Paycheck Calculator Wyoming - WY

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Wyoming - WY Paycheck Calculator: Hourly and Salary

Wyoming, also known as the Cowboy State, is the 10th largest by area located in the mountain region of the Western United States. The state is the second most sparsely populated state and the least populous among the 50 states of the country.

The Cowboy State shares its borders with South Dakota & Nebraska on the east, Montana on the north, Colorado on the south, Idaho & Montana on the west, and Utah on the southwest. Moreover, Cheyenne is the state's capital as well the largest state, while Cheyenne Metro Area is the state's largest metro.

Wyoming State is known as an excellent place for job seekers, retirees, and outdoor enthusiasts as it offers a reasonable cost of living, boundless natural beauty, low taxes, and a lot more. So if you have got a fantastic job offers, a business idea, or wish to retire in the best place like Wyoming, then this guide is just for you. Our guide covers the following topics:

  • The thing you must know before moving to Wyoming
  • Wyoming Payroll Facts
  • How to Calculate Paycheck in Wyoming? – This section would benefit both employers and employees in the following ways:
    • Help job seekers to compare several job offers in terms of take-home pay and choose the best one.
    • Help entrepreneurs to compare different business opportunities in Wyoming in terms of employment cost.
    • Help employees of Wyoming to calculate their upcoming Paycheck amount for verifying and budgeting.
    • Help employers in Wyoming to calculate Paycheck amounts for multiple employees instantly using our Wyoming Paycheck Calculator.
  • Federal and Wyoming Payroll Laws to ensure your paycheck complies with the law.
  • Frequently Asked Questions

We hope these mentioned topics would help you make your life-changing decision. So let's get started!


The Thing You Must Know Before Moving To Wyoming

Cost of Living

Living in Wyoming is going to cost you almost similar to most of the other states, as its cost of living index is 98.1 points, which is slightly lower than the nationwide cost of living index of 100 points. Grocery, housing, and utilities are closer to the national average cost, while transportation cost is significantly cheaper here. Unfortunately, health-related costs are way too high in Wyoming.

Cost of Housing

Whether you are planning to rent or buy a house in Wyoming, it would be in your budget, as the median home value of WY is $229,200, which is slightly lower than the nationwide median value of $231,200. Moreover, the median rental expense in the state for a single bedroom is $614, and for a double bedroom is $789.

Additionally, if you are looking for even cheaper housing than the prices mentioned above, than you can prefer cities like Worland, Saratoga, Lyman, or Marbleton.

Education

There is good new for your kids! Wyoming has the seventh-best school system and the fourth-highest public-school spending among the 50 states in America. Moreover, the Cowboy State is also home to one major four-year university, the University of Wyoming. Hence, giving the firm hope to secure the bright future of your kids. On the other hand, if your kid wants to study out of the state, they can enjoy a discount in specific colleges and universities in 14 states under the Western Undergraduate Exchange (WUE) Program.

Some of the highly rated schools, colleges, and universities include the University of Wyoming (Laramie), Central Wyoming College (Riverton), Teton County School District No. 1 (Jackson), and Sheridan County School District No. 2 (Sheridan).

Weather

As Wyoming is a landlocked state and is located in the mountain region of the Western United States, it has a semi-arid and continental, which is drier, windier, and with greater temperature extremes than the rest of the states. Fortunately, the state is ranked among the least prone state to natural disasters in the nation.

Business and Job Opportunities

Whether you are planning to bring your existing career with you or start with a new one in Wyoming, here are some of the job and business-related facts you need to know.

The unemployment rate in WY is 3.9%, and the minimum wage rate is similar to the federal minimum wage rate of $7.25/hour. Some of the fastest-growing jobs in the state include a registered nurse practitioner, front desk clerk, personal care assistant, and assistant manager. While some of the highest paying jobs here are nurse anesthetist, dentist, and optometrist.

Wyoming is currently ranked on number 42 for the overall economy by US News & World Report, where for the business environment and economic growth, it is listed on # 41. It may not be too appealing to businessmen and entrepreneurs. However, they have still got a chance to try their luck in top industries like Mining and Extraction, Tourism, Agriculture, and Manufacturing.

Outdoor Activities

Due to the beautiful landscape and endless fun activities & attractions, Wyoming is one of the highly visited states in America. You can explore the stunning natural attractions and rich western US history by visiting Yellowstone National Park, Grand Teton National Park, Grand Prismatic Spring, Buffalo Bill Center, and Jackson Hole Mountain Resort.

Moreover, the state also has famous national parks with legendary landscapes, including Fossil Butte National Monument, Mount Washburn, and Fort Laramie National Historic Site. Additionally, The cowboy state has plenty of museums, obscure & atypical destinations, as well as places for delicious foods and drinks.


Pros and Cons

As we are done with all the factors about the Wyoming State, now, let's have a quick look at all the positives and negatives about the State:

Pros:
  • Affordable Housing
  • Low cost of living
  • Beautiful Landscape
  • Low traffic
  • best air quality
  • low taxes
  • National parks galore
  • Less natural disasters
Cons:
  • Extreme Weather
  • The high rate of workplace fatalities
  • Less diverse population
  • Limited shopping
  • No large cities

Wyoming Payroll Facts:

  • Wyoming State withholds Federal Income tax from employee's paycheck according to seven tax brackets determined by income level and filing status. The rates range between 0% and 37%.
  • Wyoming State withholds FICA taxes from employee's paycheck which comprises of 6.2% of Social security tax of their taxable wages up to $137,700 for the year, and 1.45% of Medicare tax on their taxable wages up to $200,000 for the year. Meanwhile, employers pay a matching amount for both taxes for each of their employees. However, if the taxable wages of an employee exceeds $200000 threshold, then the only employee is charged with an Additional Medicare surtax of 0.9%.
  • The employers of the Wyoming state pay Federal Unemployment Tax Act (FUTA) Tax at the rate of 6% of each employee's first $7,000 of taxable income. Moreover, they also pay State Unemployment Insurance (SUI) tax at the rate range from 0.18% to 8.72% of each employee's first $26,400 of taxable income in a year. However, new employers need to pay a minimum of 1.22%. Fortunately, employers who pay SUI tax in full and on time are eligible to receive a 5.4% tax credit on FUTA tax.
  • Luckily, Wyoming is one of the seven states of the US that doesn't charge State and Local Income tax.
  • The minimum wage rate in Wyoming is similar to the Federal Minimum wage rate of $7.25/hour for employees, unless or otherwise exempted. Moreover, the cash minimum wage for tipped employees is $2.13, with a maximum tip credit of $3.02.
  • Employers in WY pay overtime to their non-exempted employees according to FLSA law, at one and half times the employee's regular hourly rate for every hour over 40 hours in a workweek.
  • The average salary in Wyoming for a Male is $64,752, and for a female is $43,078, according to datausa.io.
  • The livable wage for a single adult living in Wyoming is $11.05/hour, while for a couple (one working) with two children is $24.55/hour, according to the Massachusetts Institute of Technology.
  • The median household income in Wyoming is $62,268, as reported by the United States Census Bureau.

How to Calculate Paycheck in Wyoming?

As we are done with relocation to Wyoming and its payroll facts, now it's time to calculate paycheck.


Step 1 - Calculating Gross Pay:

The very first step to calculating the paycheck amount is to determine Gross Pay. It is a wage that an employee earned in the last pay period.


Gross Pay is calculated differently for both hourly and salary-based employees, which is discussed in detail as follow:


Gross Pay for Hourly Employee

Hourly Employees are paid at a mutually agreed pay rate for each hour they work in a pay period. Usually, Pay periods for Hourly employees are Hourly, Daily, Weekly, and Bi-Weekly. However, the Federal, State, and Local Wage law requires the employers to set the pay rate equals to or more than the defined Minimum Wage Law for the non-exempted employees.

Hourly employees are also entitled to receive overtime, for each excess hour worked after regular hours in a workday or a workweek. Remember, like Minimum wage, the employers are also required to follow Overtime wage law provided by the federal, state, and local authorities.


Note: All the relevant laws are discussed in detail ahead.

To calculate gross wage for an hourly employee:

  1. Calculate total hours worked in a Pay Period using the data from Timesheet or Timecard.
  2. Multiply Total Hours worked with the Hourly Rate (Pay Rate).
  3. Add overtime hours (if any) worked by the employee.

Quick Tip: You can also use our Timecard with overtime Calculator to calculate Gross Wage for Hourly Employee instantly.

Gross Pay for Salaried Employee

Salaried Employees are paid at the flat amount rather than on an hourly basis. The amount is usually mutually agreed as an Annual Salary, which is then paid in Semi-monthly or Monthly Pay periods.

Salaried employees are mostly exempted from overtime law. However, their salaries must be according to Federal and State Minimum Wage law.

To calculate Gross Pay for Salaried Employees:

  • Divide the "employee's salary" by "number of pay periods." For example: If the employee's annual salary is $25000 and is paid on a semi-monthly pay period, then the employee's Gross Pay would be: $25000 / 24 = $1042.

Don't forget that Supplemental Wages like Bonuses, commissions, tips, paid leaves, fringe benefits, or other taxable wages earned by the employee must be added into the Gross wages.


Step 2 – Subtracting Pre-Tax Deductions (If Any):

Once you are done with Gross Wages, it's time to subtract any Pre-Tax deductions from the gross wage to get taxable wages as Pre-tax deductions are not taxable for federal payroll taxes.

Pre-tax deductions are offered to the employees as benefits like fringe benefits, HSA plans, etc., to reduce their taxable income, hence, increasing their take-home pay amount. Remember, not all benefits are exempted from taxes, so choose the pre-tax deductions wisely.

Some of the common pre-tax deductible benefits are:

  • FSA - Flexible Spending Accounts
  • HSA - Health Savings Accounts
  • Retirement savings accounts like a traditional 401(k)
  • Some of the Fringe Benefits
  • health insurance
  • accident insurance
  • dental and vision insurance
  • Commuter Benefits
  • Short-Term Disability

Note: Pre-Tax deduction rate, contribution limits, special tax withholding rules change from year to year, according to inflation and costs of living by the federal government. Therefore, you must keep yourself updated with all rates before making any deductions.

Many Taxpayers find it hard to itemize their deductions to calculate taxable wages, for which they go for standard deductions, that varies according to the filing status, as shown in the table below:

All Filers(Updated Dec 2019)
Filing Status Standard Deduction Amount
Single Filers $12,200
Married, Filing Jointly $24,400
Married, Filing Separately $12,200
Head of Household $18,350

Step 3 – Calculate and Subtract Federal Taxes:

Once you have determined the taxable wages, it's time to deduct Federal Income taxes for the taxable wages.

IRS requires the employers to withhold federal income tax from the employee's paycheck, according to the details provided by the employee on Form W-4. The employee fills this form at the start of the job. The form includes all the necessary information, including income, number of allowances to claim, number of dependents, amount of additional taxes to deduct, and much more.

The employees are required to keep their Form W-4 up to date with all their current information, especially marriage, divorce, or child's birth.


The federal income tax is charged according to the tax brackets in which the taxpayer's income falls. The latest income tax brackets and rates are as follow:

Single Filers
Taxable Income Rate
$0 - $9,700 10%
$9,700 - $39,475 12%
$39,475 - $84,200 22%
$84,200 - $160,725 24%
$160,725 - $204,100 32%
$204,100 - $510,300 35%
$510,300+ 37%

Married, Filing Jointly
Taxable Income Rate
$0 - $19,400 10%
$19,400 - $78,950 12%
$78,950 - $168,400 22%
$168,400 - $321,450 24%
$321,450 - $408,200 32%
$408,200 - $612,350 35%
$612,350+ 37%

Married, Filing Separately
Taxable Income Rate
$0 - $9,700 10%
$9,700 - $39,475 12%
$39,475 - $84,200 22%
$84,200 - $160,725 24%
$160,725 - $204,100 32%
$204,100 - $306,175 35%
$306,175+ 37%

Head of Household
Taxable Income Rate
$0 - $13,850 10%
$13,850 - $52,850 12%
$52,850 - $84,200 22%
$84,200 - $160,700 24%
$160,700 - $204,100 32%
$204,100 - $510,300 35%
$510,300+ 37%

Step 4 – Deduct FICA Taxes:

Besides, Federal Income Tax, the IRS also requires the employer to withhold FICA tax (15.3%) for the employee's paycheck and also requires the employer to pay an equal amount for each employee.


Federal Insurance Contributions Act (FICA) Taxes comprises of two types of taxes which are as follow:


  1. Social Security:

A total of 12.4% of social security tax is charged from which 6.2% is withheld from the employee's gross, and the employer pays the matching 6.2%. However, Social Security is only charged on the maximum taxable earnings of $137,700 for 2020.


  1. Medicare:

A total of 2.9% of Medicare is charged, from which 1.45% is withheld from the employee's gross, and the employer pays the matching 1.45%. Unlike Social Security, there is no maximum table earning limit for this tax. However, an additional surtax of 0.9% is charged as Additional Medicare Surtax on the employees having income over the specified level along with filing status, which is as follow:

Income Over Filing Status
$250,000 Married Filing Jointly
$125,000 Married Filing Separately
$200,000 Single

Note: Employers are not required to pay an equal amount for Additional Medicare Surtax.

Step 5 – Payment of FUTA Taxes

IRS requires the employer to pay another tax, known as The Federal Unemployment Tax Act (FUTA) Tax. This tax is paid at the rate of 6% on the first $7000 earned by each employee in a year. However, the IRS doesn't require the employees to contribute to it.

The employers who pay State Unemployment Insurance (SUI) tax in full and on time are given relieving FUTA tax credit of up to 5.4%, which saves a whopping 90% from FUTA Tax.


Step 6 – Subtract Post-Tax Deductions (If any):

Post-tax deductions (after-tax deductions) is an amount the employer takes out from the employee's paycheck after taxes. Therefore, it does not affect taxable wages and the amount of tax payable.

Here are some of the types of post-tax deductions that employee may voluntarily choose:

  • Charitable contributions
  • Disability insurance
  • Garnishments
  • Specific Retirement Plans like Roth 401(k)
  • Life Insurance

Step 7 – Withhold State Payroll Taxes:

As you are done with Federal Payroll Taxes, now it's time to discuss State Payroll Taxes. The Wyoming State doesn't charge State Income Tax on employees. However, State Unemployment Insurance (SUI) Tax is charged on the employers.


State Unemployment Insurance (SUI) Tax

The State Unemployment Insurance (SUI) Tax is an employer-funded program that provides temporary income to unemployed workers who have lost their job without fault of their own.

The state doesn't charge in Wyoming State Disability Insurance (SDI) tax on employers. However, it does require the employers to pay Wyoming State Unemployment Insurance (SUI) tax, at the rate ranging from 0.18% to 8.72% on a first $26,400 earned in wages by each employee in a year. However, new employers are given relief as they have to pay at a flat rate of 1.22%.


Note: SUI Rates for Wyoming Employers change with time. Therefore, you are required to keep a check on notices to make sure you have paid the right amount.

Step 8 – Withhold Local Payroll Taxes:

No city or county in Wyoming levies Local Income Tax.


Step 9 – Calculate Pay Check:

Now that you are done with all payroll taxes and calculated the net take-home pay of an employee, it's time to cut the paycheck. Moreover, you, as an employer, must pay your portion of FICA tax along with FUTA and SUI tax in full and on time regularly.


Federal and Wyoming Payroll Laws

  • Wyoming doesn't have pay frequency law for most of the employees, except those working in a refinery, mill, railroad, factory, or work related to oil and gas production. Employees of specified industries are required to be paid on a semi-monthly basis, on the regular paydays not more than 15 days after the pay period ends.
  • The WY state law requires the employers to pay at least the federal minimum wage rate of $7.25/hour to their non-exempted employees, as Wyoming state minimum wage is much lower at $5.15/hour. Moreover, they are also required to pay overtime to employees, unless or otherwise exempted, at least one and half times the employee's regular hourly rate for each hour worked over forty hours in a workweek. Employees exempted from Minimum wage, and overtime law includes:
    • Tipped employees (who earns over $30 in tips per month) can be paid a cash minimum wage rate of $2.13/hour, with a maximum tip credit of $3.02/hour.
    • Student employees and interns can be paid 85 percent of the minimum wage rate.
    • New employees of age under 20 can be paid a training wage of $4.25 per hour for the first 90 days of work.
    • Executive, administrative, professional, outside salesmen employees, and few more are exempted.
  • In Wyoming, employers are not entitled to provide their employees with either paid or unpaid vacation benefits, sick leave benefits, holiday leave, jury duty leave, or bereavement leave. However, they are required to pay one (1) hour of paid leave to vote.
  • Wyoming law doesn't require the employers to provide meals or lunch breaks to their employees. However, if they voluntarily provide, then it must be paid, if for less than 20 minutes, or it can be UNPAID, if for more than 30 minutes.
Also Check: Wyoming Sales and Reverse Sales tax Calculator to Calculate the amount of tax included in a gross price as well as the amount you should add to a net price.

FAQs

Answer: Following are the taxes deducted from a paycheck in Wyoming WY:

  • Federal Income Tax: This tax is deducted according to seven tax brackets determined by income level and filing status. The rates range between 0% and 37%.
  • FICA – Social Security: It is deducted at 2% of employee's taxable wages up to $137,700 for the year.
  • FICA – Medicare: It is deducted at 45% of Medicare tax on the employee's taxable wages up to $200,000 for the year. However, if the taxable wages of an employee exceeds $200000 threshold, they with an Additional Medicare surtax of 0.9%.

Answer: Fortunately, Wyoming State doesn't levy a state income tax.

Answer: The average salary in Wyoming for a Male is $64,752, and for a female is $43,078, according to datausa.io.

Answer: Following is the list of taxes and their rates paid by employers and employees in Wyoming:

  • Federal Income Tax: This tax is paid by the employee, according to seven tax brackets determined by income level and filing status. The rates range between 0% and 37%.
  • FICA Social Security: This tax is paid by employees at 2% of employee's taxable wages up to $137,700 for the year. Besides, the employer pays an equal amount for each of its employees.
  • FICA Medicare: This tax is paid by employees at 45% of Medicare tax on the employee's taxable wages up to $200,000 for the year. Besides, the employer pays an equal amount for each of its employees.
  • FICA – Additional Medicare: if the taxable wages of an employee exceeds $200000 threshold, then only employees have to pay an Additional Medicare surtax of 0.9%.
  • FUTA Tax: Only employers pay this tax at the rate of 6% of each employee's first $7,000 of taxable income.
  • SUI Tax: Only employers pay this tax at the rate range from 0.18% to 8.72% of each employee's first $26,400 of taxable income in a year. However, new employers need to pay a minimum of 1.22%. Fortunately, employers who pay SUI tax in full and on time are eligible to receive a 5.4% tax credit on FUTA tax.

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