If you’re wondering, “How do I figure out how much money I take home in Wisconsin?” we’ve got you covered.
Use our simple paycheck calculator to estimate your net or “take home” pay after taxes, as an hourly or salaried employee in Wisconsin.
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 0 per - in the state of F, your net pay (or take home pay) will be $1,343.17 after tax deductions of 0% (or $ 156.83). Deductions include a total of [1] 0% (or $0.00) for the federal income tax, [2] 0% (or $0.00) for the state income tax, [3] 6.20% (or $0.00) for the social security tax and [4] 1.45% (or $0.00) 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.
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.
Overview of Wisconsin Taxes
Wisconsin imposes a graduated individual income tax, with rates spanning from 3.54% to 7.65 %, while maintaining a flat 7.90% corporate income tax rate.
When it comes to sales tax, Wisconsin applies a 5% state rate, with a potential additional 1.75% at the local level, resulting in an average combined state and local sales tax rate of 5.43%.
For retirees, Wisconsin offers tax breaks on retirement benefits, such as Social Security and Railroad Retirement benefits. Additionally, residents aged 65 and older can qualify for deductions on specific retirement income under certain income criteria.
While property taxes are on the higher side, with an average effective tax rate of 1.73%, there are inheritance and estate taxes. Wisconsin’s sales tax is 5%, but residents in Milwaukee will experience higher rates in 2024 due to two sales tax increases taking effect.
Additionally, the Badger State maintains an online registry of delinquent taxpayers and offers online services for return filing and refund tracking.
Median Household Income in Wisconsin
Wisconsin boasts a diverse and robust economy, with several key sectors driving its growth. Agriculture has historically been a significant contributor, with dairy farming, cheese production and crop cultivation playing pivotal roles.
In 2022, Wisconsin reported an unemployment rate of 3.3%, positioning it 19th among all 50 states. Among the key employment sectors in Wisconsin are Healthcare and Social Assistance, Retail Trade and Information.
Salaries in Wisconsin vary widely based on position. However, the median household income can give you a glimpse at the average salary a household is earning in this state.
| Year | Median Household Income |
|---|---|
| 2021 | $69,943 |
| 2020 | $67,456 |
| 2019 | $67,355 |
| 2018 | $62,629 |
| 2017 | $63,482 |
| 2016 | $59,817 |
| 2015 | $55,425 |
| 2014 | $58,080 |
| 2013 | $51,726 |
| 2012 | $53,079 |
| 2011 | $52,058 |
Tips for Maximizing Your Paycheck
Here are some tips to help you maximize your paycheck:
- Create a detailed budget that outlines your monthly income and expenses
- Be aware of available tax credits and deductions, such as the EITC and the Homestead Credit
- Periodically review your tax withholding to ensure you’re not overpaying or underpaying taxes
- Look for discounts, use coupons, and compare prices before making purchases
- Focus on paying off high-interest debts like credit cards as soon as possible
- Use budgeting apps or tools to monitor your spending habits
For a better understanding, check out our guide that elaborates on these points to enhance your financial wellness.