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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, ThanksUse 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
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