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Net Income And Tax Savings Worksheet
More important than how much you make each year is how much is left over for savings at the end of the year. The average American now works until June 11 of each year just to pay his taxes! Fill out the chart below to compare the savings potential when working in a tax-free, expense paid job.
$ 39,237
$ 48,000
United
States
Items
Tax-Free
Country
Yearly Net Income
Mortgage/Rent per year
plus home insurance, property taxes, maintenance
Utility bills per year
include electric, gas, water, sewer, cable, phone, trash
Health Insurance
include premiums, deductables, co-payments
Food, Clothing, Entertainment
Car Payment and Operation
TOTAL EXPENSES
POTENTIAL EARNINGS LEFT
$ (12,000)
$ (0,000)
$ (4,200)
$ (0,000)
$ (3,600)
$ (0,000)
$ (8,400)
$ (8,400)
$ 6,237
$ (11,400)
$ (33,000)
$ (3,000)*
$ (4,800)
$ 36,600
Determining Your Savings Potential
Roughly the same as what you pay in the US
Provided free of charge
Provided free of charge
Provided free of charge
The first step is to establish what your NET income really is. Most people have no accurate idea of their NET income because they don't write a check for their taxes (they are taken from you before you receive your paycheck). The chart below is designed to help you arrive at your actual NET income.
Gross Income
enter your yearly gross
income from all sources
Federal Tax
multiply your gross income
times the appropriate
percent and enter the result
$00,000 to $ 25,454 = 15%
$25,454 to $ 53,716 = 28%
$53,716 to $122,746 = 31%
Social Security Tax multiply gross income
times .0765 (7.65%) and
enter the result
State Income Tax
enter your state income
tax, if any (average state
income tax is 6%)
Net Income
deduct the federal, social
security and state taxes
from your gross income
and enter the result.
$ 62,000
$ (14,300)
$ (4,743)
$ (3,720)
$ 39,237
Determining Your Net Income