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| How
much income do you need to pay for your lifestyle? |
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Below
is a chart that is set up to list out common expenses for a family with
calculations at the bottom indicating how much income is needed to achieve
this lifestyle. You can change the
individual line items to more closely match your situation, the totals and
income will be affected by changes you make.
You can also download the excel version by following the link at the
bottom. |
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monthly |
yearly |
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| financing |
Purchase price in thousands |
450 |
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downpayment % |
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20% |
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downpayment amount |
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90 |
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mortgage amount |
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360 |
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30 year mortgage rate |
6.00% |
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mortgage factor per $1,000 |
5.996 |
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mortgage payment per month |
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2158.56 |
$25,903 |
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yearly |
monthly |
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| taxes |
assessed value |
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300 |
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tax rate |
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12 |
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town taxes per year |
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3600 |
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$3,600 |
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taxes/12= monthly taxes |
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$300.00 |
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| bills |
homeowner's insurance |
500 |
$41.67 |
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water |
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200 |
$16.67 |
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heat |
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$100.00 |
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electric |
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$100.00 |
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maintenance |
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$100.00 |
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dump sticker |
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80 |
$3.17 |
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beach sticker |
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80 |
$3.17 |
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house based bills subtotal |
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$364.67 |
$4,376 |
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| living bills |
telephone |
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$60.00 |
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cable |
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$20.00 |
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internet |
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$0.00 |
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food |
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$500.00 |
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cell phone |
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$0.00 |
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Living bills subtotal |
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$580.00 |
$6,960 |
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| car 1 |
payment |
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$0.00 |
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insurance |
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$50.00 |
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gas |
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$100.00 |
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maintenance |
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$100.00 |
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$250.00 |
$3,000 |
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| car 2 |
payment |
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$0.00 |
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insurance |
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$50.00 |
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gas |
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$100.00 |
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maintenance |
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$100.00 |
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car 2 total |
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$250.00 |
$3,000 |
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Monthly |
Yearly |
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| Expenses
total |
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$5,348 |
$64,175 |
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Income tax- federal |
28% |
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income tax - state |
6% |
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retirement |
10% |
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payroll taxes |
8% |
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taxes total |
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52% |
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| Pretax
Income required to live this lifestyle |
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$10,284 |
$123,413 |
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| The cells
below are set up to calculate gross income from tax percent and net income |
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proportions monthly |
proportions yearly |
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gross/net |
% |
gross/net |
% |
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$10,284 |
100 |
$123,413 |
100 |
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$5,348 |
52 |
$64,175 |
52 |
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how the proportions are calculated |
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a |
b |
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c |
d |
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b x c / d =
a |
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Data from an end of year
2002 paystub |
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earning |
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95590 |
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401k |
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11000 |
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fed tax |
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20906 |
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medicare |
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1386 |
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soc sec |
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5263 |
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state tax |
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4387 |
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| Download |
Follow this link to get the spreadsheet in Excel
format |
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