See exactly where your money goes — federal tax, state tax, FICA, 401k, and take-home pay.
Does your employer match your 401k contributions? Enter the details below to see if you're leaving free money on the table.
Your gross pay is the number on your offer letter — but it's never what lands in your bank account. Every paycheck passes through multiple deductions before you see it. Understanding each one helps you make smarter decisions about your 401k contributions, benefit elections, and overall financial plan.
Federal income tax is calculated using progressive brackets. In 2024, single filers pay 10% on the first $11,600, 12% on income up to $47,150, and 22% up to $100,525 — with higher rates above that. Your standard deduction ($14,600 for single, $29,200 for married filing jointly) reduces your taxable income before these brackets apply, which is why your effective rate is lower than your marginal rate.
FICA taxes are non-negotiable regardless of income level. Social Security takes 6.2% on the first $168,600 of wages. Medicare takes 1.45% on all wages, with an additional 0.9% on income above $200,000. These fund your future Social Security and Medicare benefits.
Your 401k contribution is pre-tax, meaning it reduces your taxable income before federal and state income tax is calculated. If you're in the 22% bracket, contributing $200/month to your 401k only costs you about $156 in take-home pay — the other $44 would have gone to taxes anyway. This makes 401k contributions more affordable than most people realize.
Employer match is free compensation. If your employer matches 100% up to 3% of your salary and you contribute less than 3%, you are forfeiting part of your total compensation package. This calculator shows you exactly how much you may be leaving behind.
Take-home pay is gross pay minus federal income tax, state income tax, Social Security (6.2%), Medicare (1.45%), and any pre-tax deductions like 401k, health insurance, HSA, or FSA. Our calculator applies current 2024 federal tax brackets and all 50 state tax rates.
An employer 401k match is free money your employer adds to your retirement account based on how much you contribute. A common match is 100% of contributions up to 3% of salary. Not contributing enough to get the full match means leaving free compensation on the table.
Less than you think. A 401k contribution reduces your taxable income, so you save on federal and state income taxes. On a $60,000 salary at a 22% marginal rate, a $100/month 401k contribution only reduces take-home pay by about $78 because you save $22 in federal taxes.
On a $60,000 salary in California, your estimated take-home pay is approximately $43,000–$45,000 per year (roughly $3,580–$3,750/month) for a single filer. California's state income tax rate goes up to 9.3%.
Texas has no state income tax. On a $75,000 salary, a single filer takes home approximately $56,000–$58,000 per year after federal income tax and FICA — roughly $4,650–$4,850 per month.
Florida has no state income tax. On a $50,000 salary, a single filer takes home approximately $39,000–$41,000 per year — roughly $3,250–$3,400 per month.
New York has state income tax up to 10.9% plus an additional NYC city tax for New York City residents. On a $70,000 salary, a NYC single filer takes home approximately $46,000–$49,000 per year — one of the lowest take-home rates in the US.
Illinois has a flat 4.95% state income tax. On a $65,000 salary, a single filer takes home approximately $47,000–$49,000 per year after federal, state, and FICA taxes.