|Time & 1/2|
|Federal Income Tax|
|This Check (Take Home)|
Employee compensation is largely dependent on the payroll. If the paycheck system you use has some weaknesses, it can greatly affect your company’s financial assets. Payroll calculation is much more than calculating your employees’ working hours and paying them accurately. A simple mistake can lead to severe inaccuracy other than basic paycheck errors.
Most employees with direct deposit expect their full wages in their salary bank account each month. Employees without direct deposit option expect live paychecks on the payday. This is where you need to devise an accurate paycheck for every employee. Correct payroll ensures that employees are being paid the correct amount and are not inconvenienced financially.
An employer must pay the money withheld from the employees’ paychecks for tax and other legal fees to government authorities. Concerned about the taxes? Well, when an employer comes up with an employee take-home paycheck, some amount is deducted for federal income taxes and two additional federal programs i.e. Medicare and Social Security. The amount which is withheld each month from the employee’s paycheck covers these expenses. The withheld amount is largely dependent on the income, filling, status, and allowances of the employee.
Are you a new employer? Do you want to check if your employer is paying you enough per the paycheck policy in your area? If you’re looking for legit information on how to pay or get paid accurately, you’ve landed on the right page.
Our free Paycheck Calculator by Time Hour Calculators let you check and analyze paycheck for all your employees within seconds. Use our Paycheck calculator to calculate the take-home salary amount employees get after the taxes and other deductions from the salary. However, please note that this Paycheck calculator is exclusively made for U.S. residents and gives out paycheck reports based on the latest tax rules and regulations of 2019 brackets.
In the United States, the basic salary is often considered the amount before deducting the tax amount – also known as gross pay. In simple words, gross income is often used to get a hand of mortgage applications, compare salaries, and analyze the tax brackets. Gross income is the raw income figure before any government or private decurions are made i.e. allowances, federal tax, health insurance, provident fund, and more. All these deductions vary from employee to employee.
If we talk about comparing personal finance, after-tax income figure is more practical that is actually the amount you get in your bank account or by live check. For example, ordinary employees getting regular paychecks on payday can calculate the total amount they make in a year or how much they will have after getting the next paycheck.
Thus, your annual income is not the before-tax amount you get from your employer but the after-tax amount shown in the final paycheck. In a nutshell, after-tax income figure is the salary given to you after deductions.
So, the question arises, how to use this paycheck calculator for précised salary distribution? Well, using this paycheck calculator by Time Hour Calculators is as easier as ever. You don’t need to have prior advanced knowledge of complex finance formulas to get started with effective payroll at your new startup. Sounds good? In this regard, the following is a detailed review of this amazing paycheck calculator by Time Hour Calculators.
Pay in Time Hour Calculator’s Paycheck Calculator is categorized into two types i.e. salary and hourly. Whether you are a new business startup or have been in the industry of years, there are greater chances that you have both salary-based and hourly-based employees. Note that both salary and hourly employees follow a different paycheck deduction rule.
As discussed earlier, the after-tax salary is determined by different factors including the gross income, position in a firm, and other financial statements. Now a qualified manager and an employee won’t have the same paycheck cut on every payday, right? So, the next thing you need to enter is your employee’s pay and then move to the next step.
Pay frequency is the duration between the employee’s payday. In simple words, pay frequency means how often employees are getting paid at a company. This paycheck calculator features 6 pay frequency options which are explained below:
Federal income tax varies from 0% to 37% depending on certain factors. To provide an even accurate paycheck, you must enter the marital status, withholding allowance, and additional withholding to get federal withholding amount. Note that there are over 43 U.S. States imposing their own income tax including the basic federal income tax. Thus, you might be charged for both taxes.
Next, Time Hour Calculator’s Paycheck Calculator requires the state name to analyze state withholding deductions. One can easily select the perspective state from the drop-down menu and then move onto to the next step.
After you’re done with all legal information, enter the employee’s name and check date, and click “Calculate Paycheck” to get your paycheck right away.
In a nutshell, it has never been easier to calculate the employee payroll than using this paycheck calculator. Again, you don’t need any prior knowledge of finance to calculate accurate paycheck with this high-grade paycheck calculator.
In case of further questions, feel free to leave a reply below or contact us.
This paycheck calculator is really amazing as it is serving in all the states of USA. It has been serving as a paycheck calculator for: