Payroll & Tax Navigator

A practical guide for W-2 employees and self-employed freelancers to master cash flow and tax planning.

W-2 Employees Self-Employed Resources

For the W-2 Employee

This section helps you understand the rhythm of your paycheck. Explore the common pay schedules to see how your industry pays, and use the interactive pay stub to decode exactly where your money goes.

Pay Cycle Explorer

Interactive Pay Stub Decoder

Your Earnings Statement

Pay Date: 07/15/2025

Gross Pay$3,000.00The total amount of money earned before any deductions are taken out.

Deductions:

Pre-Tax Medical-$150.00Premiums for health insurance, deducted before taxes to lower your taxable income.

401(k) Contrib.-$180.00Contributions to your retirement plan, also deducted pre-tax.

Taxes:

Fed. Withholding (FWT)Federal income tax withheld, based on your Form W-4 settings.-$285.00

State Withholding (SWT)State income tax withheld. Varies by state.-$133.50

Social Security (OASDI)6.2% tax for retirement, survivors, and disability benefits. Part of FICA.-$165.84

Medicare (MED)1.45% tax for hospital insurance. The other part of FICA.-$38.79

Net Pay ("Take-Home")$2,046.87The final amount you receive after all deductions and taxes.

For the Self-Employed

As a freelancer or contractor, you are your own payroll department. This section provides the tools you need to manage your tax obligations, centered around an interactive calculator to help you budget for your quarterly estimated payments.

Quarterly Tax Estimator

Projected Annual Gross Income

Projected Annual Business Expenses

Filing Status Single Married Filing Jointly

This is a simplified estimate for planning purposes. It does not account for all deductions or credits. Consult a tax professional.

Your Estimated Tax Bill

Total Estimated Annual Tax

$14,434

Required Quarterly Payment

$3,248

Estimated Tax Deadlines

April 15

For income Jan 1 - Mar 31

September 15

For income Jun 1 - Aug 31

June 15

For income Apr 1 - May 31

January 15 (Next Year)

For income Sep 1 - Dec 31

Key Resources

Use these official IRS publications for detailed guidance on tax withholding and estimated taxes. Always consult a professional for advice specific to your situation.

IRS Pub 505 IRS Estimated Tax Center W-4 Withholding Estimator Listen: Tax-Saving Podcast

This guide is for informational purposes only and does not constitute tax advice.