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The Available Income Calculator can help you develop a deeper understanding of how your income can create positive outcomes by simulating the amount of money you may have the ability to save outside of necessary costs. To use the calculator watch the following video or follow the steps below:

Note: When utilizing the tool, enter whole numbers, then press ‘tab’. Pressing ‘enter’ may clear the tool. Avoid entering non-numerical type such as “$” or “,” as this may also clear the tool.

1. First, enter your annual household income, pre-tax. This could be your salary if you file as single, the combined incomes of you and a partner or spouse, or an estimated annual income based on hourly work and wages.

Tip: To calculate the annual income for hourly earners: Determine your average weekly hours. Next, multiply the result by your hourly wage, then multiply the result by 52 to create an annual estimate.

2. Next, if you pay for healthcare, contribute to a retirement account, or otherwise take money out of your paycheck, note that amount as your paycheck pre-tax deductions.

3. Select the filing status for your Delaware and Federal W4 or other tax filings.

4. Finally, select the total number of withholdings that you note on your W4 or other tax filing. For example, if you have claimed one child, you may have selected 1 withholding on your W4.

5. Review the net income section, which has now calculated your after-tax bi-weekly pay.

6. In the Estimated Expenses section, the calculator will estimate bi-weekly expenditures in various categories based on data in Delaware. Your actual expenses may be higher or lower. These can serve as budget guides in the future for you to compare spending.

7. Finally, you have your Available Income. This is the money you have after taxes and after estimated expenses. You can see how this money can add up over a month, or a year. This number can help you think about your saving goals, such as creating an emergency fund, saving for a major purchase or down payment, investing in a college savings account, for your retirement, investing in an account for a loved one with a disability, or whatever your financial goal may be.

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Having trouble loading the Delaware Available Income Calculator? Download an Excel version.

Please note: The calculator was developed by our internal team using data from the BLS Consumer Expenditure Survey for the Northeast region, and Delaware-specific information on calculating withholdings for payroll by the IRS and Delaware Division of Revenue. Therefore, the calculator may not necessarily tabulate available income for residents of other states.