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Paycheck Formula:
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The Paycheck Calculator Philadelphia PA estimates net pay by subtracting federal income tax, social security tax, medicare tax, and Philadelphia local tax from gross pay. It provides an accurate assessment of take-home pay for Philadelphia residents.
The calculator uses the paycheck formula:
Where:
Explanation: The equation calculates the actual amount you receive after all mandatory tax deductions specific to Philadelphia, PA.
Details: Accurate net pay calculation is crucial for budgeting, financial planning, and understanding your actual disposable income after all Philadelphia-specific tax obligations.
Tips: Enter gross pay in dollars, followed by each tax amount. All values must be non-negative. The calculator will compute your net take-home pay after Philadelphia local taxes.
Q1: What is Philadelphia local tax rate?
A: Philadelphia has a local wage tax that varies annually. For 2024, the rate is approximately 3.79% for residents and 3.44% for non-residents working in the city.
Q2: How is Social Security tax calculated?
A: Social Security tax is 6.2% of gross wages up to the annual limit ($168,600 for 2024). Income above this limit is not subject to Social Security tax.
Q3: Are there additional Philadelphia taxes?
A: Philadelphia residents may also be subject to school income tax and other local taxes depending on their specific circumstances and employment status.
Q4: Can I use this for bi-weekly or monthly pay?
A: Yes, simply enter the gross pay and corresponding tax amounts for your specific pay period (weekly, bi-weekly, semi-monthly, or monthly).
Q5: What about pre-tax deductions?
A: This calculator assumes you've entered gross pay after any pre-tax deductions like 401(k) contributions, health insurance premiums, or flexible spending accounts.