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example worksheet
This is an EXAMPLE of a completed worksheet. Return to the blank worksheet
DETERMINING
YOUR NET INCOME AND SAVINGS POTENTIAL |
DETERMINING YOUR NET INCOME |
|
DETERMINING YOUR SAVINGS POTENTIAL |
| 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. |
|
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. |
Use
the net income figure below as the amount of your U.S. net income in the savings chart to
the right |
|
United
States |
Item
|
Saudi
Arabia |
GROSS INCOME enter
your yearly GROSS income
from all sources |
$62,000 |
|
$39,237 |
Yearly NET Income |
$48,000 |
Federal
Tax multiply your gross income times the appropriate percentage and enter the
result
$00,000 to $ 25,454 = 15%
$25,454 to $ 53,716 = 28%
$53,716 to $122,746 = 31%
|
$(14,300)
|
|
$(12,000)
|
Mortgage/Rent per year
plus home insurance, property taxes, maintenance association fees, etc |
$(0,000)
|
Social
Security Tax multiply gross income times .0765 (7.65%) and enter the result |
$(4,743)
|
|
$(4,200)
|
Utility bills per year
include electric, gas, water, sewer, cable, phone, trash |
$(0,000)
|
State
Income Tax enter your state income tax, if any
(average state income tax is 6%) |
$(3,720)
|
|
$(3,600)
|
Health Insurance
include premiums, deductables, co-pymnts |
$(0,000)
|
NET
INCOME deduct the federal, social security and state taxes from your gross income and
enter the result. |
$39,237 |
|
$(8,400)
|
Food, Clothing,
Entertainment |
$(8,400)
|
| |
|
|
$(4,800)
|
Car Payment and Operation |
$(3,000)
includes $150/mo car allowance |
| |
|
|
$(33,000)
|
TOTAL EXPENSES |
$(11,400)
|
| As
you can see to the right, when working in Saudi Arabia it's possible to save in one year
what it would take you almost 6 years to save in the U.S. Note that this example only used
a salary of $48,000 in Saudi Arabia. |
|
$6,237 |
POTENTIAL
EARNINGS LEFT FOR SAVINGS |
$36,600 |
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