What Will My First Paycheck Actually Be?
Enter your hourly wage and hours. See exactly what your paycheck looks like after taxes — with plain-English explanations for every deduction and a W-2 vs 1099 comparison.
Your Job
Federal minimum wage is $7.25. Many states are higher.
Over 40 hours/week qualifies for overtime (1.5x pay) in most cases.
Gross pay
every 2 weeks
$600.00
What you actually get
after all deductions
$550.25
Both you and your employer pay 6.2% — 12.4% total
Based on 2024 standard withholding for a single filer
8.3% of your gross pay
Why is it lower than expected?
FICA taxes are the biggest surprise
Social Security (6.2%) + Medicare (1.45%) = 7.65% of every dollar you earn, no matter how little you make. These are called FICA taxes. Your employer matches these dollar-for-dollar on their end.
Federal income tax is lower at your income
Good news: the first $14,600 of your annual income is shielded from federal income tax (the 2024 standard deduction). Most part-time student jobs earn under or around this amount, meaning you may owe very little in federal income tax.
This is normal, and it gets better
Every working American pays these taxes. The FICA taxes fund Social Security (retirement income) and Medicare (health insurance) programs you'll benefit from later. Understanding this now puts you ahead of most adults.
What if you were a contractor (1099)?
Freelancers and gig workers get a 1099 form instead of a W-2. They're responsible for paying ALL of their own taxes, including both sides of Social Security and Medicare. No employer to split it with.
W-2 Employee (you)
$550.25
take-home per paycheck
FICA: $45.90 (you pay half)
91.7% take-home rate
1099 Contractor
$515.22
estimated take-home
SE tax: $84.78 (both halves)
85.9% take-home rate
Bottom line: 1099 contractors earn more per hour but pay significantly more in taxes. They also have no employer benefits (health insurance, 401k matching, paid time off). The higher rate compensates for this — or it's supposed to.
Related Tools
Savings Rate Calculator
Calculate your savings rate and see how it affects your path to financial independence. FI number, years to FI, projected retirement balance, and a sensitivity table across 5–70% savings rates.
Open
Debt Payoff Calculator
Compare debt snowball vs avalanche — find your fastest path to debt freedom
Open
Retirement Savings Calculator
Find out if you're on track to retire comfortably. See your projected balance, inflation-adjusted income, and exactly how much more to save each month to close any gap.
Open
Net Worth Calculator
What are you actually worth? Enter assets and liabilities (including business equity and business loans) — get net worth, liquid net worth, debt-to-asset ratio, wealth rating, next milestone, and a 10-year trajectory.
Open
You might also like
Savings Rate Calculator
Calculate your savings rate and see how it affects your path to financial independence. FI number, years to FI, projected retirement balance, and a sensitivity table across 5–70% savings rates.
Try it
Debt Payoff Calculator
Compare debt snowball vs avalanche — find your fastest path to debt freedom
Try it
Retirement Savings Calculator
Find out if you're on track to retire comfortably. See your projected balance, inflation-adjusted income, and exactly how much more to save each month to close any gap.
Try it