Instructions
| Instructions |
| This spreadsheet file contains three worksheets (Taxes, Debt, and Retirement) to assist you with completing your personal financial plan. |
| Click on the tabs below to access each worksheet. |
| You should save this file when complete and submit it to the Dropbox folder on D2L along with your completed personal financial plan Word document. |
Taxes
| Taxes | ||
| This worksheet helps you estimate how much you will owe in federal income tax given the current federal income tax rates effective 2020. | ||
| Individual Taxpayers | If Taxable Income is Between: | The Tax Due is: |
| 0 – $9,875 | 10% of taxable income | |
| $9,876 – $40,125 | $987.50 + 12% of the amount over $9,875 | |
| $40,126 – $85,525 | $4,617.50 + 22% of the amount over $40,125 | |
| $85,526 – $163,300 | $14,605.50 + 24% of the amount over $85,525 | |
| $163,301 – $207,350 | $33,271.50 + 32% of the amount over $163,300 | |
| $207,351 – $518,400 | $47,367.50 + 35% of the amount over $207,350 | |
| $518,401+ | $156,235.00 + 37% of the amount over $518,400 | |
| Enter your estimated annual earnings in cell B14 below. Monthly salary, annual taxes, and monthly taxes are calculated automatically. | ||
| Annual salary: | $10,000.00 | |
| Monthly salary: | $833.33 | |
| Annual taxes: | $1,002.50 | |
| Monthly taxes: | $83.54 |
Debt
| Debt | ||
| This worksheet helps you estimate how much you will owe each month on debt, such as credit card balances, car loans, student loan debt, and home loans. | ||
| Enter the total amount of debt in cell B5 below, the payoff period in years in cell B6 below, and the annual interst rate in cell B7 below. The monthly payment to payoff the debt balance within the payoff period is calculated automatically. | ||
| Total Debt Balance | $10,000 | |
| Payoff Period in YEARS | 10 | years |
| Annual Interest Rate | 5% | |
| Monthly Payment | $106.07 |
Retirement
| Retirement | ||
| This worksheet helps you estimate how much you can accumulate in a retirement account while working and how much you will be able to withdraw each month in retirement. | ||
| Enter your annual salary in cell B6 below, the percentage of your salary you plan to contribute to your retirement account in cell B7 below, and your estimated years of work in cell B8 below. | ||
| This example calculates automatically the assumption that your employer will match your contribution up to 5% of your salary if you put in at least 5% of your salary each month. | ||
| Annaul Salary: | $10,000 | |
| Your % contribution: | 4% | |
| Years of Work: | 30 | years |
| Employer Match: | 0% | |
| Enter the percentages below that you plan to allocate to each category of investments during your working life. You estimated total accumulated balance upon retirement is calculated automatically. | ||
| Employer Stock: | 0% | |
| Money Market Fund: | 100% | |
| Bond Fund: | 0% | |
| Equity Fund: | 0% | |
| Estimated Balance at Retirement | $16,424.18 | |
| Enter the number of years you plan to make equal monthly withdrawals from your retirement account. | ||
| Years of Retirement: | 30 | years |
| Enter the percentages below that you plan to maintain to each category of investments during your retirement years. Your estimated monthly withdrawal amount is calculated automatically. | ||
| Employer Stock: | 0% | |
| Money Market Fund: | 100% | |
| Bond Fund: | 0% | |
| Equity Fund: | 0% | |
| Estimated Monthly Withdrawals: | $60.71 |
