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Roth vs. Traditional 401(k) Calculator

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Roth vs. Traditional 401(k) Calculator

A 401(k) plan can be an effective retirement tool. A Roth 401(k) allows you to contribute to your 401(k) account on an after-tax basis --and pay no taxes on qualifying distributions when the money is withdrawn. For some investors, this could prove to be a better option than contributing on a pre-tax basis, where deposits are subject to taxes when the money is withdrawn.

But is a Roth 401(k) right for you? Use this Roth vs. Traditional Calculator to compare the savings and benefits of each option and to help estimate the impact on your taxes, investment earnings, and paycheck. You can also use our 401(k) calculator to help analyze your retirement savings and estimate your potential growth.

Benefits of Using a Payroll Calculator

Employers can use a payroll tax estimator to calculate federal, state and local income tax withholding for an employee. A payroll taxes calculator can also help estimate paycheck deductions for benefits like health insurance and retirement plans.

Employees can use a payroll calculator to estimate their take-home pay. They can also test how different pay rates, deductions and dependents affect their net pay.  

You can also use a pay calculator to help you answer questions about your finances.

How do you calculate take-home pay?

A paycheck calculator allows you to quickly calculate take-home pay.

Generally, you can calculate your take-home—or net pay—in these steps:  

  • determine your taxable income by deducting pre-tax contributions, such as retirement plan contributions, from your gross pay
  • subtract all applicable federal, state and local income taxes
  • deduct post-tax contributions for items like healthcare
  • minus any additional withholdings, such as wage garnishments

How much tax is taken out of a paycheck?

Calculating how much tax is taken out of a paycheck differs for everyone.

Several factors affect paycheck tax deductions. This includes a person’s earnings, their federal filing status and state income tax rate. The number of allowances they claim is also important.

You can use a salary or hourly take home calculator to find out how much tax might be taken out of a paycheck.

Or to determine an estimated percentage of taxes deducted from your check:  

  • Review current income tax brackets to calculate federal income tax.  
  • Calculate Social Security and Medicare (FICA) taxes.  
  • Determine if state income and local income tax apply.
  • Divide the sum of all taxes by your gross pay.

How do you calculate annual income?

Very generally, to find the annual salary, multiply the gross pay from one paycheck by the number of pay periods in a year. Gross pay is the amount before taxes.

For example, if you earn $2,000 every other week before taxes your calculation would be:

$2,000 every two weeks x 26 pay periods for a total salary of $52,000.

How do you calculate take-home pay?

A paycheck calculator allows you to quickly calculate take-home pay.

Generally, you can calculate your take-home—or net pay—in these steps:  

  • determine your taxable income by deducting pre-tax contributions, such as retirement plan contributions, from your gross pay
  • subtract all applicable federal, state and local income taxes
  • deduct post-tax contributions for items like healthcare
  • minus any additional withholdings, such as wage garnishments

How much tax is taken out of a paycheck?

Calculating how much tax is taken out of a paycheck differs for everyone.

Several factors affect paycheck tax deductions. This includes a person’s earnings, their federal filing status and state income tax rate. The number of allowances they claim is also important.

You can use a salary or hourly take home calculator to find out how much tax might be taken out of a paycheck.

Or to determine an estimated percentage of taxes deducted from your check:  

  • Review current income tax brackets to calculate federal income tax.  
  • Calculate Social Security and Medicare (FICA) taxes.  
  • Determine if state income and local income tax apply.
  • Divide the sum of all taxes by your gross pay.

How do you calculate annual income?

Very generally, to find the annual salary, multiply the gross pay from one paycheck by the number of pay periods in a year. Gross pay is the amount before taxes.

For example, if you earn $2,000 every other week before taxes your calculation would be:

$2,000 every two weeks x 26 pay periods for a total salary of $52,000.

Important Notes About These Payroll Calculators

These calculators are provided for estimates only. Calculations will not affect SurePayroll account information. You must enter payroll data directly into your SurePayroll account to process it for an upcoming payroll period.  

Log into your account here or by clicking Sign In at the top of the page. Please direct specific SurePayroll questions to Customer Care after logging in. 

Caclulator Disclaimer:
Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide legal, investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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