What is a gross-up paycheck calculator?
Some get confused by the term “gross-up.” But a “gross-up” or gross pay calculator is a financial calculator that helps you determine the gross pay (the full amount without any deductions) for yourself or for an employee, based on your net pay (the amount you take home at the end of a pay period).
Where can I find a free gross-up calculator?
There are many free gross-up paycheck calculators available. Here are a few of the most popular:
Why should I use a gross-up paycheck calculator?
A gross-up paycheck calculator allows an employer to figure out the gross pay of an employee based on his or her desired net pay. One situation in which this is useful is in calculating bonuses. If you know you want an employee to take home a certain bonus amount, you may enter that amount in the calculator and discover how much “gross” pay you will actually have to issue to arrive at the desired net or bonus pay. The gross-up calculator can also help an employer calculate the amount of taxes it has to pay for relocation expenses, or calculate the value of excess group life insurance for a terminated employee where social security or Medicare tax was not withheld.
The gross-up paycheck calculator can be of use to an employee or prospective employee as well, especially when applying for a job and negotiating salary. You most likely will determine your desired salary based on a given amount over your monthly expenses. After you have summed your expenses and come up with your desired salary, use the gross-up paycheck calculator to determine what gross amount you need to make in order to take home enough to cover your expenses and meet your desired salary level.
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