Update 8 January 2008: Hold the phone! Before you go any further, you should know that we've created a 2008 version of this tool. Why? Because 2007 is so last year!...
It's a brand new year, and that can only mean one thing: it's time to figure out how much money the U.S. government will be taking away from you and whether you'll be able to make ends meet on the amount remaining in your regular paycheck!
Sure, you could actually *wait* to get your first paycheck of the year and find out the hard way, but what if this is also the year that you've cranked up your 401(k) contributions? What if 2007 is when you start taking advantage of Flexible Spending Accounts for your expected medical and child care expenses? And what if you get a raise sometime during the year? What will any of these things do to your take-home pay?
Answering questions like these is exactly why we've created the 2007 Paycheck Estimator. Our 2007 tool will help you find out not only how much of your paycheck will be left after Uncle Sam's goon squad gets his piece of your paycheck, but also how much you'll have left after the stuff you voluntarily choose to do!
Just enter your basic paycheck information into the tool below, and our tool will do the math! You can even estimate how much you'll pay over the course of 2007 by selecting "Annually" as your Pay Period. And for real fun, get out your imaginary checkbook and write imaginary checks for all the line items in the results below!
There are other paycheck calculators like this on the Internet, including the superior tools available at PaycheckCity.com, which allow you to determine the amount of state income tax withholding that will be taken out of your paycheck as well. Then again, if you live in one of the nine states that have no personal income tax (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming), our 2007 Paycheck Estimator will provide you with a very good estimate of your actual take-home pay.
And now that you've seen your bottom line (at least through the federal level), does that make the government's spending on things like this seem like a really good way of putting your hard earned dollars to work for the public good? Remember, as far as professional politicians, government bureaucrats and political lobbyists are concerned, they're not "taxes", they're "contributions" and "investments" for which you really need to show them some gratitude!
About the 2007 Paycheck Estimator
Political Calculations' 2007 Paycheck Estimator will determine the amount of U.S. Federal Income, Social Security and Medicare taxes to be withheld for wages and salaries earned in 2007, as determined through the percentage method outlined in the IRS's Employer's Tax Guide (Publication 15 Circular E, which is available online.)
The paycheck estimator also takes into account the amount of pre-tax 401(k) or 403(b) plan contributions you make as well as your pre-tax flexible spending account contributions for health care and dependent care expenses before figuring the amount of taxes to withhold.
Political Calculations' 2007 Paycheck Estimator will also determine the net amount of pay left over after all these adjustments to your basic income. And the best part: if you get a raise, you can even see how much more money that will mean to you each pay period - to the best of our knowledge, this is the only paycheck estimating tool on the web that can do this for you!
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