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Life’s a Beach…

Life’s a Beach…. Unless…it isn’t…. Calculating Federal & State Taxes. How much do you make a year?—This is your gross income Ex: $45,000 Divide it by 12 months—This is your gross monthly income $3750

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Life’s a Beach…

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  1. Life’s a Beach…

  2. Unless…it isn’t…

  3. Calculating Federal & State Taxes • How much do you make a year?—This is your gross income Ex: $45,000 • Divide it by 12 months—This is your gross monthly income $3750 • Multiply your gross monthly income by your federal tax bracket, then subtract this amount from your gross monthly income. $3750 * 25% = $937.50 $3750- $937.50 = $2812.50 • Multiply your gross monthly income by your state tax bracket, then subtract this amount from your gross monthly income. $3750 * 6% = $225.00 $3750- $937.50 = $2812.50 (after Fed. Taxes) $2812.50 - $225.00 = $2587.50

  4. Calculating Social Security • Multiply your gross monthly income by Social Security and Medicare expenses, then subtract this amount from your gross monthly income. $3750 * 15.3% = $573.75 $2587.50 (after Fed & State taxes have been deducted) - $573.75 = $2013.75 * Complete the same process for your spouse…add them together and that is your NET monthly income (take home pay).

  5. Property Taxes… • For the purposes of this exercise, everyone that owns a home will calculate property taxes in the following way…(we will assume that the tax assessors are giving you a break!) Purchase price of the home ex. $225,000 Multiple by estimated value 80% $225,000 * 80% = $180,000 $180,000 (est. value) * 2% = $3,600 (this is the amount that you will pay for property taxes)

  6. Homeowners & auto insurance

  7. Home repairs/HOA dues etc… • This is optional…but if you don’t pay them forward you may, or may not suffer for it later… • Calculate $200.00

  8. Utilities—not an exact science • Electric: Calculate 1% of your house purchase price to determine your electric rate • Natural gas: Calculate 1% of your house purchase price to determine your electric rate • Water/sewer: family of 4+ = $75.00 per mo family of 3 = $65.00 family of 2 = $55.00 • Telephone: landline only (basic) $20.00 • Telephone: 2 cell phones (basic) $85.00 • Telephone: landline + 2 cell (basic) $100.00 • Telephone: landline + 2 cell (deluxe) $200.00 • Telephone: landline + 4 cell (deluxe) $300.00

  9. Optional expenses • Trash pickup: $13.50 per mo • Internet expense: $30.00 per mo

  10. Food Groceries • Family of 4 (small kids) $350.00 per mo • Diapers & formula (babies-2 years) add $150.00 • Family of 4+ (big kids/teens) $600.00 per mo • Family of 3 $300-350 • Family of 2 $250.00 Eating out • Lunch $200.00 (fast food for 2 adults) • Lunch $430.00 (sit down meals for 2 adults) • Lunch for school aged $30.00 per child Snacks • 1 coke + 1 snack per day for 4 individuals = $ 40.00 per week

  11. What are you going to do about childcare? • School aged kids (ages 6-11) ASP $6 per day per child • Childcare (Basic) $250.00 per week • Childcare (PrimRose) $500.00 per week

  12. Medical Insurance • Medical (no vision or dental) • Family $178.00 • Medical, vision, dental • Family $345.00 Gym membership (optional) $32.00 per person

  13. Transportation expenses • Gas • $3.96 per gallon • Oil • $13.00 per car per mo • Auto expenses/maintenance • $50.00 • Tolls/bus/subway etc… • (If you live in Fla or work off of 400—you will need to pay for toll roads) • $25.00 per month • (If you work in downtown Atlanta, or another major city, you will need to pay for parking expenses) • $250.00 per month

  14. Debt Payments… • The luck…or unluck of the draw

  15. Entertainment Expense • The luck…or unluck of the draw

  16. Pet expenses • Big dogs--$40.00 per dog per week (food) • Big dogs—$100 vet expense per dog per month • Little dogs--$10 per dog per week (food) • Little dogs--$50 per dog per month (vet/grooming) • Rabbits, guinea pigs, hamsters, ferrets, random farm animals $40.00 per month (food & bedding) • Cats--$10 per cat per week (food) • Cats--$50 per cat per month (vet) • Fish--$5 per month • Horse--$300.00 per month ($500.00 food + board)

  17. Clothing… • You can expect to spend approximately $50 per person per month (min.) clothing expense—if you buy new from a department store. • You can bargain shop/thrift shop/discount store/consignment sale/ebay etc…

  18. Savings… • You need to put aside 10% of your net income for a rainy day… • You can choose to contribute to a 401K, college fund for your kids and an emergency fund • Emergency fund is estimated at putting aside 3-6 months of monthly income away in case of “Emergency”…

  19. Miscellaneous expenses… • Wal-Mart/Target/K-Mart/Best Buy…the STUFF of life… $50 per person per month • Gifts/donations (church tithes 10%) • Optional expenses..up to you…remember Carnegie “Those with great wealth have great responsibility” • Grooming—hair/makeup etc • $15.00 per person per month

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