Take | Home Pay

Voluntary or required contributions like health insurance premiums, 401(k) retirement plans, or union dues. 2. Examples of Deductions

Mandatory withholdings including federal income tax, state income tax (if applicable), Social Security (6.2%), and Medicare (1.45%). 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 401(k) retirement plans

Roth 401(k) contributions, garnishments, and life insurance premiums. 3. Key Factors Affecting Your Paycheck state income tax (if applicable)