To calculate your net pay, or take-home pay, start with the gross amount you make each pay period. Then, use the IRS Form W-4 and a paycheck calculator (like the one on this page) to calculate the amount of money withheld from your paycheck for federal, state, and local taxes. You’ll also want to deduct any money you contribute to any company benefits programs, such as life insurance plans, 401(k)s, and health insurance. Once you’ve correctly calculated all the deductions, you should be left with the right amount of net pay, or take-home pay.