Comp. Taxable Income Analysis

Comparative Taxable Income For the years 2003 -2006 Income 2003 2004 2005 2006 Wages and salaries $100,000 $110,000 $120,000 $125,000 Dividends and Interest 1,000 1,000 1,200 1,300 Taxable refunds 500 600 700 800 Alimony received 5,000 5,000 5,000 5,000 Net business income (Loss) 11,000 12,000 13,000 14,000 Net capital gain (Loss) 2,000 3,000 4,000 5,000 Net rent income (Loss) 1,000 1,000 1,200 1,300 Net partnership income (Allowable Loss) 11,000 12,000 13,000 14,000 Other income (Loss) 2,000 3,000 4,000 5,000 Total Income $133,500 $147,600 $162,100 $171,400 Adjustments to gross income IRA deduction $2,000 Spouse's IRA deductions 2,000 Moving expenses 1/2 of Self-employment tax 900 1,000 1,200 1,400 Self-employed health insurance Keogh plan payments SEP contribution 1,000 1,100 1,200 1,300 Alimony paid Other adjustments Total Adjustments $5,900 $2,100 $2,400 $2,700 Adjusted gross income $127,600 $145,500 $159,700 $168,700 Itemized deductions Medical $500 $500 $500 $500 Income taxes 5,000 5,100 5,200 5,300 Property taxes 2,000 2,000 2,000 2,000 Mortgage Interest Paid 2,500 2,500 2,500 2,500 Charitable Contributions 500 500 500 500 Casualty and Theft Losses Unreimbursed Moving Expenses Unreimbursed Employee Business Expenses 500 500 500 500 Miscellaneous Deductions Total Itemized Deductions $10,500 $10,600 $10,700 $10,800 Allowable Exemptions 7,800 8,200 8,400 9,000 Total Deductions and Exemptions $18,300 $18,800 $19,100 $19,800 Taxable Income $109,300 $126,700 $140,600 $148,900 © Copyright, 2007, Jaxworks, All Rights Reserved.JaxWorks Small Business Spreadsheet Factory Since 1996, JaxWorks has offered a suite of Free Excel workbooks and spreadsheets, and associated HTML documents, that cover a number of financial, accounting and sales functions. These are Also included Free are: -business plan tools, including spreadsheets and excellent instructions -Excel functions glossary and guide; -free training courses for most Microsoft Office applications. These guides are in PDF format and rival commercial books! -comprehensive list of acronyms, ratios and formulas in customer financial analysis, and financial terms; -suite of online calculators, including, breakeven analysis, productivity analysis, business evaluation; -Altman Z-Score (covering publicly and privately held firms, and small businesses); -and payroll analysis. If you are involved in financial analysis at any level, or want to learn more about MS Excel and suite this site is invaluable. Spreadsheet Factory spreadsheets, and associated MS Word, PDF and sales functions. These are invaluable small business tools. guides are in productivity analysis, more about MS Excel and other applications in the Office