How to use the Take-Home Calculator
Enter your annual salary (or the one you would like) in the "Salary" box. Select your age range from the options provided.
New! Find out the benefit of that overtime! Enter the number of hours, and the rate at which you will get paid. For example, for 5 hours a month at time and a half, enter 5 @ 1.5. There are two options in case you have two different overtime rates. To keep the calculations simple, overtime rates are based on a normal week of 40 hours. The Fair Labor Standards Act requires that all non-exempt employees are paid overtime rates of at least one and a half times normal wage for any work over 40 hours per week. More information here .
Select from the drop-down box whether you are filing as a single person, a married couple filing jointly or separately,
or as the head of household.
From the next drop-down box, choose how many dependents (not including yourself and your spouse) you will declare. Enter also the monthly $ value of any other deductions you want considered - for example, retirement plan contributions.
When you're done, click on the "Go!" button, and the table on the right will display the information you requested. You'll be able to see the gross salary, taxable amount, tax, social security and state income tax on annual, monthly, weekly and daily bases.
This is based on Income Tax and Social Security information for the tax year 2015. More information on tax rates here .
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Disclaimer: Information provided on this site is for illustrative purposes only.
Do not make any major financial decisions without
consulting a qualified specialist.