Income Calculator
Calculate your total earnings with our income calculator. Convert hourly wages to annual salary or determine monthly income from various sources easily.
Income Calculator
Enter your details below to calculate
Income Calculator
Tax Estimate
Enter your effective state tax rate
Income Sources
How to Use Income Calculator
Add Your Income Sources
Enter all your income streams including salary, hourly wages, freelance work, investment income, rental income, and other sources. Name each income source for easy reference.
Specify Income Details
For each income source, select the type (salary, hourly, freelance, etc.) and frequency. For hourly work, include hours per week and weeks per year for accurate annual calculations.
Set Your Tax Rate
Enter your estimated state tax rate. The calculator automatically estimates federal taxes, FICA (Social Security and Medicare), and state taxes to show your after-tax income.
Review Your Complete Income Picture
Analyze your gross and after-tax income across all sources, view breakdowns by income type, and understand your effective tax rate. Use this information for budgeting and financial planning.
Key Features
Fast income calculator calculations
Clear inputs and results
Mobile-friendly, privacy-first
Free to use, no signup
Complete Guide: Understanding Your Total Income
Understanding your total income is fundamental to effective financial planning. Whether you're budgeting, planning major purchases, or setting savings goals, you need an accurate picture of all your income streams—not just your primary salary. Many people underestimate their total earnings by overlooking side income, investment returns, or irregular earnings.
This comprehensive income calculator helps you consolidate all your earnings into a clear annual, monthly, and weekly breakdown. It handles multiple income types—from traditional salaries and hourly wages to freelance work, rental income, and investment returns—providing both gross and after-tax estimates so you can budget realistically.
What Counts as Income?
Income includes far more than just your paycheck. For complete financial planning, consider all sources:
- Wages and Salaries: Your primary employment income, including bonuses and commissions
- Hourly Earnings: Part-time or full-time hourly work
- Freelance & Business Income: 1099 contractors, gig economy work, small business profits
- Investment Income: Dividends, interest, capital gains from stocks, bonds, mutual funds
- Rental Income: Property rentals, Airbnb, real estate investment trusts (REITs)
- Passive Income: Royalties, licensing fees, automated business income
- Government Benefits: Social Security, disability, unemployment (if applicable)
Income Formulas: The Math Behind Your Earnings
Hourly to Annual Salary Conversion
Annual Salary = Hourly Rate × Hours Per Week × Weeks Per Year
Example: $30/hour × 40 hours/week × 52 weeks = $62,400 annually
Monthly to Annual Salary
Annual Salary = Monthly Income × 12
Example: $5,000/month × 12 = $60,000 annually
Weekly to Annual Salary
Annual Salary = Weekly Income × Weeks Per Year
Example: $1,200/week × 52 weeks = $62,400 annually
Understanding After-Tax Income
Your gross income is important for understanding earning potential, but your after-tax or net income determines your actual spending power. The calculator estimates:
Federal Income Tax
Based on 2025 tax brackets with standard deduction ($13,850 for single filers). Progressive rates from 10% to 37%.
FICA Taxes
Social Security (6.2% on first $168,600) and Medicare (1.45% on all earnings). Total 7.65% for most earners.
State Income Tax
Varies by state from 0% to over 13%. Enter your estimated effective state tax rate for accuracy.
Effective Tax Rate
Your total tax burden divided by gross income. Helps you understand your true take-home percentage.
Real-World Examples
Example 1: Single Professional
Sarah works as a software engineer with:
- Full-time salary: $95,000/year
- Freelance consulting: $1,500/month ($18,000/year)
- Investment dividends: $200/month ($2,400/year)
Total Gross Annual Income: $115,400
After estimated taxes (24% effective rate): $87,700 take-home
Example 2: Dual Income Household
Mike and Lisa's combined household income:
- Mike's salary: $85,000/year
- Lisa's salary: $72,000/year
- Rental property income: $1,200/month ($14,400/year)
- Side business: $800/month ($9,600/year)
Total Gross Annual Income: $181,000
After estimated taxes (28% effective rate): $130,300 take-home
Common Mistakes to Avoid
- Forgetting irregular income: Include bonuses, commissions, and seasonal work in your calculations
- Confusing gross and net income: Budget based on after-tax income, not your salary number
- Ignoring benefits value: While not cash, employer benefits (health insurance, 401k match) have real monetary value
- Not accounting for unpaid time: If you don't get paid vacation, your actual weeks worked may be less than 52
- Overlooking self-employment taxes: If you're 1099, remember you pay both employee and employer portions of FICA (15.3% total)
Using This Calculator for Financial Planning
Once you know your true total income, use this information for:
- Budgeting: Follow the 50/30/20 rule—50% needs, 30% wants, 20% savings/debt payoff
- Emergency fund: Save 3-6 months of your after-tax income
- Retirement planning: Aim to save 15% of gross income for retirement
- Major purchases: Use the 28/36 rule—housing under 28% of gross, total debt under 36%
- Side hustle evaluation: Determine if extra work is worth the time after taxes
When to Recalculate Your Income
Recalculate your total income whenever:
- You get a raise or promotion
- You start a side hustle or freelance work
- Investment income changes significantly
- You purchase rental property
- Tax laws change affecting your bracket
- You're planning major life changes (home purchase, career change, retirement)
Key Features
Multiple Income Types
Handles salary, hourly wages, freelance, investments, rental income, and other sources all in one calculator
After-Tax Estimates
Includes federal, state, and FICA tax estimates to show realistic take-home income for budgeting
Visual Breakdowns
Charts and graphs show income sources, monthly projections, and category breakdowns for better understanding
Flexible Conversions
Converts between hourly, weekly, monthly, and annual income automatically with customizable work schedules
Real-Time Updates
Calculations update instantly as you type—no need to click calculate buttons or reload the page
100% Private
All calculations happen locally in your browser—we never store, track, or share your financial information
About the Author
Jurica Šinko
Finance Expert, CPA, MBA with 15+ years in corporate finance and investment management
Connect with JuricaFrequently Asked Questions
Can I calculate total household income from multiple jobs?
Yes! Add each income source separately—your full-time salary, part-time job, freelance work, investment income, and any other earnings. The calculator combines them to show your total household income and provides a clear breakdown of where your money comes from. This is perfect for households with multiple earners or individuals with side hustles.
How do I convert hourly wage to annual salary?
To convert hourly wage to annual salary, multiply your hourly rate by the number of hours you work per week and then by the number of weeks you work per year. For example, $25/hour × 40 hours/week × 52 weeks/year = $52,000 annually. Our calculator does this automatically when you select 'hourly' as the frequency and enter your hours per week and weeks per year.
Why does the calculator show after-tax income?
Understanding your after-tax or 'take-home' income is crucial for realistic budgeting and financial planning. The calculator estimates federal taxes (using 2025 tax brackets), FICA taxes (Social Security and Medicare), and your state taxes to show what you'll actually receive. This helps you plan your spending, savings, and investments based on real net income.
Can I include investment income and rental income?
Absolutely! The calculator includes specific categories for investment income (dividends, interest, capital gains) and rental income. Just select the appropriate income type when adding a new source. These passive income streams are added to your active income (salary, hourly wages) to give you a complete picture of your total earnings.
What if I have irregular freelance or gig economy income?
For irregular income like freelancing, gig work, or seasonal jobs, add the income source and use your best estimate of annual earnings based on your current rate. You can update this amount as your income changes. The calculator will show your total income including these variable sources, helping you understand your average monthly earnings for better budgeting.
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