|
Managing your monthly
budget can be difficult and frustrating. One of the most important aspects
of controlling your budget is to determine where your money is going.
This calculator helps you do just that. By entering your income and monthly
expenditures, you can see how much you have left to save and where your
money is being spent. In addition, you can click the "view report" button
to compare your budget breakdown to our targets, which can help identify
areas for improvement.
Definitions
- Your
income
- Your
total gross income from your paycheck.
- Other
income
- Any
other income that you receive including bonuses, alimony, child
support or income from a business.
- Federal
tax withholding
- Total
amount withheld for federal taxes. Enter this amount from your
pay stub.
- State
tax withholding
- Total
amount withheld for state taxes. Enter this amount from your
pay stub.
- Local
tax withholding
- Total
amount withheld for local taxes. Enter this amount from your
pay stub.
- Other
taxes and withholdings
- Total
amount withheld for any other taxes or miscellaneous item. Enter
this amount from your pay stub.
- FICA
- Total
withheld for FICA (Federal Insurance Contributions Act) is based
on the gross income on your paycheck.
- Medicare
- Total
withheld for Medicare based on the gross income on your paycheck.
- Insurance
and benefits
- Total
amount withheld for insurance and benefits by your employer.
Enter this amount from you pay stub.
- Company
retirement savings plan
- Total
amount withheld from your paycheck that is deposited into a
company retirement savings plan such as a 401(k) or 403(b).
|
|