Understanding your income
Gross pay is the headline number on a job offer, but net pay is what you can spend, save and invest. The gap between them comes from federal income tax, Social Security and Medicare, state and local taxes, and deductions such as retirement contributions and health insurance premiums.
Gross vs. net income
Gross income is everything you earn before deductions. Net income, also called take-home pay, is what lands in your account. Building a budget on net income avoids overspending.
Hourly vs. salaried pay
Hourly workers are paid for the hours they work and may earn overtime, while salaried employees receive a fixed amount per year. Converting between the two makes job offers easier to compare.
Frequently asked questions
Start with the Hourly to Salary Calculator if you are paid by the hour and want a yearly figure, then use the Paycheck Calculator to see how much of that reaches your bank account after taxes.
Federal tax and FICA use the current-year rules. State tax is a flat percentage you set, so results are close estimates; payroll systems may add local taxes and benefit deductions.
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