457 Payroll Deductions Calculator
- Pay period
- It is about the total payment you receive in a year. You can select pay period from the following table:
Every Other Week
Twice a month
- Filing status
- Your tax return filing status. Choose your tax file return status depending on your present relationship status.
- Gross pay
- Include the amount of current year’s gross salary amount.
- Number of allowances
- You can claim your allowance to exempt from your Federal Income Tax withholding form the estimated gross Federal income tax withholdings. Such allowances rely on your itemized deductions and number of dependents.
- 457 plan withholding
- The amount of your contribution to a tax deferral 457 retirement plan. Increasing amount of retirement savings decreases the amount of Federal income tax withholdings and vice-versa.
- Employee paid health insurance
- This is the amount of your health insurance premium which is deducted from your salary. FICA or Medicare taxes are not applicable for health insurance premiums.
- State and local taxes
- Rate of the annual state & local taxes on your gross income. State & local tax rate change every year. So, you need to consult with your tax consultant to know the updated rate of State and local taxes.
- Other pre-tax deductions
- Input the amount of any other deductions. This pre-tax deductions are not subject to income taxes.
- Post-tax deductions
- Total amount of deductions that is charged by your employer with your after-tax earnings.
- Post-tax reimbursements
- This is about the amount of after tax reimbursements, if any, made by your employer.
- Year-to-date earnings
- The amount of your current year’s gross earnings which are considered for FICA Tax. You should not incorporate any earrings from other sources in this income. A year-to-date earnings is used to estimate the FICA tax.
- Social Security tax
- The amount of current year’s Social Security taxes.
- Medicare tax
- This is the amount of current year’s Medicare tax. Normally, your gross income is charged by 1.45% for this type of tax but you may need to calculate additional Medicare tax if there is any provision in Federal Income Tax regulation.
- Federal tax withholding calculations
- Read the Federal tax withholding calculation method here.