Filing status - Married

Income #1 - Assistant Basketball Coach/ Athletic Trainer Income

$ 64,000.00

Income #2 - Physical Therapist

$ 64,000.00

Total Gross Income

$ 128,000.00

Deductions

Health Benefits

$ 3,000.00

401k 10%

#1

$6,400.00

#2

$6,400.00

Student Loans

#1

$3,600.00

#2

$3,600.00

Adjusted Gross Income (AGI)

$105,000.00

Exemptions

4 x $ 4000

$16,000.00

Standard deduction

$12,600.00

Taxable income

CA Tax (6%)

$

Federal Tax in class to calculate the tax in each tax bracket)

0-18550(10%), 18551-75300(15%), 75301-151900(25%),

$

FICA

$

Total Tax

$

Child Tax Credit

$

AGI - Total Tax

$

They have good health insurance through their jobs and only pay $250 per month pre-tax to cover both the dependent children for medical and dental. They have minimal life insurance so they bought an additional 20-year term life plan that only costs $20 per month. Their combined income is close to $128,000.00 a year. They make close to the same amount). They both still owe about $20,000 each in student loans and each are paying $300 per month (pre-tax - government aid student loans)

The health insurance and the student loans are pre-tax. Am I doing right if I deduct those to get the gross income?