Paycheck Calculator (US) vs Income Tax Calculator: TaxMode Usage & Stats
We created Paycheck Calculator because we were constantly asking ourselves the following questions:
How would my paycheck look like if...
- I accepted a job with a yearly salary of X?
- I received a raise of X dollars per hour?
- I moved to X city?
- I worked X hours of overtime this week?
- I increased my 401k contribution by X percentage?
- I received a commission of X dollars this week?
And we wanted something simple that could be quickly pulled up on the phone, had a previous calculation saved, and computed the deductions as soon as I changed a single number.
So basically the app is solving the problem of knowing how much money will one make after taxes. It does it by computing a few formulas given by the IRS based on the 2020 brackets, it also adds a few extra variables related to social security, medicare, and other federal deductions.
Overtime is a common concept and most people want to know how would their paycheck work if they do a couple of hours a certain date, what happens if there is double-overtime, the app allows to add all those inputs in simple visible cards.
In order to be even a little bit more accurate, the app contains a few additions to state taxes and they are automatically deducted after the user selects its location.
Besides deducting federal, social security, medicare, and state taxes, the app has extra inputs to add customized deductions, for example, a 401k contribution, an HSA addition, child-care, between others. The deductions can be customized pre-tax or after-tax.
Allowances are something that might be tricky and it's normally not widely known to be used to calculate the net income, we've added a small slider to input any number from 0 to more than 10 allowances.
Finally, the app allows you to add any kind of extra income, pre-tax or after-tax, tips received, bonuses, commissions, the extra money that your boss gives you based on performance, you're able to tweak your whole income completely.
All these inputs can be customized in a yearly or hourly setup, they can be calculated in different pay periods, like daily, bi-weekly, semimonthly, quarterly, yearly, etcetera, and all the numbers are quickly calculated at realtime in a single page layout.
Do you know how much money will be there at the end of the week? Will you be able to order that extra queso tonight? Give it a try and figure it out yourself!
DISCLAIMER: The application does not give legal tax advice, it's merely informative. All the calculations are done locally on the device based on brackets already loaded up and we have no way of looking of the information it's entered in the app.
- Apple App Store
- Free
- Finance
Store Rank
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INCOME TAX CALCULATOR
TaxMode is a simple and powerful income tax planning app. Its key features include-
● Up-to-date with latest tax laws for 2024 tax year
● Includes tax years 2025, 2024 & 2023
● Includes Qualified Business income deductions
● Automatic selection of applicable tax computations
● Automatic check for AMT applicability and analysis
● Computes Net Investment Income Tax
● Performs deductions and exemptions phase-out
● Additional Medicare Tax
● Computes Child Tax Credit
● Computes Earned Income Credit
● Quarterly Estimated Tax computations, report & IRS 1040ES form support*
● Analyze impact of specific deductions
● Summary or detailed data entry options*
● Side by side comparison for what-if analysis*
● Ability to save and load data*
● Pie chart & multiple report options
● Supports computations with values for major IRS forms
● Effective tool for pre-tax return analysis
● Ability to email out results & reports*
● Easy data entry
● Import and export of plan data
Tax calculations include-
● Regular income tax
● Qualified Business Income threshold and phase-out
● Pass-thru deductions from Specified and Non-specified business
● Tax based on QDCG worksheet
● Self-employment
● Alternative minimum tax
● Net investment income tax
● Additional Medicare tax
● Lump-sum distribution tax
● Child & Dependent Tax credit
● Earned income credit
● FICA taxes
Automatic limitation of amounts allowed for
● Medical expenses
● Investment interest deduction
● Charitable contributions with limitations for 60%, 30% & 20% deductibility
● Unreimbursed business expenses
● Casualty & theft losses
● Student loan interest deduction
● Tuition & fees deduction
TaxMode is a quick and efficient app for income tax planning. It provides an easy way to compute taxes and perform what-if analysis. It contains detailed implementation of USA tax laws for 2025, 2024 & 2023. TaxMode's capabilities can satisfy almost any level of need for tax computation, planning and analysis.
This app can be a valuable tool for professionals and nonprofessionals alike. For a tax professional it will enhance your analytical ability, improve your day to day productivity and make tax planning more efficient. For an independent individual, it provides an easy to use tool to analyze the tax impact of a transaction in terms of taxes saved or increase in tax liability, calculate a quick year-end tax estimate, perform a pre-tax-return-filing analysis, or review the impact of any other tax related investment decision; TaxMode can help you make more informed decision by providing a better understanding of all the possible income tax implications.
We hope you have a productive and satisfying experience with this app and delight us by giving TaxMode a helpful review.
Please let us know any thoughts or suggestions you may have while using TaxMode that will help us improve its functionality. Similarly, please write us at support@sawhney.com if you discover a computational error or have questions on a specific calculation.
Thank you.
*Represents a premium function
- Apple App Store
- Free
- Finance
Store Rank
- -
Paycheck Calculator (US) VS. 
Income Tax Calculator: TaxModeDecember 2, 2024