Payroll Cost Calculator
Understanding the difference between gross and net pay requires accounting for federal income tax, state income tax, FICA taxes (Social Security at 6.2% and Medicare at 1.45%), and pre-tax deductions like retirement contributions and health insurance premiums. This calculator provides estimates based on 2024 tax brackets and standard deduction amounts.
Estimate Net Pay
Tax estimates use simplified 2024 brackets and standard deduction. Actual withholding depends on W-4 elections, additional income, credits, and state-specific rules. This is not tax advice. Consult a tax professional for accurate calculations.
FICA Tax Breakdown (2024)
| Tax | Rate | Wage Base |
|---|---|---|
| Social Security | 6.2% | $168,600 (2024 cap) |
| Medicare | 1.45% | No cap |
| Additional Medicare | 0.9% | Over $200,000 (single) |
Frequently Asked Questions
What is the employer's total payroll cost beyond gross salary?
Employers pay matching FICA (6.2% SS + 1.45% Medicare), federal unemployment tax (FUTA, 0.6% on first $7,000), and state unemployment tax (SUTA, varies 1–7%). Total employer payroll taxes typically add 8–12% on top of gross salary.