Calculating your Disposable Income
Calculating your Disposable IncomeWrite the career you have chosen at the top of your pageAnswer the following questions below:1. How long will it take you from today to make it to your chosen career?2. What is the starting pay for your career?Go to and insert your job title and income level. Use this tool to find the 10th percentile salary of your job where you want to live. This is your Gross Annual Income. Print this page.Calculate your TaxesFederal Tax information:To determine what you will owe in Federal Taxes visit features/tax_brackets.htmOn the tax calculator choose year 2011 and single.*NOTE*The Government allows you to take a standard deduction each year when you file taxes. This is income that you can keep tax free. The 2011 tax year standard deduction for a single person is $5,700. To determine your taxable income (amount that the government will tax) simply take your combined yearly gross income and subtract $5,700. The moneychimp calculator does this for you automatically. Example:Combined Annual Gross Income = $65,000Minus the standard deduction of $5,700 = $59,300$59,300 is your taxable income3. What is your taxable income? $______________________4. What is your Federal Tax obligation? $______________________ (i.e. how much tax do you owe?)State Tax information:The Georgia State Standard Deduction is $2,300 and the tax rate is 6%To calculate your state tax, subtract $2,300 from your gross annual income and multiply the result by .06.Example:Gross Income= $65,000State Deduction = $2,300State Tax= 6%62,700 * .06 = a state tax of $37625. What is your State Tax obligation? $______________________FICA Tax information:FICA includes a tax for Social Security and Medicare. You must pay this tax on the first $90,000 you earn. All earnings over $90,000 are not subject to FICA tax. The combined rate is 7.65%Example:Gross Income= $65,000FICA Tax= 7.65%65,000 * .0765 = a FICA tax of $4972.56. What is your FICA Tax obligation? $______________________Step 4Disposable IncomeDisposable income is the amount of money you have after taxes. To determine your disposable income, subtract your Federal, State and FICA tax obligations from your combined annual gross income.What is your annual disposable income? $_______________________Step 5 Monthly Disposable IncomeMonthly disposable income equals your annual disposable income divided by the twelve months in the year.What is your monthly disposable income? $_______________________ ................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related searches
- calculating disposable income for garnishment
- disposable income calculator garnishments
- calculate disposable income for garnishment
- disposable income for garnishment
- determining disposable income for garnishment
- disposable income calculator
- disposable income calculator for garnishment
- irs disposable income calculator
- disposable income us 2019
- us disposable income chart
- per capita disposable income us
- disposable income by state