Unexpectedly Intriguing!
January 5, 2015

Would you like a sneak preview of what a good part of your paycheck will look like in 2015? Or perhaps you would like to see what it might look like if you finally get that raise or if you change your job (and your income) sometime during 2015?

If so, we have the tool for you!

Our tool below is designed to answer those questions for 95% of all Americans. You just need enter the indicated information as it applies for you, and we'll do our best to estimate how much of the money you work hard to earn will still be yours after the federal government has withheld what it wants from your paycheck!


Your Paycheck and Tax Withholding Data
Category Input Data Values
Basic Pay Data Current Annual Pay
Pay Period
Federal Withholding Data Filing Status
Number of Withholding Allowances
401(k) or 403(b) Contributions Pre-Tax Contributions (%)
After Tax Contributions (%)
Flexible Spending Account Annual Contribution Data Health Care Spending Account
Dependent Care Spending Account
What if You Had a Raise? Desired Raise (%)











Your Paycheck Data
Category Calculated Results Values
Basic Income Data Proposed Annual Salary (Including Raise!)
Typical Paycheck Amount
Federal Tax Withholding Amounts U.S. Federal Income Taxes
U.S. Social Security Taxes
U.S. Medicare Taxes
401(k) or 403(b) Contributions Pre-Tax Contributions
After-Tax Contributions
Total Contributions
Flexible Spending Account Contributions Health Care Spending Account
Dependent Care Spending Account
Take Home Pay Estimate Net Paycheck Amount

Now that we've given you a sense of how much money you'll have withheld in 2015 from each of your paychecks by the U.S. federal government, we should note that there are some really complicating factors that may come into play during the year depending upon how much you earn.

For example, in 2015, once you have earned over $118,500, you will no longer have the Social Security payroll tax of 6.2% of your income deducted from your paycheck. But then, by the time that happens, you'll have long been paying taxes on your income that are taxed at rates that are at least 10% higher than those paid by over half of all Americans.

There's also the complication provided by the so-called "Additional Medicare Tax" that your employer is required to begin withholding from your paycheck if, and as soon as, your year-to-date income rises above the $200,000 mark, which is part of the new income taxes imposed by the "Affordable Care Act" (a.k.a. "Obamacare"). Since the money collected through this 0.9% surtax on your income does not go to directly support the Medicare program, unlike the real Medicare payroll taxes paid by you and your employer, it is really best thought of as an additional income tax.

Since we've already mentioned Obamacare, we should also note that many Americans may soon find themselves in the situation where they find that they have an additional income tax liability because of the Affordable Care Act. At this writing, Americans who do not have health insurance coverage and who have not been included among those groups qualifying for hardship exemptions under the law are at risk of a nasty tax surprise, even if their situation comes about through no fault of their own thanks to the law's extremely careless construction and implementation.

Elsewhere on the Web

There are other paycheck calculators like this on the Internet, including the very well done tools available at PaycheckCity.com. We really like PaycheckCity's calculators because they allow you to determine the amount of state income tax withholding that will be taken out of your paycheck separately from what the federal government takes.

Then again, if you live in one of the nine states that have no personal income tax for wage and salary income (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming), our tool above will provide you with a very good estimate of your actual take-home pay. We'll note that both New Hampshire and Tennessee both tax dividend and interest income, which doesn't affect your paycheck, but might influence your withholding decisions.

Previously on Political Calculations

We've been in the business of calculating people's paychecks (not including state income tax withholding) since 2005!

IRS Form W-4 - Source: http://apps.irs.gov/app/vita/content/30/30_04_028.jsp?level=basic


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