Paycheck Calculator is a free Android app also, available for iPhone to calculate your after tax income. The app is for US taxes only. If you receive your salary every week, biweekly, or monthly, you want to know how the in hand salary has been calculated. The salary slip you receive often does not have all the details on it.
This app helps you know what all taxes and in what amount have been deducted from your paycheck. If you know your yearly salary, then you can use this calculator to check your monthly paycheck as well. Any additional deductions or overtime can also be added to it.
The app is up to date with US tax brackets for the current year. So the tax deductions shown are quite accurate.
Let’s see how this paycheck calculator works:
Download this Paycheck calculator app from the Playstore. The link for downloading the app is given at the end of this article. After downloading the app, when you open it you will see a screen like the one seen in the screenshot below.
This is the home screen of the app, with some default values shown in the columns. These values can be edited easily. Click on the pencil icon or edit icon given next to some of the boxes. This will open a modification window, where you can change the values. Like in the screenshot below, you can change the frequency of the paycheck that you receive and income calculation can be changed between yearly mode or hourly mode.
Once you make the changes you can click the ok button and the changes will be seen in the paycheck on your screen. Similar to this you can make changes to your marital status, change the state of residence, and enter allowances if any. You can also enter your total income in a year.
All the changes made will be reflected in the paycheck on your screen. Like in the above screenshot, I’m adding deductions to the salary. This is reflected on the screen as soon as you click the add button.
In the above screenshot you can see the deductions have been added to your paycheck.
You can see the paycheck details on the top of the page. It will show your gross income, federal tax deducted on each pay check, social security tax deducted, medicare tax deducted, state tax deducted, and the net income. The net income is the one which you get in hand after all the deductions.
Key Features of this paycheck calculator Android app:
- Shows in hand income after tax.
- Free app.
- Tax brackets updated for the current year.
- Works for US tax system only.
- Income calculation period can be changed to yearly, monthly, biweekly, etc.
- Additional deductions or overtime can be added.
- Change personal information like marital status, state of residence, and allowances.
- Automatically deducts the tax from income to show net income.
Paycheck Calculator makes it easy to determine your in hand income or net income after all the tax deductions have been made from it. The federal and state tax calculations are made using the current years tax brackets. You can view calculations for different period of time like yearly, biweekly, weekly, etc. The app works for US only and shows the tax brackets for US as well. Though the calculations of this app are quite accurate, but you have to keep in mind that this is merely an informative app.
Check out Paycheck Calculator for Android here.