Annual Income Calculator

Add all your income sources — salary, freelance, investments, rental — and get your total gross and estimated net income.

Source / Description
Amount
Frequency

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$
Total Gross Income
Estimated Net (Take-Home)
Monthly Gross
Weekly Gross
Estimated Tax
Deductions
Monthly Net
Hourly Equivalent
Learn

Understanding Your Annual Income

Annual income is the total amount of money you earn in a year from all sources. For salaried workers, it's straightforward — but many people have multiple streams: a day job, freelance projects, rental properties, dividends, and side businesses. Tracking your total income is essential for budgeting, tax planning, and financial goal-setting.

This calculator helps you add all income streams with their respective frequencies (hourly, daily, weekly, monthly, or annual) and converts everything to a single annual total — plus a simplified tax estimate so you can plan your take-home pay.

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Employment Income

Your primary W-2 or salaried income. Includes base salary, guaranteed bonuses, commissions, and employer-paid allowances. Federal and state taxes are withheld automatically, but you may need to adjust withholding if you have multiple jobs.

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Freelance & Self-Employment

Income from contracting, consulting, gig work, or running a business. You receive the full gross amount but must pay self-employment tax (~15.3%) plus income tax. Set aside 25–30% of freelance income for taxes.

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Rental Income

Net rental income (rent received minus allowable expenses like mortgage interest, repairs, depreciation) is taxed as ordinary income. Rental properties can generate tax losses through depreciation, making them popular investment vehicles.

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Investment Income

Dividends, interest, and capital gains. Qualified dividends and long-term capital gains (assets held >1 year) are taxed at lower rates (0%, 15%, or 20%) than ordinary income. Short-term gains are taxed as regular income.

FAQ

Frequently Asked Questions

What counts as annual income?
Annual income includes: wages/salary, tips, bonuses, commissions, freelance/self-employment income, rental income, dividends, interest, capital gains, pension/retirement distributions, alimony (pre-2019 divorces), and certain government benefits. Different tax rules apply to each type. This calculator adds up all streams into a gross annual total.
What is the difference between gross and net income?
Gross income is your total earnings before any taxes or deductions. Net income (take-home pay) is what you actually receive after federal taxes, state taxes, FICA (Social Security + Medicare), health insurance premiums, 401k contributions, and other deductions. For most middle-income earners, net income is roughly 65–75% of gross income.
How is the tax estimate calculated?
This calculator applies your entered tax rate as a flat percentage of gross income — a simplified estimate. In reality, the US uses marginal (progressive) tax brackets: only income in each bracket is taxed at that bracket's rate. Your "effective tax rate" is lower than your marginal rate. This tool gives a useful approximation; consult a CPA for exact tax liability.
Do I need to report all income sources on my taxes?
Yes — the IRS requires you to report all income from all sources, including cash income, barter, cryptocurrency gains, and foreign income. Freelancers/gig workers receive 1099-NEC forms (if paid $600+), but income must be reported even without a form. Unreported income can result in penalties, interest, and in serious cases, criminal charges.