taxable accounts, and cash savings. I’ve never made more than about 60k in my life. I got a late start so I am definitely trying to make up for lost time after digging myself out of debt. Better late than never!
Obviously, my calculation is simplistic because we all die at some point. My calculation is based on cash flow into perpetuity. To counteract the perpetuity, I assign a Probability of Payout percent. Further, we all won't have surviving spouses to continue receiving the pension long after we'...
Calculate Your Taxes What is Considered Taxable and Non-Cash Taxable Income? In its simplest definition, "income" is money (cash) received and often earned through employment or investing. With that said, when it comes to the IRS definition of "income", they have a much broader interpretatio...
One downside is that taxes will still be owed, including withholding taxes at the time of the withdrawal, unless you opt out of the tax withholding. You may need to use cash or sell a different asset if funds are fully invested, or be prepared to pay the taxes with nonretirement account...
401K match Stock compensation The market value of your insurance benefits Vacation/holiday time Any other subsidized benefit you receive that has a value 2. Subtract all Taxes You won’t actually see this cash, so it’s not ‘real’ money to you. Subtract Medicare, Social Security, state, ...
Mortgage lenders prefer a debt-to-income ratio that is below 36%. When it comes to calculating DTI, divide monthly debt payments such as child support, student loans, and credit card debt by your gross monthly income.
If you’d like to figure out your debt-to-income ratio, simply take your average gross annual income based on your last two tax returns and divide it by 12 (months). So if you made on average $100,000 gross (before taxes) each year for the past two years, that would equate to $...
Cash:Checking account, savings account, cash Retirement Accounts:Total value of your 401K’s, IRA’s Non-Retirement Investment Accounts: personal investment accounts Depreciating Assets:Market value of your vehicles and other personal property (excluding home) ...