Paycheck Calculator

Paycheck Estimator Tool Overview

The Paycheck Estimator Tool consists of three sections:

1. Form
2. Results
3. Add To Budget

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Form

This section allows you to input the necessary details for estimating your paycheck.

• Required Fields:
  • Income Information: All fields related to your income.
  • Filing Information: All fields related to your tax filing status.
• Optional Field:
  • Benefit Information: Can be left blank if not applicable.

Calculate:

• Once the form is completed, click “Calculate” to process the data.
• Error Handling: Any errors in the form will be displayed and block the calculation.

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Results

The results provided will include five key estimates:

1. Estimated Paycheck Amount
2. Estimated Federal Tax Withheld
3. Estimated State Tax Withheld
4. Estimated FICA Tax (if applicable)
5. Estimated Benefits Paycheck Deduction

Note: To ensure safe budgeting, BetterBudgets may slightly underestimate your paycheck amount within a reasonable range. If you are unsure of your income, it is best practice to underestimate your income and overestimate your expenses.

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Add To Budget

• Add To Budget Button: After generating a calculation, an “Add To Budget” button will appear next to the “Calculate” button.
• Functionality: Tapping this button will add a new income source to the Income Information section in BudgetBuilder.
  • Entry Details:
    • Name: (left blank)
    • Amount: The estimated paycheck amount
    • Frequency: The pay frequency from the calculator

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Access

The Paycheck calculator is currently a premium feature.

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