2008 Federal Income Tax Calculator by mdv94274


2008 Federal Income Tax Calculator document sample

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									Income Builder Program: Case Study (Real Estate Analyst – yes 401K)

                                                      Calculation Based On
                                                      Tax Year                                  2008
Your Pay Check Results                                Gross Pay                             $2,000.00
                                                      Pay Frequency                         Bi-weekly
                                                      Federal Filing Status                    Single
Bi-weekly Gross
                                     $2,000.00        # of Federal Exemptions                     11
Federal Withholding                     $16.93        Additional Federal W/H                 $0.00
Social Security                        $108.62        State                             New York
Medicare                                $25.40        Filing status                         Single
New York                                $86.37        Allowances                                 0
NY SDI                                   $1.20        Additional State W/H                   $0.00
City Tax                                $51.64        NY SDI                                   Yes
Company 401k                           $200.00        NYC Allowances                             0
SEC125                                  $10.00        City Tax                        NYC Resident
TransPre                                $38.00        Company 401k                            10%
                                                      Health Benefits                          $48
Net Pay                              $1,461.84

Original Net Pay         $1,312.80
Increase (per check)     $ 149.04

Increase (monthly)       $ 298/mos       (Note: 11.4% increase in Take Home Pay)

Assumptions: $2,000 Bi-weekly salary – Regular Pay Rate

       The following items are based on the extra cash flow (additional take home income)     $298/mos.
Post Paycheck Investments
        VUL/EIUL       $ 100/mos
        IRA            $ 100/mos
        Total          $ 200/mos         (Note: only $100/check, bi-weekly paycheck)

Emergency Fund           $ 50/mos        (Note: Use a bank savings account or money market fund)

Net Extra Cash           $ 48/mos        (Note: Use to pay-off bills, or reward yourself)

Monthly Investments (Tax Advantaged)
       401K            $ 400/mos
       IRA             $ 100/mos
       VUL/EIUL        $ 100/mos

Monthly Investments      $ 600/mos       (Note: This money now works for you, tax advantaged)

Open Items:
 Tax Refunds and extra income should be used in the following areas: [50% IRA], [25% Emergency Fund],
   [25% Pay Debt, Credit Card Balances]

  ***Your original take-home income of $2,625/mos ($1,312/bi-weekly paycheck) will still be
                  available to maintain your current lifestyle (per budget)***

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