The cognitive underpinnings of arithmetic calculation in children are noted to involve working memory; however, cognitive processes related to arithmetic calculation and working memory suggest that this relationship is more complex than stated previously. The purpose of this investigation was to examine the relative contributions of processing speed, short-term memory, working memory, and reading to arithmetic calculation in children. Results suggested four important findings. First, processing speed emerged as a significant contributor of arithmetic calculation only in relation to age-related differences in the general sample. Second, processing speed and short-term memory did not eliminate the contribution of working memory to arithmetic calculation. Third, individual working memory components—verbal working memory and visual–spatial working memory—each contributed unique variance to arithmetic calculation in the presence of all other variables. Fourth, a full model indicated that chronological age remained a significant contributor to arithmetic calculation in the presence of significant contributions from all other variables. Results are discussed in terms of directions for future research on working memory in arithmetic calculation.