Federal Income Taxes Calculation

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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


Now enter these as formulas in your budget spreadsheet



                              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


Now enter these as formulas in your budget spreadsheet

				
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