross earnings times 1.45%. Unlike FICA OASDI there is no annual limit to FICA Medicare deductions.

Federal tax withholding calculations

Federal income tax withholdings were calculated by:

Multiplying taxable gross wages by the number of pay periods per year to compute your annual wage.
Subtracting the value of allowances allowed (for 2006, this is $3,300 multiplied by withholding allowances claimed).
Determining your annual tax by using the tables below (single and married rates, respectively).
Dividing the amount of tax by the number of pay periods per year to arrive at the amount of federal withholding tax to be deducted per pay period.

Single Withholding Rates*

Annual taxable income between these amounts

Annual withholding

Withhold additional % of income over this amount

$0.00

$2,650.00

$0.00

0%

$0.00

$2,650.00

$9,800.00

$0.00

10%

$2,650.00

$9,800.00

$31,500.00

$715.00

15%

$9,800.00

$31,500.00

$69,750.00

$3,970.00

25%

$31,500.00

$69,750.00

$151,950.00

$13,532.50

28%

$69,750.00

$151,950.00

$328,250.00

$36,548.50

33%

$151,950.00

$328,250.00

(no limit)

$94,727.50

35%

$328,250.00

*This information is from IRS Publication 15, Rev. January 2006, for wages paid through December 2006.

Married Withholding Rates*

Annual taxable income between these amounts

Annual withholding

Withhold additional % of income over this amount

$ 0.00

$ 8,000.00

$0.00

0%

$0.00

$ 8,000.00

$ 22,600.00

$0.00

10%

$ 8,000.00

$ 22,600.00

$ 66,200.00

$1,460.00

15%

$ 22,600.00

$ 66,200.00

$120,750.00

$8,000.00

25%

$66,200.00

$120,750.00

$189,600.00

$21,637.50

28%

$120,750.00

$189,600.00

$333,250.00

$40,915.50

33%

$189,600.00

$333,250.00

(no limit)

$88,320.00

35%

$333,250.00

*This information is from IRS Publication 15, Rev. January 2006, for wages paid through December 2006.