If you’re wondering, “How do I figure out how much money I take home in Ohio” we’ve got you covered.
Use our simple net paycheck calculator to estimate your net or “take home” pay after taxes, as an hourly or salaried employee in Ohio.
Paycheck Calculator
Paycheck Calculator
Disclaimer: Please note that this paycheck calculator is designed to provide an estimate and should not be considered as professional tax advice. The actual withholding amounts and taxes owed may vary depending on individual circumstances and other factors. For accurate and personalized tax advice, we recommend consulting with a tax professional.
If your gross pay is $60,000.00 per year in the state of Ohio, your net pay (or take home pay) will be $48,123.73 after tax deductions of 19.79% (or $11,876.27). Deductions include a total of [1] 9.07% (or $5,440.50) for the federal income tax, [2] 3.08% (or $1,845.77) for the state income tax, [3] 6.20% (or $3,720.00) for the social security tax and [4] 1.45% (or $870.00) for Medicare.
The Federal Income Tax is collected by the government and is consistent across all U.S. regions. In contrast, the State Income Tax is levied by the state of residence and work, leading to substantial variations. The Social Security Tax is used to fund Social Security, which benefits retirees, persons with disabilities and survivors of deceased workers. Medicare involves a federal payroll tax designated for the Medicare insurance program. As of 2022, Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming do not levy a state income tax.
Meanwhile, get ahead with our free resources:
How Does the Paycheck Calculator Work?
Input your salary information, such as wage and pay frequency, and our tool will handle the tax calculations for you. Once you’ve filled in all the information, click the “Calculate Tax” button, and the calculator will provide an estimate of your net or “take home” pay for the specified pay period. You can also check out our tools for calculating salary to hourly and convert hourly to salary.
Overview of Ohio Taxes
Ohio boasts a robust economy, ranking as the 21st largest global economy, with a GDP of $656.19 billion in the third quarter of 2017.
It’s often referred to as the “Nation’s Industrial Capital” due to its historical roots in manufacturing, and it continues to be a manufacturing powerhouse, with over 12,000 manufacturers and 12.6% of its workforce dedicated to manufacturing.
If you decide to start a new job in the “Buckeye State”, here’s what to expect tax-wise.
Ohio’s progressive income tax system encompasses six tax brackets, with rates ranging from 0.00% to 3.99%, where the lowest bracket applies to income up to $25,000 and the highest to income exceeding $110,650.
As an Ohio resident, you’ll face multiple tax withholdings from your paychecks, including 6.2% for Social Security and 1.45% for Medicare, with employers matching these contributions.
Federal income taxes are also withheld, contingent on factors like income, filing status, dependents, and exemptions, as indicated on Form W-4, which recently transitioned to a five-step process.
Your marital status indirectly influences paycheck size due to its impact on tax filing status and potential health insurance premium deductions.
Ohio is moderately favorable tax-wise, featuring a progressive income tax system with relatively low rates, but local income taxes, combined with federal taxes, can impact the overall tax burden depending on your specific circumstances.
Median Household Income in Ohio
Salary in each state is typically based on the cost of living. While salaries vary widely based on position, the median household income in your state can give you a glimpse at the average salary a household is earning in your region.
| Year | Median Household Income |
|---|---|
| 2021 | $62,262 |
| 2020 | $58,116 |
| 2019 | $58,642 |
| 2018 | $56,111 |
| 2017 | $54,021 |
| 2016 | $52,334 |
| 2015 | $51,075 |
| 2014 | $49,308 |
| 2013 | $48,081 |
| 2012 | $46,829 |
| 2011 | $45,749 |
Starting at $45,749 in 2011, the median household income in Ohio climbed steadily to reach $62,262 in 2021. This upward trajectory reflects consistent income growth, with an approximate gain of over $16,500 over the course of a decade.
Despite occasional economic fluctuations and challenges, the state has managed to sustain this positive income trend.
While these figures indicate substantial growth in nominal income, it’s essential to consider the impact of inflation on the real purchasing power of households.
Tips for Maximizing Your Paycheck
Here are some tips to help you maximize your paycheck:
- Become familiar with your payroll deductions
- Understand techniques for reducing your tax
- Fully utilize your work-related perks
- Develop a financial plan and define financial goal
- Look into additional income through extra hours or performance incentives
- Regularly check your pay stubs for inaccuracies
