Career and Life Planning Workbook for Medical Residents

WWW . A D V E N T U R E S I N M E D I C I N E . C O M 87 )LNPUUPUN H JHYLLY PU `V\Y SH[L Z VY LHYS` Z ^P[O H ZP_ ÄN\YL KLI[ JHU WSHJL HU LUVYTV\Z I\YKLU VU UL^ WO`ZPJPHUZ ^OV HYLU»[ WYLWHYLK [V THUHNL [OLPY ÄUHUJLZ ^P[O [OLPY M\[\YL PU TPUK ;V JYLH[L H WLYZVUHS I\KNL[ HUK WSHU MVY HU emergency savings fund, children’s education, investments, and other big-ticket items, such as a second home, go to: Spending Plan Worksheet, Resource E-29 in the Online Resource Library Exercise: Calculating Income After Taxes. Step 2: Estimate Your Taxes Step 3: Calculate Your Net Income Step 4: Budget Your Personal Expenses Step 5: Federal Tax Estimator by Filing Status CHAPTER 9 Finance Basics + + = Line 7: Federal Taxes : Line 8: State Taxes: * State taxes range from 0% to 1 3.3 %, depending on the state in which you practice.To estimate your State Taxes go to: Line 9: Social Security & Medicare Taxes: * 6.2% (Social Security) Tax on all wages up to $1 28 , 4 00 (201 8 ) and 1.45% (Medicare) tax on all wages. Line 10: Total Estimates Taxes : Line 11: Subtract Line 10 from Line 6: Line 12: Subtract Line 3 from Line 11: (Since Loan Repayment is being paid toward your loans and not paid directly to you). Line 13: Net Income: The above exercise is intended to help you calculate an estimates net income number. The result is not precise and will vary based on several unique PKLU[PÄLYZ @V\ ZOV\SK ZLLR L_WLY[ HK]PJL MYVT H ÄUHUJPHS WSHUULY VY *LY[PÄLK 7\ISPJ (JJV\U[HU[ *7( ^OLU KL[LYTPUPUN `V\Y HJ[\HS UL[ PUJVTL Tax Rate Single Married / Joint Married / Separate Heads of Households 10% $0 - $9,525 $0 - $19,050 $0 - $9,525 $0 - $13,600 12% $9,525 - $38,700 $19,050 - $77,400 $9,525 - $38,700 $13,600 - $51,800 22% $38,700 - $82,500 $77,400 - $165,000 $38,700 - $82,500 $51,800 - $82,500 24% 32% $82,500 - $157,500 $157,500 - $200,000 $165,000 - $315,000 $315,000 - $400,000 $82,500 - $157,500 $157,500 - $200,000 $82,500 - $157,500 $157,500 - $200,000 35% $200,000 - $500,000 $400,000 - $600,000 $200,000 - $300,000 $200,000 - $500,000 37% Over $500,000 Over $600,000 Over $300,000 Over $500,000 https://taxfoundation.org/state-individual-income-tax-rates-brackets-2018/