Now we need a job for you, click HERE and find a job. Look on the right hand side where it says: List of Average Job Salaries & Salary Comparisons by Career and select a field, then click the job in that field and record the Median annual Income for that job on your Budget sheet under: Gross pay. Take some time with this step, selecting the right job is important! You want a job that you love, but also one that pays the bills!
Of course we know that we have just recorded the gross income, and now we need to see how much we will actually take home (the net income). To find it click HERE. Set your pay frequency at; "Annual: 1 pay period per year" and set your wages equal to your gross pay from the first web site. Then set: Withhold Federal and State Income Taxes? to: YES, Federal withholding status to: SINGLE and state to: New York. Leave Local blank, set State withholding status to: SINGLE, Number of allowances to: 0, dependants to: 1, and finally, set: Does your employer offer... to: NO. Now click: Calculate taxes.
That's how much you can expect to earn halfway through your working years (say by the time you are 42 years old). Now play Financial Football.
Click HERE for today's assignment (Financial Football)