Whether you’re starting a new job or moving to another state, it can be hard to set up a budget when you don’t know how much of your paycheck you get to take home after taxes and deductions.
PaycheckCity.com’s Net Pay Calculator takes the guesswork out. It’s a particularly useful tool if, for example, your job is in Washington, D.C., but you’re also apartment hunting in nearby Virginia and Maryland.
Assuming you’re a single tax filer making $50,000 with paychecks twice a month, this would be the difference for each paycheck based on the tax rates where you live:
- Maryland: $1,488.33
- Virginia: $1,481.46
- Washington, D.C.: $1,463.33
In other words, by choosing to live in Maryland over D.C., you’d have $600 more in your pocket by the end of the year.
The calculator is also handy for seeing how much tax-deferred retirement contributions affect your take-home pay. If our Maryland-dwelling worker began investing $200 per pay period into a 401(k) account, his paycheck would only decrease by $125.60 because of the tax benefits. (So $125 in exchange for thousands of dollars in security decades down the road? Now that’s a good deal.)
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