# Federal Income Taxes Calculation by nyy13910

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```									                              Income Calculation Worksheet

A                             B                        C
1     GROSS INCOME:

GROSS INCOME X 33%                                   This is the amount taken for
2                                                                  FEDERAL TAXES
=B1 * .33
GROSS INCOME *8%                                     This is the amount taken for
3
= B1 * .08                                                    STATE TAXES
TOTAL TAXES TAKEN                                    This is what the government
4                                                                     gets first.
=B2 + B3
GROSS INCOME –                                      This is the amount you have to
5     TAXES                                                spend for yourself for 1 year
= B1 – B4                                                 called NET INCOME
NET INCOME / 12                                     This is the amount per month
6                                                         you have to spend for yourself
=B5 / 12

Income Calculation Worksheet

A                             B                        C
1     GROSS INCOME:

GROSS INCOME X 33%                                   This is the amount taken for
2                                                                  FEDERAL TAXES
=B1 * .33
GROSS INCOME *8%                                     This is the amount taken for
3                                                                   STATE TAXES
= B1 * .08
TOTAL TAXES TAKEN                                    This is what the government
4                                                                     gets first.
=B2 + B3
GROSS INCOME –                                      This is the amount you have to
5     TAXES                                                spend for yourself for 1 year
= B1 – B4                                                 called NET INCOME
NET INCOME / 12                                     This is the amount per month
6                                                         you have to spend for yourself
=B5 / 12