Physician Take-Home Pay Calculator

Calculate your estimated take-home pay after taxes and deductions. Our calculator considers federal taxes, state taxes, FICA, retirement contributions, and other deductions to give you an accurate estimate of your net income.

Enter your information and click "Calculate Take-Home Pay" to see your results

Understanding Your Physician Take-Home Pay

As a physician, understanding your take-home pay is crucial for financial planning and career decisions. Your net income is affected by various factors including:

  • Federal income tax brackets and rates
  • State tax variations across different locations
  • FICA taxes (Social Security and Medicare)
  • Pre-tax deductions like retirement contributions and health insurance
  • Additional income sources such as bonuses and overtime

How to Use This Calculator

  1. Enter your gross annual salary
  2. Select your state of residence
  3. Choose your tax filing status
  4. Input any pre-tax deductions and additional income
  5. Click "Calculate Take-Home Pay" to see your results

Why Accurate Income Calculation Matters

Having a clear understanding of your take-home pay helps you:

  • Make informed decisions when comparing job offers
  • Plan your monthly budget effectively
  • Optimize your tax strategy and deductions
  • Evaluate opportunities in different states
  • Negotiate compensation packages with confidence

Frequently Asked Questions

How accurate is the take-home pay calculator?

Our calculator provides estimates based on current tax rates and standard deductions. While it's highly accurate for basic calculations, individual circumstances may vary. We recommend consulting with a tax professional for precise planning.

What tax rates are used in the calculations?

We use 2024 federal tax brackets, current state tax rates, and updated FICA tax rates including Social Security (6.2% up to $168,600) and Medicare (1.45% plus 0.9% additional Medicare tax for high earners).

How often is the calculator updated?

We update our calculator annually to reflect the latest tax brackets, deduction limits, and state tax rates. The current version includes all 2024 tax year updates.