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Do you wonder what your yearly salary is, or what it may be after a promotion? Do you want to compare different jobs based on how much each pays per hour? If you replied yes to any of these questions, using a payroll calculator can empower you with the tools you need to find answers. However, a payroll tax calculator is not only meant to benefit working professionals. Small business-owners can also use a payroll calculator to ensure consistency and accuracy in each paycheck. They can also view the potential impact of changes in salaries or hourly pay rates. As a result, business-owners have the power to determine whether raises are viable and overall profitable for their companies in the long-term.
When shopping around for a payroll calculator provider, here are a few important facts to keep in mind:
Net Pay Versus Gross Pay
There are two amounts a payroll calculator can determine: your gross pay and net pay. The gross pay is the amount you get paid before any taxes and deductions. The net pay is the amount you take home after taxes and deductions are withheld from the paycheck. Based on income and social security tax information for the current year, you can determine how much money you are paying the government and how much you actually get to bank. This is the beauty of using a payroll calculator. It takes care of all the complex equations for you. For example, it takes into account the standards deductions that are calculated according to how many dependents you have and your filling status. The standard deduction for a single filling status is less than the deduction you will receive if you are married and filling a joint return. While a payroll taxes calculator should not be relied on to calculate exact figures, it can give business-owners and workers a good estimate of their annual gross and net pay. This ensures that there will be no surprises, and everyone will know what to expect each pay period.
Features of a Payroll Calculator
A more advanced payroll calculator will take into account more than the hourly pay rate and numbers worked each week. Anyone can do that for you. If you want an accurate estimate of your net pay each month or year, there are several factors that a payroll taxes calculator needs to include in its equations. Look for a payroll tax calculator that allows the user to input federal filling status, number of dependents, exemptions, along with state and local information based on the state of residency. However, none of these calculations will be accurate unless the payroll calculator is updated with the latest information for the tax year.
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