Gross vs net pay — why the gap?

Taxes, benefits, and retirement contributions reduce take-home. Gross is the offer letter; net is the deposit. Use the paycheck calculator to see what a raise actually keeps after withholding. For 1099 income, use the self-employment tax tool instead of a W-2 paycheck model.

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Source: FAQ: Taxes. Educational only, not advice. Facets: topic tax · capital none · hours/week 1 · skill beginner.