Salary Calculator
Calculate your hourly, weekly, monthly, or annual salary and estimate your take-home pay after taxes.
Conversion Results
Understanding Salary Calculations
A salary calculator helps you convert between different pay periods and estimate your take-home pay after taxes and deductions. Understanding how your salary breaks down can help you with budgeting and financial planning.
Salary Conversion Explained
Converting between different pay periods is based on standard working hours:
- Full-time employment is typically considered 40 hours per week
- A standard work day is 8 hours
- A work year consists of 52 weeks (2080 hours)
- A month is calculated as 173.33 hours (40 hours × 52 weeks ÷ 12 months)
Take-Home Pay and Taxes
Your take-home pay is affected by several taxes and deductions:
- Federal Income Tax: Progressive tax based on your income level and filing status
- Social Security Tax: 6.2% on earnings up to the annual limit ($147,000 in 2022)
- Medicare Tax: 1.45% on all earnings (with additional 0.9% on earnings above $200,000)
- State Income Tax: Varies by state, with some states having no income tax
- Other Deductions: Health insurance, retirement contributions, etc. (not included in this calculator)
Note: This calculator provides estimates only. Actual take-home pay may vary based on specific tax situations, additional deductions, local taxes, and changes in tax laws. Consult with a tax professional for personalized advice.
Frequently Asked Questions
What's the difference between gross pay and net pay?
Gross pay is your total earnings before any taxes or deductions are taken out. Net pay, also called take-home pay, is what you actually receive after all taxes and deductions have been withheld.
How do I convert an hourly wage to an annual salary?
Multiply your hourly wage by the number of hours you work per week, then multiply by 52 weeks. For example, $15 per hour × 40 hours × 52 weeks = $31,200 annual salary.
What is semi-monthly pay?
Semi-monthly pay means you get paid twice per month, typically on the 15th and the last day of the month, for a total of 24 pay periods per year. This differs from bi-weekly pay, which occurs every two weeks for a total of 26 pay periods per year.
How accurate are the tax estimates?
This calculator provides general estimates based on standard deductions and tax brackets. It doesn't account for all possible deductions, credits, or individual tax situations. For precise calculations, consult a tax professional.
What states don't have income tax?
As of 2022, eight states don't have income tax: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming. New Hampshire taxes only dividend and interest income, not wages.