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INDIVIDUAL FAMILY
INCOME BEFORE TAXES $75,000 $75,000
Federal taxes after standard deduction $9800 $5739
RI state taxes 3.75% $2343 $1873
FICA 7.65% $5738 $5738
TOTAL TAX $17,880 $13,350
NET INCOME AFTER TAXES $ 57120 $61650
Now let’s look what is left after the $15,000 car loan and credit card payments
Car loan $278/month total annual $3336 $3336
Credit card $3800/month, annual interest only $45,600 $45,600
Left over from yearly income $8184 $12,714
Food bill $250/month single $3000
Food bill $712/month family $8544
Gas/heat. AC $300/month $3600 $3600
Average housing cost $1015/month $12,180 $12,180
LEFT OVER ANNUAL INCOME (- $10596) (- $11610)
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