What is an hourly paycheck calculator?
An hourly paycheck calculator is similar to our salary paycheck calculator, except that it allows you to calculate your take home or net pay based on the hourly wage you earn instead of the gross amount. Your net pay is the wages you or your employee earns after withholdings and taxes.
Where can I find a free hourly paycheck calculator?
There are many free hourly paycheck calculators available. Here are a few of the most popular:
Why should I use an hourly paycheck calculator?
If you are an employee, an hourly paycheck calculator can help you find out your take-home pay quickly and easily using your hourly pay rate. This will help you find out how much you need to deduct for taxes. And it will help you with personal financial planning. Many people spend carelessly based on the gross amount they expect to earn; this calculator will help you know quickly how much you really have (net) at the end of the month to cover your expenses, so you can plan accordingly.
If you are an employer, an hourly paycheck calculator will help you with your company’s payroll planning, to know, based on the hourly rate, what you should deduct from an employee’s paycheck to cover taxes. Professional payroll services may better assist with this, but the hourly calculator will give you a quick estimate you may find useful. This could also be helpful in deciding what to pay an employee. Knowing what your employee will take home at the end of the day, after taxes, will help you decide whether you are offering fair market value for his or her services.
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