Vantage Credit Union: hourly paycheck, income, calculator

Loading...

Locations (/locations)

Search

Banking (/banking) Save Time & Money (/save) Education (/education) Rates (/rates) Calculators (/calculators) Talk to a Representative (/talk-to-a-representative)

Member Login

Username

Login

Password

Demo (/ebranch-demo/demo.html) New User (/app/enroll) Forgot username or password (/app/reset)

Open a New Account (/i-wantto/open-my-account)

Get a Loan (/applications/apply-formy-loan-or-credit-card)

Buy a Car (/i-want-to/buy-a-car)

Calculators (/calculators) / Personal Finance (/calculators/personal-finance)

Personal Finance (/calculators/personal-finance) Home Budget Analyzer (/calculators/personalfinance/home-budget-analyzer) Student Budget Analyzer (/calculators/personalfinance/student-budget-analyzer)

Hourly Paycheck Calculator Use this calculator to help you determine your paycheck for hourly wages. First, enter your current payroll information and deductions. Then enter the hours you expect to work, and how much you are paid. You can enter regular, overtime and one additional hourly rate. This calculator uses the latest withholding schedules, rules and rates (IRS Publication 15).

Benefit of Spending Less (/calculators/personalfinance/benefit-of-spending-less) How Much Do I Owe? (/calculators/loans/how-much-doi-owe) Changing a Bad Habit (/calculators/personalfinance/changing-a-bad-habit) Should My Spouse Work? (/calculators/personalfinance/should-my-spouse-work) What's My Net Worth? (/calculators/personalfinance/whats-my-net-worth) Net Gross Pay (/calculators/personal-finance/netgross-pay) Hourly Paycheck Calculator (/calculators/personalfinance/hourly-paycheckcalculator) Savings (/calculators/savings) Loans (/calculators/loans) Credit Card Management (/calculators/credit-cardmanagement) Mortgage (/calculators/mortgage) Investing & Planning (/calculators/investing--planning) Insurance (/calculators/insurance) It’s Time to File Your Taxes…and Possibly Get a Refund! (/articles/its-time-to-file-yourtaxesand-possibly-get-a-refund) Maximize Your Car Buying Dollar – When Is the Best Time to Buy? (/articles/maximize-your-carbuying-dollar-when-is-the-besttime-to-buy) Can You Buy a Home with Just 3% Down? Yes! (/articles/can-youbuy-a-home-with-just-3-down-yes)

Definitions Hours worked This is the number of hours you will be paid for working at your employer. Each of the 'hours worked' entry fields has its own pay per hour. You can enter regular, overtime and other hours worked. Pay per hour This is your pay per hour from your employer. Each of the 'pay per hour' entry fields has its own hours worked. You can enter regular, overtime and other pay per hour. Pay period This is how often you are paid. Your selections are: Weekly (52 paychecks per year), Every other week (26 paychecks per year), Twice a month (24 paychecks per year), Monthly (12 paychecks per year), and Annually (one paycheck per year). Filing status This is your income tax filing status. The choices are "Single" and "Married." Choose "Married" if you are married or file as "Head of household." Choose "Single" if you file your taxes as a single person or if you are married but file separately. Gross pay This is your gross pay, before any deductions, for the pay period. Please enter a dollar amount from $1 to $1,000,000. Number of allowances When your Federal income tax withholding is calculated, you are allowed to claim allowances to reduce the amount of the Federal income tax withholding. In 2017, each allowance you claim is equal to $4,050 of income that you expect to have in deductions when you file your annual tax return. The number of allowances you should claim depends largely on the number of dependents you have and your itemized deductions. This calculator allows from 0 to 99 allowances. 401(k)/403(b) plan withholding This is the percent of your gross income you put into a taxable deferred retirement account such as a 401(k) or 403(b). While increasing your retirement account savings does lower your take home pay, it also lowers your Federal income tax withholding. The impact on your paycheck might be less than you think. While your plan may not have a deferral percentage limit, this calculator limits deferrals to 80% to account for FICA (Social Security and Medicare) taxes. Please note that your 401(k) or 403(b) plan contributions may be limited to less than 80% of your income. Check with your plan administrator for details. For 2017, the maximum contribution to a 401(k) or 403(b) is $18,000 per year for individuals under 50 and $24,000 for individuals 50 or older. Employee paid health insurance Health insurance premiums deducted from your pay. Do not include any amounts paid directly by your employer. Your health insurance premiums are not subject to FICA or Medicare taxes. State and local taxes This is the percentage that will be deducted for state and local taxes. We take your gross pay, minus $4,050 per allowance, times this percentage to calculate your estimated state and local taxes. Please note, this calculator can only estimate your state and local tax withholding. The tax rate displayed is an assumption that may or may not be relevant to your situation. Other pre-tax deductions Enter any other deductions that is made with pre-tax income. This amount will not be subject to income taxes, but is taxable in regards to require FICA and Medicare. Post-tax deductions Enter any payroll deductions made by your employer that are made with after-tax income. Post-tax reimbursements Enter any reimbursements made by your employer that are after-tax. Year-to-date earnings Your current year gross earnings that were subject to FICA taxes (Social Security tax and Medicare tax). This total should not include the current payroll period or any income from other sources or employers. We use this amount to determine if you are required to have Social Security tax or additional Medicare tax withheld for the current payroll period. Typically, this is your gross earnings minus employer paid health insurance and any Flexible Spending Account (FSA) contributions. In 2017, year-to-date earnings is not required or used for incomes under $127,200 per year, or if your current year-to-date earnings plus your current payroll does not exceed $127,200. Social Security tax For 2017, Social Security tax is calculated as your gross earnings times 6.2%. For 2017, incomes over $127,200 that have already had the maximum Social Security tax of $7,886 withheld will not have additional withholding. Please note that if you have other wages or employers this calculator does not make any assumptions as to the total Social Security tax withheld for the current year other than the actual inputs for this calculator. This tax is also referred to as the Federal Insurance Contributions Act Old Age Survivors and Disability Insurance (FICA OASDI). Medicare tax Medicare tax is calculated as your gross earnings times 1.45%. Unlike the Social Security tax, there is no annual limit to the Medicare tax. Starting in 2013, an additional Medicare tax of 0.9% is withheld on all gross earnings paid in excess of $200,000 in a calendar year. If you enter an amount for the year-to-date gross earnings, this additional Medicare tax will be calculated based on the current period's gross earnings that exceed the annual $200,000 threshold. If no year-to-date amount is entered, any additional Medicare tax withholding will be calculated only for any gross earnings in excess of $200,000 for the current payroll period. If year-to-date wages prior to the current payroll period have exceeded $200,000, the year-to-date wages must be entered to calculate an accurate additional Medicare tax. Federal tax withholding calculations Federal income tax withholding was calculated by: 1. Multiplying taxable gross wages by the number of pay periods per year to compute your annual wage. 2. Subtracting the value of allowances allowed (for 2017, this is $4,050 multiplied by withholding allowances claimed). 3. Determining your annual tax by using the tables below (single and married rates, respectively). 4. Dividing the amount of tax by the number of pay periods per year to arrive at the amount of federal tax withholding to be deducted per pay period.

Single Withholding Rates 2017* Annual taxable income between these amounts

Annual withholding

Withhold additional % of income over this amount

$0 - $2,300.00

$0.00



$2,300.00 - $11,625.00

$0.00

plus 10% of income over $2,300

$11,625.00 - $40,250

$932.50

plus 15% of income over $11,625

$40,250 - $94,200

$5,226.25

plus 25% of income over $40,250

$94,200 - $193,950

$18,713.75

plus 28% of income over $94,200

$193,950 - $419,000

$46,643.75

plus 33% of income over $193,950

$419,000 - $420,700

$120,910.25

plus 35% of income over $419,000

$420,700 - (no limit)

$121,505.25

plus 39.6% of income over $420,700

*Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2017

Married Withholding Rates 2017* Annual taxable income between these amounts

Annual withholding

Withhold additional % of income over this amount

$0 - $8,650

$0.00



$8,650 - $27,300

$0.00

plus 10% of income over $8,650

$27,300 - $84,550

$1,865.00

$84,550 - $161,750

$10,452.50

plus 25% of income over $84,550

$161,750 - $242,000

$29,752.50

plus 28% of income over $161,750

$242,000 - $425,350

$52,222.50

plus 33% of income over $242,000

$425,350 - $479,350

$112,725.50

plus 33% of income over $425,350

$479,350 - (no limit)

$131,628.00

plus 39.6% of income over $479,350

plus 15% of income over $27,300.00

*Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2017

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Vantage Point Articles & Info (/the-fun-stuff/vantage-point) It’s Time to File Your Taxes…and Possibly Get a Refund! (/articles/itstime-to-file-your-taxesand-possiblyget-a-refund) Is a Home Remodel on Your Horizon? (/articles/is-a-homeremodel-on-your-horizon) Give Your Budget a Boost This Holiday! (/articles/give-your-budgeta-boost-this-holiday)











Community Outreach & Education (/the-fun-stuff/community) Vantage Awards Educator Contest Winner (/articles/vantage-awardseducator-contest-winner) Vantage Delivers Thanksgiving Dinners Throughout St. Louis (/articles/vantage-deliversthanksgiving-dinners-throughout-stlouis) 2017 Dream Big Contest Winner Awarded (/articles/2017-dream-bigcontest-winner-awarded)

The Fun Stuff (/the-fun-stuff)

Security Awareness Consumer Info (/security-privacy-fees/consumer-securityeducation)

Coming Up Calendar (/the-fun-stuff/whats-goingon)

The Gift of Security this Season: Keeping a Child’s Online Identity Safe Ransomware: A Worldwide Epidemic Supply Chain Attacks Propel Us Into a New Era Of Malware Infections

FAQs (/faqs)

I Want To... (/i-want-to)

About Us (/about-us)

Nov 6 to Dec 20

Holiday Giving

(/events/holidaygiving-6)

Dec 25

Christmas (/events/christmasDay day-4)

Jan 1

New Year’s(/events/newDay years-day-5)

Applications (/applications)

Careers (/about-us/careers)

Security, Privacy & Fees (/security-privacy--fees)



Site Map (/sitemap)

Copyright ©2017, Vantage Credit Union. All rights reserved. This credit union is federally insured by the National Credit Union Administration. Individual products offered by Members Resource, LLC, a Credit Union Service Organization (CUSO), that includes the Credit Union Insurance Agency (CUIA), LLC, and Mortgage Solutions, LLC, may not be insured by the NCUA. Individual product footnote discloses insurance applicability. Vantage Credit Union (NMLS #273335) Views and opinions expressed by employees or members are for informational purposes only and should not be deemed as an endorsement by Vantage Credit Union.

Loading...

Vantage Credit Union: hourly paycheck, income, calculator

Locations (/locations) Search Banking (/banking) Save Time & Money (/save) Education (/education) Rates (/rates) Calculators (/calculators) Talk to ...

230KB Sizes 5 Downloads 18 Views

Recommend Documents

Hourly Paycheck Calculator | Bankrate.com
Use this free paycheck calculator to determine your paycheck based on an hourly salary.

Retirement Contribution Effects on Your Paycheck — Vantage Credit
An employer-sponsored retirement savings account could be one of your best tools for creating a secure retirement. It pr

Salary Paycheck Calculator: Hourly Wage to Yearly Salary Conversion
This free tool makes it quick and easy to convert wages from one time period to another. First enter an amount ... are a

Illinois Paycheck Calculator | SmartAsset.com
Use our Illinois Paycheck Calculator to calculate your take-home pay per paycheck for both salary and hourly jobs after

New Jersey Paycheck Calculator | SmartAsset.com
Use our New Jersey Paycheck Calculator to calculate your take-home pay per paycheck for both salary and hourly jobs afte

Your Credit Union - Cascade Community Credit Union
Jan 2, 2017 - Board Elections. • Annual Meeting. • President's Letter. • Meet our Management Staff. • Irene Murp

Paycheck Income How often? SAVINGS (per paycheck) Emergencies
Where will this money be in order to use it easily? Set-Aside Money. (per paycheck). Total: ______. When will I pay my b

US Hourly Wage Tax Calculator 2017 | The Tax Calculator
The Hourly Wage Tax Calculator uses tax information from the tax year 2017 to show you take-home pay. See where that har

California State Controller's Office: Paycheck Calculator Download
Paycheck Calculator Download. If you have Microsoft Excel (Macintosh or PC) or a spreadsheet software application that c

Credit Cards - FAIRWINDS Credit Union
Credit cards to match your needs from Preferred Visa Signature, Cash Rewards, Platinum Rewards, and Orlando City Soccer.