Estimating Take Home Pay

Estimate an employee's net income for one pay period. If you have transferred directly from Election Simulation (BN65.1) using the local form transfer, the application uses the simulated elections and annual contributions from BN65.1. Or use the Inquire form function to bring in the data from Election Simulation (BN65.1).

Based on the pretax and after-tax contributions, the Benefits Administration application calculates the employee's withholding amount to determine the employee's net pay. Type an amount of take home pay instead of the gross amount that an employee wants, and the Benefits Administration application calculates the gross pay needed to cover the elected benefits.

To estimate take home pay

  1. Access Estimated Pay Calculation (BN66.1).
  2. In the Compensation section, use the following guidelines to enter field values:
    Pay Period Gross Income

    Type the employee's gross income for one pay period. To calculate the gross pay needed to cover the elected benefits, leave this field blank. Type the net income the employee wants in the Estimated Net Pay field.

    Note: If a benefit simulation is entered on Election Simulation (BN65.1), and you form transfer to this form, this field may be populated. It can be overridden if desired.
    Flex Credits

    Type the flex credits the employee receives each pay period.

    Benefit Credits

    Type the number of flex credits the employee received for electing benefits that cannot be spent on other benefits.

  3. In the Spent section, use the following guidelines to enter field values:
    Pre-tax Spent

    Type the employee's pretax contribution for benefits each pay period.

    Note: If a benefit simulation is entered on Election Simulation (BN65.1), and you form transfer to this form, this field may be populated. It can be overridden if desired.
    Defined Contribution Spent

    Type the employee's contribution to 401(k), 403(b), and 457 plans each pay period.

    Note: If a benefit simulation is entered on Election Simulation (BN65.1), and you form transfer to this form, this field may be populated. It can be overridden if desired.
  4. In the Deductions section, use the following guidelines to enter field values:
    Federal

    In the first field, type the federal exemptions the employee wants to use in the calculation. In the second field, Type the employee's federal marital status. If you leave these fields blank, the application uses the federal exemptions from Employee United States Taxes (PR13.1).

    State

    In the first field, type the state exemptions the employee wants to use in the calculation. In the second field, type the employee's state marital status. If you leave this field blank, the application uses the marital status from Employee United States Taxes (PR13.1) based on the employee's resident state.

    After-Tax Deductions

    Type the after-tax deduction amount for each pay period.

    Note: If a benefit simulation is entered on Election Simulation (BN65.1), and you form transfer to this form, this field may be populated. It can be overridden if desired.
    Other Deductions

    Type the total amount of any other deductions, such as union dues, that are taken for each pay period.

  5. Select the Special Actions, Calculate form function.