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Net Pay Calculation:
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The Illinois Weekly Paycheck Calculator helps employees in Illinois estimate their take-home pay after accounting for various tax deductions. It calculates net pay by subtracting federal, state, FICA, and local taxes from gross earnings.
The calculator uses the following formula:
Where:
Explanation: This calculation provides an estimate of your actual take-home pay after all mandatory tax deductions specific to Illinois residents.
Details: Understanding your net pay is crucial for budgeting, financial planning, and ensuring proper tax withholding. It helps Illinois workers accurately plan their weekly expenses and savings.
Tips: Enter your gross weekly pay and estimated tax deductions. All values must be in USD and non-negative. For accurate results, use actual tax amounts from your pay stub or tax tables.
Q1: What is FICA tax?
A: FICA stands for Federal Insurance Contributions Act, which includes Social Security (6.2%) and Medicare (1.45%) taxes that fund these programs.
Q2: What is Illinois state income tax rate?
A: Illinois has a flat state income tax rate of 4.95% for all income levels as of 2025.
Q3: Are there local taxes in Illinois?
A: Some Illinois municipalities impose local income taxes. Check with your local government for specific rates that apply to your area.
Q4: How accurate is this calculator?
A: This provides an estimate. Actual net pay may vary based on additional factors like retirement contributions, health insurance, and other pre-tax deductions.
Q5: Can I use this for bi-weekly or monthly pay?
A: This calculator is designed for weekly pay periods. For other pay frequencies, adjust your gross pay and tax amounts accordingly.