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Work & Money
from the July 28, 2003 edition

Web Smarts: Calculate your take-home pay

Compiled by Jeffrey Meyers
www.paycheckcity.com

WHAT: A website that calculates your take-home pay after taxes, and provides step-by-step hints on filling out a W-4 form.

BEST POINTS: Since Congress ordered employers to reduce federal withholding taxes, your paycheck should be fatter in July than it was in June. Even if you see a bump, its worth double checking your company's math at this website.

WHAT YOU SHOULD KNOW: Be sure to bring your paycheck to the computer. Then enter your state, gross pay, and deductions into the on-screen form, and press calculate.

Voilà! The website displays your tax savings and new take-home pay, factoring in the effect of the massive tax-cutting legislation that President Bush signed into law in May.

One example: A single person with a gross income of $48,000 will receive about $5 extra each week, says Joseph Matoney, an accounting professor at the University of Rhode Island.

The website is operated by Symmetry Software, a paycheck-management company.
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