Paycheck calculator
Choose your retirement plan
- = gross
- = net
| Federal tax | $X,XXX |
| State tax | $X,XXX |
| FICA | $X,XXX |
| Hybrid mandatory contributions | $X,XXX |
| Hybrid voluntary contributions | $X,XXX |
| Other pre-tax deductions | $X,XXX |
| Pre-tax deductions | $X,XXX |
| After-tax deductions | $X,XXX |
| Net pay | $X,XXX |
| Federal tax | $X,XXX |
| State tax | $X,XXX |
| FICA | $X,XXX |
| Hybrid mandatory contributions | $X,XXX |
| Hybrid voluntary contributions | $X,XXX |
| Other pre-tax deductions | $X,XXX |
| Pre-tax deductions | $X,XXX |
| After-tax deductions | $X,XXX |
| Net pay | $X,XXX |
| Current - | New - | ||
|---|---|---|---|
| Gross salary | $0 | $0 | |
| Federal tax | $0 | $0 | |
| State tax | $0 | $0 | |
| FICA | $0 | $0 | |
| Hybrid mandatory contributions | $0 | $0 | |
| Hybrid voluntary contributions | $0 | $0 | |
| Other pre-tax deductions | Pre-tax deductions | $0 | $0 |
| After-tax deductions | $0 | $0 | |
| Net pay | $0 | $0 |
Hybrid voluntary contributions
Other pre-tax deductions
Pre-tax deductions
After-tax deductions
After-tax deductions
You can only contribute up to the IRS annual limit, which is
How can we help you?
- Take action now! Login to your Account Access to increase your voluntary contributions.
- Don't miss out on the employer match. Explore the benefits of Hybrid voluntary contributions. Understand more about the benefits of your plan and estimate your defined benefit.
- Contact your Defined Contribution Plans Retirement Specialist. You can register for a one-on-one session or an upcoming education webinar or seminar.
- Take action now! Login to your Account Access to increase your COV 457 Plan contributions.
- Explore pre-tax and Roth (after-tax) contributions and your other plan calculators.
- Contact your Defined Contribution Plans Retirement Specialist. You can register for a one-on-one session or an upcoming education webinar or seminar.
Disclaimer & Assumptions
Disclaimer
This calculator carries out calculations based on the data you input and assumptions about the future such as inflation rates and investment returns. None of us can predict the future, so please remember that the results shown by the calculator are for illustration purposes only and do not guarantee any future outcome or entitlement. Your actual paycheck is likely to differ from the estimated figures shown.
While considerable effort has been made to validate the calculations used, the accuracy of the calculations cannot be guaranteed and the results are for illustration purposes only
Any choices you make or data that you enter while using the calculator are erased once you have finished using the calculator. However, you have a responsibility to ensure that you exit the website when you are finished with the calculator, especially if you leave your computer for any length of time.
The calculator should be used in conjunction with other available communications and not as the sole source of information when making decisions about your personal finances.
You may wish to seek independent financial advice before making any personal finance decisions.
Assumptions
A mandatory contribution of 5 percent is included in your calculator results. Visit www.varetire.org/hybrid to learn more.
The Social Security wage base is assumed to be $168,600 and the rate is set at 6.2%.
The base Medicare rate is assumed to be 1.45% and Additional Medicare threshold is assumed to be $250,000, with the rate set at 0.9%.
State tax rate is assumed to be the 2024 rate for each state.
Federal tax assumptions are as follows:
Band 1 - 10%
Band 2 - 12%
Band 3 - 22%
Band 4 - 24%
Band 5 - 32%
Band 6 - 35%
Band 7 - 37%
Disclaimer
This calculator carries out calculations based on the data you input and assumptions about the future such as inflation rates and investment returns. None of us can predict the future, so please remember that the results shown by the calculator are for illustration purposes only and do not guarantee any future outcome or entitlement. Your actual paycheck is likely to differ from the estimated figures shown.
While considerable effort has been made to validate the calculations used, the accuracy of the calculations cannot be guaranteed and the results are for illustration purposes only
Any choices you make or data that you enter while using the calculator are erased once you have finished using the calculator. However, you have a responsibility to ensure that you exit the website when you are finished with the calculator, especially if you leave your computer for any length of time.
The calculator should be used in conjunction with other available communications and not as the sole source of information when making decisions about your personal finances.
You may wish to seek independent financial advice before making any personal finance decisions.
Assumptions
The Social Security wage base is assumed to be $168,600 and the rate is set at 6.2%.
The base Medicare rate is assumed to be 1.45% and Additional Medicare threshold is assumed to be $250,000, with the rate set at 0.9%.
State tax rate is assumed to be the 2024 rate for each state.
Federal tax assumptions are as follows:
Band 1 - 10%
Band 2 - 12%
Band 3 - 22%
Band 4 - 24%
Band 5 - 32%
Band 6 - 35%
Band 7 - 37%
