Free online paycheck deduction calculator. Enter gross monthly salary to auto-calculate social insurance, housing fund, and tax deductions for net take-home pay.
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Common deductions include: social security tax (6.2% in US), Medicare tax (1.45%), federal/state income tax, health insurance premiums, and 401(k) contributions. Rates vary by country.
Taxable income = Gross pay - Pre-tax deductions. Tax rates are progressive: higher income = higher rate. US federal rates range from 10% to 37% across 7 brackets.
Social security tax funds retirement and disability benefits. In the US, employees pay 6.2% on wages up to the annual cap. Employers match this amount.
Net Pay = Gross Pay - All Deductions. Example: $5,000 gross, $310 social security, $72.50 Medicare, $500 federal tax = $4,117.50 net pay.