How Much Is Your Second Income Costing You? by Erica Armstrong
... When you calculate the true value of a second income, don’t forget to work out your taxes both ways. State taxes and individual deductions will vary. If you decide you want to scale back, and give up one income, then you must be absolutely sure that you are willing to actually economize in the ways you factored in to your calculations. If you wish to achieve a single income lifestyle, then be aware that you will need to plan ruthlessly. It is not a matter of luck.
Software - Turbo Tax by Michael Russell
... The biggest advantage of doing your taxes with Turbo Tax is that all the calculations are done for you, as opposed to the old pen and paper method of filling out forms and having to bring a calculator with you or somebody with a good head for math on their shoulders, if this isn't you. Turbo tax has its own built in calculator. Every figure you enter either gets added to income or deductions depending on where you enter it. And if you're not sure where some of the figures go, no problem.
What Are Consequences Of Early Retirement Withdrawal? by Tom Turner
... Unfortunately if you decide on an early retirement withdrawal you will find yourself being hit with a 10% penalty on top of having to pay income tax as well at the top end of the tax bracket. However there are times when you can do an early retirement withdrawal if you incur some expenses because of some dire circumstances such as high medical expenses or because of disability. Also if someone should die and they name you as the beneficiary of their retirement plan then you can withdraw ...
IRS Offers Free State Sales Tax Deduction Calculator by Richard Chapo
... If you itemize your tax deductions, you already know that you can claim a deduction for the total state income taxes you paid during the year. Depending on your state, that can be a very large tax deduction. But what if you live in a state that doesn’t collect income taxes? For the last couple of years, you could claim a deduction for the total state and local sales tax you paid on your purchases. In fact, you can do this regardless of whether you live in a state that collects income tax or ...
Child Support Calculators by Kevin Stith
... In order to get the net income, mandatory expenses such as income taxes, Social Security and Medicare tax, union dues, and health insurance dues are subtracted from a parent’s gross income or the amount of income from wages and investments. Aside from net income, there are also different factors considered in determining child support, such as the time spent with the child and the number of children between the parents. Special circumstances are also factored into the formula.
Why You Must Have a Great Website! by Jack Martin
... So when the financial advisor is talking about tax free income or alterative minimum taxes or required distributions from IRAs, the clients are expecting to find supporting content and tools on the website. Remember with seniors there’s a lot of ‘show me’ in their attitudes. They expect to find calculators, so they can see for themselves how much their IRA might shrink from income and estate taxes. They expect to find supporting articles that teach them more about estate tax planning or ...
Retirement Calculator by Milos Pesic
... Annual Retirement Income – The amount you need to live on once you retire (after taxes). This amount should cover all living expenses for a year and should not be less than 70 % of your current income if you want to maintain your current standard of living. Annual Yield – It is your expected rate of return. For stocks or mutual funds, consult a prospectus. Other Income – The amount you’ll enter here can include Social Security, employer-funded pension plans, or other external source of income.
Einstein's Rule Of 72 by Roger Sorensen
... If you figure that inflation averages 3% you're just above breaking even, and if you figure the income taxes you paid on the 4% growth, you are loosing money. If you're 35 and your money is growing at 12%, you will have SIX DOUBLES by age 60! If you're 50 and your money is growing at 12%, you have 1.6 DOUBLES LEFT by age 60! What does this mean? It means you need to start investing your money as soon as you can. Today is a good time to begin.