Income Tax Savings Calculator
The Income Tax Savings Calculator allows you to explore options in how much income tax you might save by having some of your paycheck withheld and invested in a qualified retirement plan.*
- Enter ballpark values by clicking on and dragging the sliders left or right. Enter exact numbers by clicking in the box and type your number (no commas).
- The results of your calculations show in the box near the bottom of the calculator.
- Paycheck Frequency
- The 4 selections in this drop down allow you to specify how often you receive a paycheck. Semi-monthly is twice a month, or 24 times a year. Biweekly is every 2 weeks, or 26 times a year.
- Marital Status
- Enter your marital status.
- Gross Wages
- Enter your pre-tax wages based on the paycheck frequency you specified. If you're not sure of your period total, you can take your monthly total and divide by the number of paychecks per year. E.G., if you make $62,000 per year and you are paid biweekly, enter 62000/26 and hit the Enter key. The calculator will enter $2,385 for you.
- Retirement Contributions
- Enter the amount you contribute toward qualified retirement contributions. Enter the value appropriate for the paycheck frequency you have chosen.
- Number Of Allowances
- Enter the number of allowances you put down on your federal tax forms. This is the number you calculated and submitted to your employer on your W4 form.
- The results box highlights how much you effectively saved in taxes by contributing toward your retirement.
- The pie chart shows you a breakdown of how your paycheck is allocated.
*Calculators provided are estimation tools and do not necessarily reflect products, terms or rates that Home Federal Bank may offer. Please contact your Home Federal banker to verify results.