Category | Monthly | Comments | Annual |
Salary/Wages for earner #1 | $4,583 | | $55,000 |
Salary/Wages for earner #2 | $4,583 | | $55,000 |
|
401(k) / 403(b) / TSP / etc. | $1,167 | Room to increase? | $14,000 |
Income subject to IRS tax | $8,000 | | $96,000 |
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|
|
Federal Total Income | $8,000 | | $96,000 |
|
Federal tax | $864 | 2016 rates, MFJ, stand. ded., 2 exempt. | $10,368 |
State/City tax | $0 | Guess, using 0.00% * (AGI - Exempt'n) | $0 |
Soc. Sec. | $568 | Assumes 2 earners paying | $6,820 |
Medicare | $133 | | $1,595 |
Total income taxes | $1,565 | | $18,783 |
Income before other expenses | $6,435 | | $77,218 |
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Monthly Average Expenses: | | | |
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Other tax-advantaged investments: | | | |
Roth IRA | $917 | At maximum | $11,000 |
Roth 401k/403b | $333 | Room to increase? | $4,000 |
Total Expense | $1,250 | | $15,000 |
Total to invest | $5,185 | | $62,218 |
|
Summary: | | | |
"Gross" income | $9,167 | | $110,000 |
Income taxes | $1,565 | | $18,783 |
After-tax income | $7,601 | | $91,218 |
IRA+401k/403b/TSP/457 (Savers' credit) | $2,417 | | $29,000 |
After-tax investable | $5,185 | | $62,218 |