How to Figure Out How Much a Paycheck Will Be?
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Calculate Hours Worked
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Figure out how many hours you worked and multiply the number of hours times your hourly wage. Also consider whether you get paid weekly, bi-weekly or monthly; this will help you figure out how many weeks of work you should consider for a paycheck. If you are salaried and worked a half day one week, subtract the hours you did not work from a 40-hour work week and then multiply your total hours worked by your hourly wage. To calculate an hourly wage if you are salaried, divide your yearly salary by 2,080 (this is the typical American number of hours worked per year). For example: a salary of $36,000 per year divided by 2,080 equals $17.31 per hour. If you missed a total of 8 hours of work one week, subtract 8 hours from 40 hours in a week, which equals 32 hours. Then multiply 32 hours by $17.31 per hour, which equals $553.92.
Calculate Taxes
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Depending upon what tax bracket you fall into, you should multiply the percentage of tax times the money earned. For example: if you are in the 20 percent tax bracket, multiply $553.92 times 0.2, which equals $110.78; this is the amount of money you will pay in tax. Then subtract $110.78 from $553.92, which equals $443.14. This is the amount of money you should expect on your paycheck if no other deductions are necessary. You must also consider state and local taxes as well as federal income tax. Use the link below to research your states taxes. Reviewing old pay stubs may also help you understand what types of taxes you incur.
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Consider Other Deductions
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Other deductions may include child support, alimony or wage garnishment. Calculate how much you pay for possible deductions and subtract from your paycheck along with taxes. Keep in mind that this is just a general guideline for calculating a paycheck and that actual deductions and taxes can vary greatly.
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