Mark E. Gunnison, CPA | Neil K. Johannes, LTP

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After Tax Take Home Pay

Everyone knows that when you earn $100 you don't get to take home $100. Federal, state and local income taxes along with payroll and other taxes can reduce your take home pay by probably more than you realize.

Gross earnings  
Federal tax rate         %
State tax rate   %
Employment Taxes:
  Employee
  Self-Employed
  None
  %
Locat tax rate   %

Net earnings   =  
 

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Don't get to discouraged if almost 50% of your earnings end up going to the government. The above calculator assumes that each dollar is being taxed at your top rate. In fact, a married couple who uses the standard deduction can earn $15,600 before their first dollar is taxed by the Federal government for income tax purposes. The next $14,000 would be taxed at 10%, the next 42,800 would be taxed at 15% and only earnings over $72,400 would be taxed at 25%. A married couple who uses the standard deduction and earns $75,000 would be in the 25% tax bracket but would only pay $8,401 in Federal taxes. That gives them an average Federal rate of only 11%. (If they had four kids that quality for the child tax credit their effective rate would be only 5.8%.)
Copyright © 2003
Last modified 11/10/03


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