If you’re hesitant to begin saving in your 401(k) plan because you are worried about how it will affect your paycheck, you’re not alone. The Ubiquity Paycheck Calculator can demonstrate the effect of increasing contributions on your take-home pay–and how it may impact your financial future.
Complete the fields below to see how your 401(k) contribution change might affect your paycheck amount. Once you have completed your information you can print or email your report to keep for your records.
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In addition to helping you determine the effect of 401(k) contributions on your take-home pay, a Paycheck Calculator will let you know if you’re deducting the correct amount of money from your check to cover your tax obligation. If you received a significant amount of investment income not subject to withholding, you can elect to have more money withheld from your paycheck, so you’re not hit with a big surprise tax bill due in April.
While a refund at the end of the year can be a welcome “bonus,” you also don’t want to overpay, as this may unnecessarily stretch your money too thin throughout the year. Keep in mind, you are not earning interest on excess money paid while the IRS hangs onto it. Adjusting your tax withholding can help you welcome a new baby, get married, pay for divorce, or buy a new house.
You may wonder whether it’s worth your while to work overtime this weekend or how many extra hours you’ll need to work in order to afford a big purchase you’re eyeing. To calculate your hourly salary:
Your employer withholds taxes and other deductions from each individual paycheck, lowering your overall pay. Ubiquity’s weekly paycheck calculator can help you arrive at a precise calculation.
Simply put, dividing the sum of all withholdings by your gross pay will give you the percentage of taxation coming out of your paycheck. To calculate your withholding for the year, take your withholding amount per pay period and multiply it by the number of pay periods for the remainder of the year.
Each paycheck will include deductions for:
There may be additional elective deductions listed for:
Wondering how much you actually make after taxes and deductions?
Calculating net income will reveal discrepancies between your perceived salary and your actual paycheck.
Annual income is the total amount that you earn over the course of one year. Most calculations rely on the fiscal calendar year, which runs from October 1 to September 30 of the following year.
Your annual income will include:
You’ll need a list of all income sources to determine your annual income. The calculator will ask you for:
In the context of a business, the net income is the profit the company earns after paying all operating costs. This includes all taxes and deductions.
If you haven’t gotten married, had kids, or filed for divorce over the past year, you may not have needed the W4 Form in a long time. If you got a particularly large bill or refund last year, it’s wise to consider adjusting your withholdings.
The W4 lets you adjust your withholdings based on:
Changes to this form in 2020 were designed to make withholdings more accurate, so it’s worth revisiting your form if you haven’t already.
We hope you liked this handy and free Salary Paycheck Calculator tool. Ubiquity is a leading provider of 401(k) plans geared toward self-employed individuals and small businesses. We can help you choose the best plan based on your goals and get you set up in just a few minutes. Unlike competitors, we do not charge Assets Under Management or per-person fees that punish account holders for growth. Contact us to get started.