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Home Budget Analysis
This calculator will enable you to compare your outgoing expenses against your income and determine what is left over for possible increases in payments or savings. Click on the "Expenses Calc" button and enter your monthly bills. Then click on the "Paycheck Calc" and enter in the data requested by looking at your pay stub(s). Add in any additional income in the area provided. The pie chart will show the percentages of your income or expenses by your selection of the button at the bottom of the box. Click on "View Report" to see the budget breakdown and compare to the "Target Payments" for possible improvement on particular areas.
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Definitions
- 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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