Let’s face it, managing your monthly budget can be depressing and overwhelming. It’s daunting to actually force yourself to see where you are spending your hard earned dough! So take a deep breath and get ready to take a look in the (financial) mirror. By entering your income and monthly expenditures, this calculator will show you where money is being spent and where you could be saving. In addition, you can click the ‘View Report’ button to compare your budget breakdown to our targets, which can help idenitfy 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).
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