Your employee's will love it. This tool will allow them to instantly understand the affects of different withholding amounts on net payroll. That's a good call.
A FREE trial version is available for immediate download. It includes eight calculators: Weekly, Bi-weekly, Semi-monthly and Monthly with both married, and single, calculators. It also includes an updated Microsoft Word "help" document. It is so easy to use!
Lack of browser support has forced us to discontinue our free Java online calculator demo. However, you may get the latest payroll calculators from our Excel software download page.
The State withholding amount and the Withhold Rate were taken from the Michigan Income Tax Withholding Guide, 446 (Rev 7-06). Please contact your State Department of Treasury, or whomever, to get the proper and current withholding amounts/rates for your State and simply enter them in. You should be able to find this payroll information easily on the Internet.
Calculations for both Federal and State withholding amounts deduct the 401K contribution and the (# of Withholdings x Amount) from the Gross BEFORE calculating the withholding amount. Please contact your State Department of Treasury, or whomever, to get the proper and current method for calculating payroll withholding tax in your State.
The following MICHIGAN example, assuming a weekly pay period for a single person, with $600.00 earned, will illustrate how our estimation calculator derives an answer.
State Withholding: $63.46, (600 - ((1 x 63.45) x .039) = 20.92 in tax. Federal Withholding: See Circular E, Employer's Tax Guide, page 35.
Please visit the Excel payroll download page, and try Money Cops calculator for yourself.
The Excel payroll software will not function without Macro's enabled. Always choose to "enable macro's" if asked. IMPORTANT: TO AVOID ANY PROBLEMS, DO NOT EXCEPT THIS SOFTWARE FROM ANY SOURCE BUT MoneyCops.com.
After downloading the file, simply double-click the file and a splash screen will be displayed. Click the "Browse" button and choose any place on your computer you wish. Then, click "Unzip" and close the splash screen.
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