Colorado Paycheck Calculator

Calculate your take-home pay after federal & Colorado taxes

Updated for 2024 tax year on Feb 14, 2024

What was updated? 2024 federal income tax, FICA & standard deduction

Calculation not correct? Request new features?

Paycheck calculators by state

AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC

Paycheck calculator for Colorado

Overview of Colorado

Colorado has a population of over 5 million (2019) and is one of the Mountain States. Denver is the capital and most populous city of the Centennial State. The median household income is $69,117 (2017).

Brief summary:

  • the income tax is a flat rate of 4.4%
  • subject to Paid Family and Medical Leave (PFML)
  • no standard deductions and exemptions
Colorado United States

Understanding your Colorado paycheck

Unraveling the complexities of your Colorado paycheck is vital for effectively managing your finances, whether you’re a newcomer to the workforce or a seasoned professional. In this article, we’ll explore the W-4, pre-tax and post-tax deductions, and more, employing a mix of complex and simple sentences. Let’s dissect the elements of your Colorado paycheck.

Your paycheck begins with your gross pay, the total amount earned before deductions. However, a range of factors will decrease this sum, resulting in your final net pay. Let’s investigate these components and discover where your hard-earned money goes.

The federal income tax withheld is a primary aspect of your paycheck, determined using the W-4 form you provide to your employer. This form calculates the appropriate withholding based on your filing status, income, dependents, and any additional income or deductions. Regularly updating your W-4 is crucial, particularly after significant life events like getting married or having a child, to ensure accurate tax withholding.

Colorado levies a flat state income tax, which means all taxpayers pay the same percentage, regardless of income level. Understanding this distinction and how it impacts your paycheck is important.

Additionally, your paycheck will include payroll taxes such as Social Security and Medicare, collectively known as FICA taxes. These taxes fund crucial social programs, benefiting both current and future generations. Employees and employers contribute jointly to these vital programs.

Beyond taxes, your paycheck may encompass various deductions. Pre-tax deductions, including contributions to retirement plans and Health Savings Accounts (HSAs), reduce your taxable income. As a result, you can save on taxes while investing in your future.

In contrast, post-tax deductions occur after calculating your taxable income. These deductions may include union dues, charitable donations, and wage garnishments. Since each situation is unique, staying informed about the specific deductions that apply to you is essential.

Once all deductions and taxes are accounted for, you’ll receive your net pay—the amount deposited into your bank account. Regularly reviewing your pay stubs ensures the accuracy of deductions and helps you comprehend the impact of financial decisions on your take-home pay.

Calculate your Colorado paycheck

Calculating your Colorado state income tax is similar to the steps we listed on our Federal paycheck calculator:

  1. Determine your gross income
    • Annual salary
      Annual salary = Gross income
    • Hourly wage
      Hourly wage × Hours worked per day × Days worked per week × Weeks worked per year = Your weekly paycheck
  2. Work out your total federal income tax
    1. Gross income adjusted
      Gross income − Pre-tax deductions = Gross income adjusted
    2. Federal taxable income
      Gross income adjusted − Federal standard/itemized deductions = Federal taxable income
    3. Federal income tax liability
      Federal taxable income × Federal income tax rate = Federal income tax liability
    4. Federal payroll tax liability
      Gross income adjusted × Federal payroll tax rate = Federal payroll tax liability
  3. Calculate your total Colorado state income tax
    1. State taxable income
      Gross income adjusted − State standard/itemized deductions = State taxable income
    2. State income tax liability
      State taxable income × State income tax rate = State income tax liability
    3. State payroll tax liability
      Gross income adjusted × State payroll tax rate = State payroll tax liability
  4. Figure out your net pay
    Gross income − (Total income tax liability + Total payroll tax liability + Total pre-tax deductions + Total post-tax deductions + Total withholdings) = Your net pay
  5. Divide your net pay by your pay frequency
    • Daily
      Your net pay / Days worked per week / Weeks worked per year = Your daily paycheck
    • Weekly
      Your net pay / 52 = Your weekly paycheck
    • Bi-weekly
      Your net pay / 26 = Your bi-weekly paycheck
    • Semi-monthly
      Your net pay / 24 = Your semi-monthly paycheck
    • Monthly
      Your net pay / 12 = Your monthly paycheck
    • Quarterly
      Your net pay / 4 = Your quarterly paycheck
    • Semi-annual
      Your net pay / 2 = Your semi-annual paycheck
    • Annual
      Your net pay = Your annual paycheck

State payroll tax

Tax year Tax name Percent of taxable wage Up to taxable wage Comment
2023 Paid Family and Medical Leave (PFML) 0.45% $160,200 For employers of 10 or more, employees pay 50%; if fewer than 10 employees, employees pay 100%

State income tax brackets

Refer to Tax Foundation for more details.

Tax year Filing status Taxable income Rate
2022 Any Any 4.40%
2021 Any Any 4.5%
2020 Any Any 4.55%

State standard deduction

Tax year Filing status Adjusted gross income Standard deduction amount
2023 Single
Married, Filing Separately
Any $13,850
Married, Filing Jointly Any $25,900
Head of Household Any $20,800
2022 Single
Married, Filing Separately
Any $12,950
Married, Filing Jointly Any $25,900
Head of Household Any $19,400
2021 Single
Married, Filing Separately
Any $12,550
Married, Filing Jointly Any $25,100
Head of Household Any $18,800
2020 Any Any $0

State exemptions

There are no state-level exemptions.

FAQs

What taxes does Coloradan pay?

Besides the federal income tax, the residents of Colorado need to pay the state-level income tax, which is a flat rate of 4.4%, and state-level payroll tax

How much do you make after taxes in Colorado?

A single filer making $69,000 will take home $53,543.90 after tax.
A married couple with a combined annual income of $138,000 will get $106,970.80 after tax.

How much taxes are deducted from a $69,000 paycheck in Colorado?

The total taxes deducted for a single filer are $1288.01 monthly or $594.46 bi-weekly.