Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use numbers to your liking, i just need an example, Thanks Use numbers to your liking, i just need an example, Thanks Create an annual

Use numbers to your liking, i just need an example, Thanksimage text in transcribedUse numbers to your liking, i just need an example, Thanks

Create an annual Income Statement for yourself, assume a marginal tax rate using the Table to the right. Use the monthly gross income from the mortgage tab and conver to annual. Calculate the annual mortgage payment by multiplying 12 times the montly mortgage rate. Use Template below to calculate disposable income or net income after retirement, mortgage, taxes, and food and misc items. Table 1 Tax Rate Personal Income Statement Category Number Gross Income 401k Retirement Taxes 10% 12% Formulas (Gross income from mortgage tab x 12) Annual Retirment Savings from la. (Gross Income - Retirement Savings) x Tax Rate Gross Income - Annual Retirement - Taxes Payment from 1b. X 12 Enter any appropriate Number Ensure this number is positive 22% After Tax Income Mortgage Payment Food and Misc Single Filer Up to $9,525 $9,526 - $38,700 $38,700 - $82,500 $82,500 - $157,500 $157,500 - $200,000 $200,000 - $500,000 Over $500,000 Married, Filing Jointly Up to $19,050 $19,050 - $77,400 $77,400 - $165,00 $165,000 - $315,000 $315,000 - $400,000 $400,000 - $600,000 Over $600,000 Head of Household Up to $13,600 $13,600 - $51,800 $51,800 - $82,500 $82,500 - $157,500 $157,500 - $200,000 $200,000 - $500,000 Over $500,000 24% 32% Net Income 35% 37%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Investments

Authors: Bradford Jordan, Thomas Miller

4th Edition

0073314978, 9780073314976

More Books

Students also viewed these Finance questions

Question

Which telepsychology is being used for which disorder?

Answered: 1 week ago