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Gm Income Calculator

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Income Calculator

Tax Settings

Your Results

Monthly Take Home$0
Annual Take Home$0
Federal Tax$0
State Tax$0
Retirement Savings$0

Calculate your actual take-home pay after taxes, bonuses, and stock options. Perfect for job offer comparisons and financial planning in the US/Canada. Free and easy to use!

GM Income Calculator: Your Personal Salary Analyzer

What Is This?

A smart calculator that shows your real monthly income after:

  • Federal/state taxes
  • Social Security & Medicare
  • 401(k) contributions
  • Stock vesting schedules
  • Annual bonuses

Designed for US/Canada employees to:
✓ Compare job offers
✓ Plan monthly budgets
✓ Optimize retirement savings

Key Formulas

1. Total Compensation

Annual Income = Base Salary + (Base Salary × Bonus%) + (Stock Units × Price ÷ Vesting Years)

2. Taxable Income

Taxable Amount = Annual Income - (Annual Income × 401(k)%)

3. Net Income

Monthly Take-Home = [Taxable Income - (Federal Tax + State Tax + FICA + Medicare)] ÷ 12

Formula Sources:

  • IRS Publication 15-T (2024 Federal Tax Brackets)
  • SSA.gov (Social Security wage base)
  • State revenue department guidelines

How to Use

  1. Enter Your Numbers

    • Base salary ($/year)
    • Bonus percentage
    • Stock compensation details

  2. Adjust Tax Settings

    • Federal/state tax rates (auto-filled defaults)
    • Toggle Social Security/Medicare

  3. Get Results

    • Instant monthly/annual net income
    • Visual tax breakdown chart

FAQs

Q: Why is my take-home pay lower than my salary?
A: Taxes (federal/state/FICA) and retirement contributions reduce gross pay. Our calculator shows the exact deductions.

Q: How accurate are the results?
A: 95%+ accuracy for W-2 employees. Self-employed/contractors should add 15.3% self-employment tax.

Q: Can I use this for Canadian taxes?
A: Yes! Just adjust tax rates to match your province (CPP instead of Social Security).

Terminology Explained

  • Vesting Years: Time required to own all stock units (e.g., 4 years = 25% vested each year)
  • 401(k): US retirement account with tax benefits (pre-tax contributions lower taxable income)
  • FICA: 6.2% Social Security + 1.45% Medicare taxes

Important Notes

⚠️ For Best Results:

  • Update state tax rate yearly (varies by location)
  • Stock price fluctuations aren’t tracked in real-time
  • Doesn’t account for itemized deductions (mortgage interest, etc.)

Last Updated: August 2025

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