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How to Use This Calculator
Four modes cover the most common salary questions:
- Salary Converter ??? enter any pay rate (hourly, weekly, monthly, etc.) and instantly see all equivalent pay periods. Great for comparing job offers quoted in different terms.
- Pay Raise ??? enter your current salary and raise amount (percentage, flat dollar, or new total) to see the exact dollar impact and whether the raise beats inflation.
- Take-Home Pay ??? estimates net pay after federal taxes (using 2024 brackets with standard deduction), FICA, state income tax, and any other deductions like 401k contributions.
- Compare Offers ??? compares total compensation of two job offers side by side, including salary, bonus, 401k match value, and the dollar value of vacation days.
The Real Value of Benefits
A job offer with a lower salary but better benefits can easily be worth more in total compensation. Consider:
- 401k match: A 6% match on a $75,000 salary is $4,500/year in free money ??? equivalent to a $4,500 raise
- Health insurance: Employer-provided coverage can be worth $5,000???$15,000/year vs self-purchased
- Vacation days: Each additional day of PTO is worth roughly your daily rate (annual salary ?? 260 working days)
- Remote work: Eliminating a 1-hour commute each way saves ~500 hours/year ??? the equivalent of 12+ weeks of work time
Does Your Raise Beat Inflation?
A 3% raise when inflation is 3% means your purchasing power hasn't changed ??? you're effectively earning the same amount in real terms. The Pay Raise calculator shows your real gain after subtracting inflation, so you know whether your raise actually increased your standard of living or just kept pace with rising prices.
Frequently Asked Questions
How do I convert hourly to annual salary?
The standard formula is: Hourly Rate ?? Hours per Week ?? Weeks per Year. For a standard 40-hour week with 52 weeks, that's hourly ?? 2,080. So $25/hour = $52,000/year. However, if you take unpaid time off, use the actual weeks worked (e.g., 50 weeks = $25 ?? 40 ?? 50 = $50,000). The Salary Converter above handles all of this automatically.
How much of a raise should I ask for?
The typical annual merit raise is 3%???5% for satisfactory performance. If you're taking on significantly more responsibility or have evidence of market underpayment, 10%???20% is reasonable to request. For a promotion, 10%???15% is standard. Research your market rate on sites like Glassdoor, LinkedIn Salary, and Levels.fyi before negotiating. Always have data to support your ask ??? documented accomplishments and market comparisons are far more persuasive than tenure alone.
Why is take-home pay so much less than gross salary?
Federal income tax, FICA (Social Security 6.2% + Medicare 1.45% = 7.65%), state income tax, and pre-tax deductions like 401k and health insurance premiums can collectively reduce your gross pay by 25%???40%. On a $75,000 salary, a single filer in a 5% state tax state might take home around $52,000???$55,000 annually. The take-home calculator above estimates this, though actual results vary based on your specific deductions, credits, and filing situation.
Is a higher salary always better than a lower one with more benefits?
Not always ??? use total compensation for comparisons. A $80,000 salary with no bonus, no 401k match, and 10 vacation days may be worth less than a $75,000 salary with a $10,000 bonus, 6% 401k match, and 20 vacation days. That second package totals roughly $95,500 in total compensation. Use the Compare Offers tab above to quantify both sides before deciding.