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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.
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Definitions
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- 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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Information and interactive calculators are made available
to you as self-help tools for your independent use and are not intended to provide
investment advice. We can not and do not guarantee their applicability or accuracy
in regards to your individual circumstances. All examples are hypothetical and are
for illustrative purposes. We encourage you to seek personalized advice from qualified
professionals regarding all personal finance issues.
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