Federal Income Tax Tables 2008 by twb48130

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     RETIREMENT PLANNING ANALYSIS
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                          INITIAL EMPLOYEE INFORMATION

GENERAL EMPLOYEE INFORMATION:
         Marital status (1=single, 2=married)                                                  2
         Number of withholding allowances (total)                                              2
         Current age of worker                                                                47
         Year of retirement                                                                 2028
         Current age of spouse                                                                45
         Age of worker in year of retirement                                                  67
         Current calendar year (as of June 30th)                                            2008

CURRENT AND PROJECTED SALARY INFORMATION:
         Current year salary (or highest VRS salary) ($)                                121,000
         Salary for preceding year (or 2nd highest VRS) ($)                             116,000
         Salary for 2nd preceding year (or 3rd highest VRS) ($)                         112,000
         Estimated annual increase in salary (%)                                           0.04

CURRENT SALARY WITHHOLDING INFORMATION:
         Health ins. premiums (Pre-tax premium conversion plan)                                0
         Flexible spending - medical reimbursement plan                                        0
         Flexible spending - dependent care reimbursement plan                                 0
         Tax deferred annuity if presently participating (%)                                0.00
         Miscellaneous items ($)                                                              50

CURRENT AFTER-TAX EXPENDITURES FOR MEDICAL AND DEPENDENT CARE:
         Medical (dollars per month)                                                         100
         Dependent care (dollars per month)                                                  400

CURRENT ACCUMULATED BALANCES IN RETIREMENT ACCOUNTS ($):
         Basic defined contribution account (ORP) - guaranteed principal ($)              25,500
         Basic defined contribution account (ORP) - variable                              10,500
         Tax sheltered 403(B) (supplemental) annuity ($)                                       0

ECONOMIC PROJECTIONS FOR BENEFIT COMPUTATIONS:
         Estimated annual increase in avg. mfg. wage base (%)                              0.035
         Estimated annual increase in consumer price index (%)                             0.050
         Social security - "bend point 1" for current year ($)                               711
         Social security - "bend point 2" for current year ($)                             4,288

                            PLANNING INFORMATION

OPTIONAL FLEXIBLE SPENDING ACCOUNTS (BEFORE-TAX ELECTION):
          Participation? (0=no, 1=yes)                                                           0
          Monthly set-aside for medical expense reimbursement                                    0
          Monthly set-aside for dependent care reimbursement                                     0
BASIC DEFINED CONTRIBUTION OPTIONAL RETIREMENT PLAN (ORP):
          Participation? (0=no, 1=yes)                                                   1
          Annual contribution rate of state (%)                                       0.10
          Projected rate of return on guaranteed portion (%)                          0.05
          Projected rate of return on variable portion (%)                            0.07
          Portion of investment in guaranteed princ. account (%)                      0.75
          Annuity option (1=single, 2=100% surviv, 3=50% surviv)                         1

BASIC DEFINED BENEFIT RETIREMENT PLAN (VRS):
          Participation? (0=no, 1=yes)                                                     0
          Total years of VRS service including current year                                0
          Annuity option (1=single, 2=100% surviv, 3=50% surviv)                           1

TAX SHELTERED SUPPLEMENTAL (403(B)) ANNUITY PLAN:
         Desired participation in the future? (0=no, 1=yes)                              0
         Percentage of salary contributed to fund each year (%)                       0.00
         Estimated rate of return on accumulation (%)                                 0.00
         Projected annual rate of increase in contributions (%)                       0.00
         Annuity option (1=single, 2=100% surviv, 3=50% surviv)                          1

SOCIAL SECURITY COVERAGE:
          Participation? (0=no, 1=yes)                                                      1
          Age at first participation for coverage purposes                                 18

SALARY HISTORY (YEARS 1959 - 2008):

  Options for Salary Input or Estimation                                                   0
   0 (Actual salary - change zeroes in each cell to actual)
   1 (Use minimum wages for all years*)
   2 (Use average manufacturing wages for all years*)
   3 (Use maximum social security base for all years*)

     * Even though estimates are generated by the program, you
             may supply actual salary numbers in any cell when known

 1959 -                0 1972 -            0 1985 -         23,200 1998 -          79,500
 1960 -                0 1973 -            0 1986 -         27,200 1999 -          83,500
 1961 -                0 1974 -            0 1987 -         29,000 2000 -          87,100
 1962 -                0 1975 -            0 1988 -         33,400 2001 -          90,200
 1963 -                0 1976 -            0 1989 -         38,100 2002 -          96,000
 1964 -                0 1977 -            0 1990 -         43,200 2003 -         100,600
 1965 -                0 1978 -            0 1991 -         46,500 2004 -         105,700
 1966 -                0 1979 -            0 1992 -         53,800 2005 -         110,000
 1967 -                0 1980 -        8,800 1993 -         56,300 2006 -         112,000
 1968 -                0 1981 -        9,800 1994 -         59,800 2007 -         116,000
 1969 -                0 1982 -       12,000 1995 -         64,900 2008 -         121,000
 1970 -                0 1983 -       14,300 1996 -         70,300
 1971 -                0 1984 -       19,000 1997 -         74,600
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          END OF INPUT INFORMATION - ANALYSIS FOLLOWS
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                  CURRENT NET TAKE-HOME PAY CALCULATION
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Current Monthly Gross Salary                                                                  10,083
Less Withholdings:
            Federal income taxes                                                1,622
            State income taxes                                                    539
            FICA (social security) taxes                                          771
            Supplemental tax deferred annuity (403(B))                               0
            Health ins. and miscellaneous withholdings                              50
            Flexible spending - medical expenses                                     0
            Flexible spending - dependent care expenses                              0
                                                                          ---------
                        Total withholdings                                                     (2,982)
                                                                                         ---------
            Current take-home pay from salary                                                   7,101
Less Monthly After-Tax Medical and Dependent Care Expenses:
            Medical expenses                                                                      (100)
            Dependent care expenses                                                               (400)
                                                                                         ---------
            Projected net pay after expenses                                                    6,601
                                                                                         =========

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                  PROJECTED NET TAKE-HOME PAY CALCULATION
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Current Monthly Gross Salary                                                                  10,083
Less Withholdings:
            Federal income taxes                                                1,622
            State income taxes                                                    539
            FICA (social security) taxes                                          771
            Supplemental tax deferred annuity (403(B))                               0
            Health ins. and miscellaneous withholdings                              50
            Flexible spending - medical expenses                                     0
            Flexible spending - dependent care expenses                              0
                                                                          ---------
                        Total withholdings                                                     (2,982)
                                                                                         ---------
            Projected take-home pay from salary                                                 7,101
Less Monthly After-Tax Medical and Dependent Care Expenses:
            Medical expenses                                                                      (100)
            Dependent care expenses                                                               (400)
                                                                                         ---------
            Projected net pay after expenses                                                    6,601
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PROJECTED MONTHLY RETIREMENT BENEFIT - CURRENT DOLLARS TODAY
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         Basic Defined Benefit Retirement Plan (VRS). . . . . .                   0
         Basic Defined Contrib. Optional Retirement Plan (ORP).              3,081
         Social Security (Worker and Spousal Benefit Combined).              2,485
         Tax Shelter Annuity (403(b) Plan). . . . . . . . . . .                   0
                                                                      --------
                      Total Projected Monthly Benefit . . . . . . .          5,566
         Less Federal Income Tax Liability (Current Rates). . .                (397)
         Less State Income Tax Liability (Current Rates). . . .                (415)
                                                                      --------
                       Total Projected After-tax Monthly Benefit             4,754
                        (As adjusted to TODAY'S dollars)              ========


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PROJECTED MONTHLY RETIREMENT BENEFIT - FUTURE DOLLARS AT RETIREMENT
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         Basic Defined Benefit Retirement Plan (VRS). . . . . .                  0
         Basic Defined Contrib. Optional Retirement Plan (ORP).              8,176
         Social Security (Worker and Spousal Benefit Combined).              6,593
         Tax Shelter Annuity (403(b) Plan). . . . . . . . . . .                  0
                                                                      --------
                      Total Projected Monthly Benefit . . . . . . .         14,768
         Less Federal Income Tax Liability (Current Rates). . .             (1,969)
         Less State Income Tax Liability (Current Rates). . . .             (1,237)
                                                                      --------
                       Total Projected After-tax Monthly Benefit *          11,562
                        (In FUTURE dollars at retirement)             ========


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PROJECTED ACCUMULATED CASH BALANCES AT RETIREMENT - FUTURE DOLLARS
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         Basic Defined Benefit Plan (VRS) . . . . . . . . . . .          N.A.
         Basic Defined Contrib. Optional Retirement Plan (ORP).            799185
         Tax-Sheltered Annuity (403(B) Plan). . . . . . . . . .                 0
                                                                      --------
                       Total Accumulated Balances (FUTURE Dollars)         799185
                                                                      ========

								
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