Georgia Paycheck Calculator

Georgia Paycheck Calculator

Georgia utilizes a progressive income tax structure consisting of six tax brackets, spanning from 1.00% to 5.75%. As a result, individuals residing in the Peach State with higher incomes can anticipate a greater burden on state and federal taxes. It is worth noting that Georgia does not impose any local income taxes.

How Does the Georgia Payroll Tax Calculator Work?

In Georgia, like in every other U.S. state, employers are required to withhold federal and FICA taxes from paychecks and send them to the IRS. The federal taxes are used for annual income taxes, while the FICA taxes are allocated to Medicare and Social Security.

Your employer deducts 1.45% of your wages for Medicare taxes and 6.2% for Social Security taxes from each pay period. Additionally, your employer matches these deductions to cover the full FICA taxes, which amount to 2.9% and 12.4% of your wages for Medicare and Social Security, respectively.

It’s important to note that individual taxpayers pay an extra 0.9% Medicare surtax on earnings exceeding $200,000. Employers do not match this surtax. Joint filers earning more than $250,000 and married individuals filing separately with income over $125,000 are also subject to this surtax.

Important Note: The Stubcreator provides a paycheck calculator designed to provide essential guidance. This should not be relied upon to calculate exact taxes, payroll, or other financial data. You should seek a professional accountant regarding any particular requirement.

Taxable Base Wage

The taxable wage in Georgia for 2024 is $9,500; it has not increased since 2021.

SUTA Rates

The new employer rate for Georgia SUTA is 2.64%, while rates for 2024 vary from 0.04% to 8.10%. For the majority of employers, there is also an administrative assessment of 0.06%.

Additionally, you should be aware that new companies must pay 2.7% while the SUI (State unemployment insurance) rate ranges from 0.04% to 7.56% in 2023.

FUTA Rates

For 2024, employers in Georgia will be required to pay 6% of the first $7,000 of each employee’s taxable income as Federal Unemployment Tax (FUTA).

However, if employers pay their state unemployment taxes in full and on schedule, they often receive a credit of up to 5.4% against their FUTA tax bill. For most employers, this means a net FUTA tax rate of 0.6%.

A 0.6% fee is also imposed on the first $7,000 of wages to pay state unemployment benefits. Depending on the state’s unemployment rate, this levy could be withdrawn or lowered.

FICA Taxes

Georgia’s FICA tax rates for 2024 are the same as they were in prior years:

• Medicare Tax: 1.45% of your income (with an additional 1.45% from your employer)
• Social Security Tax: The Social Security tax is 6.2% of your pay, with your employer also paying 6.2% of the maximum taxable earnings base of $160,200.

Georgia Payroll Taxes Withholding

Your employer deducts 1.45% of payroll taxes and 6.2% of Social Security and Medicare taxes from each pay period.

Georgia Paycheck After Taxes

In the state of Georgia, if your annual gross pay is $61,497.00, your net pay (or take-home pay) will amount to $47,809 after tax deductions of 22.26% (or $13,688.33). These deductions include a federal income tax of 9.14% (or $5,620.14), a state income tax of 5.47% (or $3,363.67), a social security tax of 6.20% (or $3,812.81), and a Medicare tax of 1.45% (or $891.71).

Georgia Paystub Generator

Below mentioned are the details of Georgia:

• Georgia employees are required to complete Form G-4 to initiate payroll taxes. This crucial information aids in calculating the appropriate amount that needs to be withheld.
• Employees are required to revise this form in the event of any life occurrences (such as marriage, divorce, the birth or adoption of a child, etc.) that could potentially affect their tax obligations.
• Personal Income Tax Rate is 5.75%.