My after tax income (including bonus and interest income) is approximately US$325K per month. I am a professional and my job is relatively steady (been with the same company for more than 5 years). What percentage of my after tax income should I be saving (either for retirement or a rainy day)? Obviously, it is better to save as much as possible. But I guess I want to know what percentage is a prudent guideline. Thanks
Suppose that during a given year, I receive payments of $50,000. During this year, $30,000 of these payments have not yet been earned. Should the $50k go as revenue on my income statement? Should the $30k go as a liability on my balance sheet? How should I represent all of this in the liability section of my balance sheet?
Thanks in advance.
Im 25, I am in shock when i see my friends (same age, same entry level income) go out and buy 250k-300k houses like its nothing. They dont have 20 bucks to fill up the gas tank but they can afford 250k house??? I dont want to be in their position where 90% of their income goes to mortgage, without having any savings on hand. what is a proper mortgage payment/income ratio?
I was wondering what proportion of your income should be spent on car payments. If you should only spend no more than 25% and of your income on rent to be safe financially, I am assuming that no more than 10% of your income should be spent on car payments. Is this a good estimate of how much money I should spend on my next new car yearly?
Hi, I am a Illinois resident and currently doing an internship in Florida.
I will be here only for 13 weeks and my expected income from this internship is $9880. I also have other sources of income from Illinois, so my expected total income for this year will be around 45~50K.
I heard that when I file an income tax report in Illinois, I will have to pay state income tax to Illinois for the Florida income portion, since Florida does not collect income tax.
Out of the income of $9880, how much should I put aside?
Thank you in advance for your answers.
I'm self employed, and, in my tax return my total income is enough to be a sponsor, but after "self employed taxes", my adjusted gross income falls a little behind the line. They ask to write my adjusted gross income for the last three yeas, I understand that, but I don't know what to write on line 23 where they ask my "individual annual income". Any help?
Thanks
