After tax wages is the gross annual wage less the total of federal income tax, state income tax, and social security/FICA tax.
Real wage/purchasing power is calculated by dividing after tax wages by the local cost of living index.
Federal Income Taxes are calculated using the 2022 federal tax laws and rates.
FICA taxes (Social Security and Medicare) are calculated using 2022 laws and rates.
State income taxes are calculated using 2022 state tax laws and rates.
All federal and state income tax calculations assume single filing status, standard deduction, and no additional dependents.
No local income taxes are calculated, the following have local income taxes: AL, AR, CO, DE, IA, IN, KY, MD, MI, MO, NY, OH, OR, PA, & DC The tax calculations were prepared by a leading public accounting firm.
The calculator uses regional price parities for the cost of living index. The regional price parties are produced by the United States Bureau of Economic Analysis.
Regional price parities are for 2021.
This calculator is for educational purposes only. It should not be construed as financial or investment advice. Personal data is not stored or shared through this website.