Name
Telephone
Email
Antispan
Enter Code
Message

Payroll Deductions
Payroll Deductions

Payroll Deductions

Use this calculator to help you determine the impact of changing your payroll deductions. You can enter your current payroll information and deductions, and then compare them to your proposed deductions. Try changing your withholdings, filing status or retirement savings and let the payroll deduction calculator show you the impact on your take home pay. This calculator has been updated to use the new withholding schedules included with the 2009 Stimulus Bill.

This Financial Calculator requires SUN's Java™ Plug-in. If you see this message you will need to download SUN's Java™ Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing “Install ActiveX Control”.

    You can also get SUN's Java™ Plug-in here: Get the Java™ Plug-in!

    For more information about this Plug-in please visit: SUN's Java™ Plug-in
    For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Definitions

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).

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.

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.

Number of allowances
When your Federal income tax withholdings are calculated, you are allowed to claim allowances to reduce the amount of the Federal income tax withholding. In 2009, each allowance you claim is equal to $3,650 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 withholdings. 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 2009, the maximum contribution to a 401(k) or 403(b) is $16,500 per year for individuals under 50 and $22,000 for individuals 50 or older.

State and Local Taxes
This is the percentage that will be deducted for state and local taxes. We take your gross pay, minus $3,650 per allowance, times this percentage to calculate your estimated state and local taxes. Please note, this calculator can only estimate your state and local withholdings.

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.

FICA OASDI
FICA Old Age Survivors and Disability Insurance. FICA OASDI is calculated as your gross earnings times 6.2%. Please note that this calculator does not make any assumptions as to the total FICA OASDI paid for the current year. For 2009, incomes over $106,800 that have already had the maximum FICA OASDI amount of $6621.60 withheld will not have additional FICA OASDI withholdings.

FICA Medicare
FICA Medicare is calculated as the gross earnings times 1.45%. Unlike FICA OASDI there is no annual limit to FICA Medicare deductions.

Federal tax withholding calculations
Federal income tax withholdings were 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 2009, this is $3,650 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 withholding tax to be deducted per pay period.

Single Withholding Rates*

Annual taxable income between these amounts

Annual withholding

Withhold additional % of income over this amount

$0.00

$7,180.00

$0.00

 

 

$7,180.00

$10,400.00

$0.00

10%

$7,180.00

$10,400.00

$36,200.00

$322.00

15%

$10,400.00

$36,200.00

$66,530.00

$4,192.00

25%

$36,200.00

$66,530.00

$173,600.00

$11,774.50.00

28%

$66,530.00

$173,600.00

$375,000.00

$41,754.10

33%

$173,600.00

$375,000.00

(no limit)

$108,216.10

35%

$375,000.00

Married Withholding Rates*

Annual taxable income between these amounts

Annual withholding

Withhold additional % of income over this amount

$ 0.00

$15,750.00

$0.00

 

 

$15,750.00

$24,450.00

$0.00

10%

$15,750.00

$24,450.00

$75,650.00

$870.00

15%

$24,450.00

$75,650.00

$118,130.00

$8.550.00

25%

$75,650.00

$118,130.00

$216,600.00

$19,170.00

28%

$118,130.00

$216,600.00

$380,700.00

$46,741.60

33%

$216,600.00

$380,700.00

(no limit)

$100,894.60

35%

$380,700.00




PSP is by far the best PEO service we have ever had the pleasure of doing business with. Payroll is made simple for our management with our ability to enter the data via the web, which is very important to us. All HR questions and issues are quickly handled and resolved. It's refreshing to know that when we ask for something, it gets done, without having to follow-up. We look forward to a continued beneficial relationship with PSP.

President, Security

"...It's comforting to know I don't have to devote any of my precious time worrying about processing payroll, computing and paying payroll, shopping for and administrating health benefits, dental, 401(K)...Your "Co-Employment" system has made my daily routine much easier and my business has improved as a result."

CEO Drywall Organization

"I have worked with The PSP group for over 2 years now, and have gotten nothing but the most professionalism and promptness. The PSP Group provides rapid response serviced and handles all challenges placed before them."

Independent Insurance Sales Agent

"...I have been in business for over 20 years and never realized how much of my time was dedicated to processing payroll, computing and paying payroll taxes. I began utilizing your services in September of 2001 and it was the right decision. I look forward to a continual relationship well into the future."

Owner, Auto Body Repair

"...We have been using your service for over a year and we are tremendously happy with your work. Thanks to your services, I don't have to worry about processing payroll or workers' compensation and devote my time to the success of my small business. Most important, the staff is responsible, courteous and very responsive to our needs. Thank you for your ongoing attention towards my business."

President, Asbestos Removal Company

"...We are commercial painting contractors who employ union workers. As you are well aware, there are many rules and regulations that must be followed when payroll is processed. Your employee and our payroll agent [Shaun S.], have handled everything in an exemplary manner. [The Company's] success is due, in part, to the hard work and diligence of your service."

President, Painting Corporation

"...I have more time to tend to the needs of my business now since I leave all the paperwork to PSP's staff."

Owner, Fence Company

"As a busy accounting firm, we particularly appreciated the time saved during the recent "Tax Season." Instead of having to worrying about processing payroll, computing and filing payroll tax returns, workman's compensation problems and employee benefits, we were able to concentrate all our time on servicing our clients."

Senior Partner,Certified Public Accountant

"...Our company is a diverse organization with many unique needs and I admit that I was concerned that PSP would have a challenging time servicing us properly; I am pleased to say that you have done everything you said you would do and as a result our human resource needs are handled masterfully. "

Vice President, Hotel Management Company

"...It is very reassuring knowing that such competent and professional individuals are handling all our payroll and human resource information. The staff at Payroll Services Plus is always there to answer any questions or concerns that we may have pertaining to our employees' payroll and benefit needs. Moreover, these answers are always given in a very timely matter. "

Senior Partner,Certified Public Accountant

"...They have supplied us with various services, such as, bi-weekly payroll, a 401(k) program, workers compensation insurance and other mandated insurances, employee medical and dental to name only a few."

President, Medical Facility

"...Your service has helped expedite our payroll, consolidate all our payroll taxes and freed up our bookkeeper for more important things which is a tremendous benefit to our company."

President, Contracting Company

"...As you know we have two divisions, each unique unto themselves. Your personnel have studied our needs, understood our requirements, and fulfilled everything possible. Your personnel are a joy to deal with - each division seems to know exactly what our requirements are and all work is processed expeditiously. We look forward to a long and mutually beneficial relationship"

President Steel Manufacturing Operation

"Your service has helped expedite our payroll, consolidate all our payroll taxes and freeing our bookkeeper for more important services which was a tremendous benefit to your company."

President Fencing Contractor

"Since I started using PSP., my company's daily operation is smoother than I had expected. I have more time to tend to the needs of my business now since I leave all the paperwork to PSP's staff. I am confident that all such paperwork, from Human Resource issues to tax reports will be handled in a timely and professional fashion."

Partner, Law Firm

"The service you provide is excellent. I could not be happier with your company."

President, Contracting Company

"...With all the help that PSP provides, it allows us to spend more time in the field and gives us more time to concentrate on other important issues affecting our company."

President, Landscaping Company