Take Home Pay -

Take-home pay, or , is the actual amount of money you receive in your paycheck after all deductions and taxes are subtracted from your gross income. It is the money you have available for spending and saving. 1. The Take-Home Pay Formula

Mandatory withholdings including federal income tax, state income tax (if applicable), Social Security (6.2%), and Medicare (1.45%). Take Home Pay

Your total earnings before taxes and deductions (annual salary divided by pay periods, or hourly rate × hours worked). Take-home pay, or , is the actual amount