Wyoming Paycheck Calculator

Calculate your take-home pay after federal & Wyoming taxes

Updated for 2023 tax year on Mar 15, 2023

What was updated? 2023 federal FICA, income tax rates & standard deduction

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Paycheck calculator for Wyoming

Overview of Wyoming

Wyoming has a population of under 1 million (2019) and is the least populous state in the United States. The main drivers of Wyoming’s economy are tourism and the extraction of minerals. The median household income is $60,434 (2017).

Brief summary:

  • no state-level income tax
  • no state-level payroll tax
  • no standard deductions and exemptions
Wyoming state

From Wikipedia

Understanding your Wyoming paycheck

The Cowboy State, known for its breathtaking landscapes and wildlife, also harbors a secret that can make your wallet sing. Being one of the most tax-friendly states, you can earn more money in Wyoming.

Just like in any other state, your paycheck starts with federal income taxes and FICA taxes. FICA taxes, which fund Social Security and Medicare, are mandatory withholdings for all U.S. workers. While these federal obligations are inescapable, Wyoming has a few tricks that make the state a financial paradise for many.

High-income earners and self-employed individuals have slightly different FICA tax experiences. There is an additional 0.9% Medicare tax for those with an annual income exceeding $200,000. Meanwhile, self-employed folks are responsible for the employer and employee portions of FICA taxes.

Ensuring the correct federal income tax withholdings begins with completing Form W-4, which considers factors such as pay frequency. Whether you’re paid weekly, bi-weekly, or monthly, your pay frequency directly impacts your federal income tax withholding and the amount you take home in each paycheck.

In Wyoming, your marital status and pre-tax deductions significantly influence your paycheck. Married individuals often benefit from lower tax rates. To reduce your taxable income, consider using pre-tax deductions, like 401(k)) contributions.

Here’s where Wyoming truly shines – the state has no income or payroll tax! This tax haven allows residents to keep more earnings, making Wyoming a magnet for retirees, entrepreneurs, and high-income earners. The state’s commitment to low taxation also extends to property and sales taxes, among the lowest in the nation.

While there’s no state standard deduction or personal exemptions in Wyoming, this isn’t a concern for residents due to the lack of state income tax. It’s one more reason why the Cowboy State is a dream come true for those seeking tax relief.

Post-tax deductions are taken from your paycheck after all taxes have been withheld. Some examples are wage garnishments, child support payments, and charitable contributions. Although these deductions don’t affect your taxable income, they can help manage your financial obligations and support the causes you’re passionate about.

Calculate your Wyoming paycheck

Wyoming fiscal year starts from July 01 the year before to June 30 the current year. So the fiscal year 2021 will start from July 01 2020 to June 30 2021.

State payroll tax

There is no state-level payroll tax.

State income tax brackets

There is no need to pay any state-level income tax.

State standard deduction

Since there is no income tax, there is no standard deduction.

State exemptions

Since there is no income tax, there are no exemptions.

FAQs

What taxes do Wyomingites pay?

Residents of Wyoming only need to pay federal income taxes. There are no state-level income taxes.

How much do you make after taxes in Wyoming?

A single filer with an annual wage of $61,000 will take home $49,926.
For a married couple with a combined income of $122,000, their take-home pay will be $99,852 after taxes.

How much taxes are deducted from a $61,000 paycheck in Wyoming?

The total taxes deducted for a single filer are $904.55 monthly or $417.48 bi-weekly.