Use the Colorado paycheck calculator to figure out how much you’ll actually bring home per paycheck, whether you’re on salary or hourly. It considers federal, state, and local taxes to give you an accurate estimate.
Colorado Paycheck Calculator
What is the income tax rate in Colorado for 2024?
Colorado has temporarily lowered its income tax rate for the 2024 tax year. Instead of paying 4.4% as before, individuals, estates, trusts, and businesses now pay 4.25%. This modification took effect for tax years starting on January 1, 2024.
2024 U.S. Income Tax Brackets.
The income thresholds for each of these tax rates have been adjusted for inflation compared to the previous year according to irs website. The top tax rate of 37% applies to individual single filers with income over $609,350, and married couples filing jointly with income over $731,200.
| Income Range | Tax Rate | Single Filers | Married (Joint) | Married (Separate) | Head of Household |
|---|---|---|---|---|---|
| Lowest | 10% | Up to $11,600 | Up to $23,200 | Up to $11,600 | Up to $16,550 |
| Low | 12% | $11,601 – $47,150 | $23,201 – $94,300 | $11,601 – $47,150 | $16,551 – $63,100 |
| Low-Mid | 22% | $47,151 – $100,525 | $94,301 – $201,050 | $47,151 – $100,525 | $63,101 – $100,500 |
| Middle | 24% | $100,526 – $191,950 | $201,051 – $383,900 | $100,526 – $191,950 | $100,501 – $191,950 |
| Mid-High | 32% | $191,951 – $243,725 | $383,901 – $487,450 | $191,951 – $243,725 | $191,951 – $243,700 |
| High | 35% | $243,726 – $609,350 | $487,451 – $731,200 | $243,726 – $365,600 | $243,701 – $609,350 |
| Highest | 37% | Over $609,350 | Over $731,200 | Over $365,600 | Over $609,350 |
Note: These brackets apply to income earned in 2024, for tax ret (due April 2025)
Tax Brackets 2024: Single Filers
| Tax Rate | Taxable Income Bracket | Tax Owed |
|---|---|---|
| 10% | $0 to $11,600 | 10% of taxable income |
| 12% | $11,601 to $47,150 | $1,160 plus 12% of the amount over $11,600 |
| 22% | $47,151 to $100,525 | $5,426 plus 22% of the amount over $47,150 |
| 24% | $100,526 to $191,950 | $17,168.50 plus 24% of the amount over $100,525 |
| 32% | $191,951 to $243,725 | $39,110.50 plus 32% of the amount over $191,950 |
| 35% | $243,726 to $609,350 | $55,678.50 plus 35% of the amount over $243,725 |
| 37% | $609,351 or more | $183,647.25 plus 37% of the amount over $609,350 |
Tax Brackets 2024: Married Filing Jointly
| Tax Rate | Taxable Income Bracket | Taxes Owed |
|---|---|---|
| 10% | $0 to $23,200 | 10% of taxable income |
| 12% | $23,201 to $94,300 | $2,320 plus 12% of the amount over $23,200 |
| 22% | $94,301 to $201,050 | $10,852 plus 22% of the amount over $94,300 |
| 24% | $201,051 to $383,900 | $34,337 plus 24% of the amount over $201,050 |
| 32% | $383,901 to $487,450 | $78,221 plus 32% of the amount over $383,900 |
| 35% | $487,451 to $731,200 | $111,357 plus 35% of the amount over $487,450 |
| 37% | $731,201 or more | $196,669.50 + 37% of the amount over $731,200 |
Tax Brackets 2024: Married Filing Separately
| Tax Rate | Taxable Income Bracket | Taxes Owed |
|---|---|---|
| 10% | $0 to $11,600 | 10% of taxable income |
| 12% | $11,601 to $47,150 | $1,160 plus 12% of the amount over $11,600 |
| 22% | $47,151 to $100,525 | $5,426 plus 22% of the amount over $47,150 |
| 24% | $100,526 to $191,950 | $17,168.50 plus 24% of the amount over $100,525 |
| 32% | $191,951 to $243,725 | $39,110.50 plus 32% of the amount over $191,950 |
| 35% | $243,726 to $365,600 | $55,678.50 plus 35% of the amount over $243,725 |
| 37% | $365,601 or more | $98,334.75 plus 37% of the amount over $365,600 |
Tax Brackets 2024: Head of Household
| Tax Rate | Taxable Income Bracket | Tax Owed |
|---|---|---|
| 10% | $0 to $16,550 | 10% of taxable income |
| 12% | $16,551 to $63,100 | $1,655 plus 12% of the amount over $16,500 |
| 22% | $63,101 to $100,500 | $7,241 plus 22% of the amount over $63,100 |
| 24% | $100,501 to $191,950 | $15,469 plus 24% of the amount over $100,500 |
| 32% | $191,951 to $243,700 | $37,417 plus 32% of the amount over $191,950 |
| 35% | $243,701 to $609,350 | $53,977 plus 35% of the amount over $243,700 |
| 37% | $609,350 or more | $181,954.50 plus 37% of the amount over $609,350 |
FAQs
What is gross pay?
Gross pay is the total amount you earn before deductions. It’s the agreed-upon wage or salary from your employer. For hourly workers, it’s your hourly rate multiplied by hours worked. For salaried employees, it’s your annual salary divided into regular payments.
Gross pay may include overtime, bonuses, or commissions. It’s the starting point before taxes, insurance, and other deductions are taken out. Your actual take-home pay (net pay) is less than your gross pay. When budgeting, remember gross pay isn’t what you’ll have available to spend. It’s your earnings before any reductions.
What is pay frequency?
Pay frequency is how often a company hands out paychecks to its workers. It’s the pattern of when you can expect money to land in your account. Here are the main ways companies tend to do it:
- Every week: You get paid once a week, often on the same day each time.
- Every other week: Your paycheck comes every two weeks. This means you’ll see 26 paydays in a year.
- Twice a month: This schedule gives you two paydays each month, usually on fixed dates. You end up with 24 paydays a year.
- Once a month: With this approach, you get one paycheck per month.
- Every three months: This isn’t as common, but some folks, like certain contractors or people in special jobs, might get paid this way.
The chosen frequency can vary based on the company, the type of work, and sometimes even local rules. It’s a key part of how both businesses and workers manage their money flow.
What is my filing status?
The category that dictates how you submit your taxes is your filing status. It is dependent upon your individual circumstances and impacts items such as your tax rates, credits, and deductions. Following are the primary filing statuses:
- Single: Refers to single individuals or those who are legally separated or divorced.
- Married Filing Jointly: Refers to a married couple’s filing a single tax return while combining their income.
- Married Filing Separately: This is the decision made by married couples to submit separate tax returns.
- Head of Household: This position is typically reserved for single individuals who cover more than half of the expenses associated with maintaining a home for themselves and any eligible guests.
- Qualifying Widow(er): This category includes those with a dependent kid whose spouse passed away recently.
What is other income?
Other income is any money you earn outside your main job or regular salary. It includes cash from side gigs, freelance work, investments, prizes, alimony, rent, royalties, hobby sales, canceled debts, jury duty pay, and even cryptocurrency profits.
This extra money often comes from irregular sources or one-time events, and while it might not be your primary paycheck, it usually needs to be reported on your taxes. The amounts can vary widely, from small earnings to significant windfalls, and some types might be taxed differently than your regular income.
What Are Pretax Deductions Withheld?
Pretax deductions withheld are amounts taken from your paycheck before taxes are calculated. These reduce your taxable income, potentially lowering your tax bill. Common examples include:
- Health insurance premiums
- Retirement plan contributions (like 401(k) or 403(b))
- Health Savings Account (HSA) contributions
- Flexible Spending Account (FSA) contributions
- Some commuter benefits
These deductions lower your gross pay before tax calculations, so you pay less in taxes. They’re often for essential expenses or long-term savings. The exact deductions available depend on your employer’s benefits package and your choices.
Remember, while these reduce your taxable income now, some (like retirement contributions) may be taxed later when you use the money. Others, like health insurance, are generally not taxed at all.
What Are Deductions Not Withheld?
Deductions not withheld are expenses that you can claim on your tax return that aren’t automatically taken out of your paycheck. These include:
- Charitable donations
- Mortgage interest
- Property taxes
- Some medical expenses
- Student loan interest
- Business expenses for self-employed individuals
- Certain educational expenses
- State and local taxes (SALT), up to a limit
Unlike pretax deductions, these don’t reduce your paycheck. Instead, you claim them when filing taxes. They can lower your taxable income, potentially reducing your tax bill or increasing your refund.
To claim these, you usually need to itemize deductions instead of taking the standard deduction. Keep good records and receipts for these expenses. The specific deductions you can claim depend on your situation and current tax laws.
What are itemized deductions?
Certain costs that you can deduct from your taxable income when submitting your tax return are known as itemized deductions. This is an explanation:
Instead of accepting the standard deduction, itemizing means to make a list of each of these specific expenses. If the total is more than the standard deduction, you would decide to itemize.
Typical itemized deductions consist of the subsequent items:
- Mortgage interest
- Property taxes
- State and local taxes (capped)
- Charitable donations
- Medical expenses (above a certain threshold)
- Some job-related costs
- Investment expenses
Compared to claiming the standard deduction, itemizing can involve more record-keeping and be more complicated. If it reduces your taxable income more than the standard deduction would, it is worthwhile to take it.
Making the decision to itemize depends on the tax laws that apply to you personally. Some taxpayers, depending on their expenses, rotate between itemizing and claiming the standard deduction in different years.
What is State Income Tax Rate mean?
The portion of your income that you must pay as income tax to your state government is known as the “State Income Tax Rate”. The amount of state income tax you owe is determined by applying this rate, which varies by state, to your taxable income.
What is City Income Tax Rate mean?
The percentage of your income that you have to pay in income tax to the local city government is known as the “City Income Tax Rate”. In addition to state and federal taxes, some cities also levy their own income tax.
Your taxable income is multiplied by this tax rate to get the total amount you owe the city. For instance, if the income tax rate in your city is 1% and your annual income is $50,000, you would owe the city $500 ($50,000 * 0.01).