A net salary formula calculates an employee’s actual net pay in light of gross wages and relevant deductions. If you need to figure out what your net pay will be, create an Excel spreadsheet to calculate your salary with a handy formula.
NET calculation of the salary
Create a new workbook in Microsoft Excel, using your payslip or payroll remittance advice form as a guide. Fill in the columns of the worksheet as follows:
Every employer is different and every state has different tax rules, so you need to figure out which of your deductions and contributions are assessed before or after your taxes.
Your federal tax rates can vary based on your exemptions. To calculate your tax rates, divide your assessed taxes by your paycheck's taxable gross income.
