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Legend Financial
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Princeton, NJ 08540
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05/17/07
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I N
C O M E S T A T E M E N T
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Mathew
Retires at age 62
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Mathew & Tammy
McCarthey
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Sample Plan
|
2007
|
2008
|
2009
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2010
|
2011
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|
Age:
|
37/36
|
38/37
|
39/38
|
40/39
|
41/40
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|
Earned
Income
|
|
|
|
|
|
|
Matt's
Salary
|
102,600
|
105,678
|
108,848
|
112,114
|
115,477
|
|
Tammy's
Consulting
|
60,000
|
61,800
|
63,654
|
65,564
|
67,531
|
|
Matt's
401k
|
-15,000
|
-15,000
|
-15,500
|
-16,000
|
-16,500
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|
Tammy's
SEP
|
-9,000
|
-9,270
|
-9,548
|
-9,835
|
-10,130
|
|
|
138,600
|
143,208
|
147,454
|
151,843
|
156,378
|
|
Interest/Dividends
|
|
|
|
|
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|
IBM Stock
|
80
|
83
|
87
|
90
|
94
|
|
Bank
Account
|
560
|
571
|
583
|
594
|
606
|
|
CDs
|
325
|
336
|
346
|
358
|
369
|
|
S&P
500 Fund
|
739
|
784
|
833
|
884
|
939
|
|
|
1,704
|
1,775
|
1,848
|
1,926
|
2,008
|
|
Investments
|
|
|
|
|
|
|
BeachHouse
|
14,862
|
16,132
|
17,446
|
18,813
|
20,228
|
|
|
14,862
|
16,132
|
17,446
|
18,813
|
20,228
|
|
Adjustments
|
|
|
|
|
|
|
S.E. Tax
Dedctn
|
4,239
|
4,366
|
4,497
|
4,632
|
4,771
|
|
|
4,239
|
4,366
|
4,497
|
4,632
|
4,771
|
|
|
|
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Adj Gross Income
|
150,927
|
156,748
|
162,252
|
167,950
|
173,843
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|
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|
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Deductions
|
|
|
|
|
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|
Charitable
50%
|
1,200
|
1,236
|
1,273
|
1,311
|
1,351
|
|
State Tax
Paid
|
5,535
|
5,932
|
6,309
|
6,699
|
7,103
|
|
Real
Estate Tax
|
13,690
|
14,238
|
14,807
|
15,399
|
16,015
|
|
Home
Mortgage
|
13,139
|
12,883
|
12,609
|
12,320
|
12,013
|
|
Reductn
For High Inc
|
-9
|
-17
|
-26
|
0
|
0
|
|
Gross
Deductions
|
33,555
|
34,271
|
34,972
|
35,730
|
36,482
|
|
Standard
Deduction
|
10,300
|
10,600
|
10,900
|
11,200
|
11,600
|
|
Allowed
Deductions
|
33,555
|
34,271
|
34,972
|
35,730
|
36,482
|
|
Pers
Exemptions
|
9,900
|
10,200
|
10,500
|
10,800
|
11,100
|
|
|
|
|
|
|
|
|
Taxable Income
|
107,472
|
112,277
|
116,780
|
121,420
|
126,261
|
|
|
|
|
|
|
|
|
Fed
Income Tax
|
32,570
|
34,389
|
36,139
|
38,322
|
40,710
|
|
|
|
|
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|
Fed Tax Bracket-Ord Inc
|
25.0%
|
25.0%
|
25.0%
|
25.0%
|
25.0%
|
|
|
|
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|
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|
You may
include a footnote to be automatically included at the bottom of all of your
reports,.
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The Income statement provides a detailed analysis of a client’s federal income tax liability.
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Legend Financial
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Princeton, NJ 08540
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|
05/17/07
|
I N
C O M E S T A T E M E N T
|
|
|
Mathew
Retires at age 62
|
|
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|
|
|
|
|
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Mathew & Tammy
McCarthey
|
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Sample Plan
|
2012
|
2013
|
2014
|
2015
|
2016
|
|
Age:
|
42/41
|
43/42
|
44/43
|
45/44
|
46/45
|
|
Earned
Income
|
|
|
|
|
|
|
Matt's
Salary
|
118,942
|
122,510
|
126,185
|
129,971
|
133,870
|
|
Tammy's
Consulting
|
69,556
|
71,643
|
73,792
|
76,006
|
78,286
|
|
Matt's
401k
|
-17,000
|
-17,500
|
-18,000
|
-18,500
|
-19,500
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|
Tammy's
SEP
|
-10,433
|
-10,746
|
-11,069
|
-11,401
|
-11,743
|
|
|
161,064
|
165,906
|
170,909
|
176,076
|
180,913
|
|
Interest/Dividends
|
|
|
|
|
|
|
IBM Stock
|
97
|
101
|
105
|
110
|
114
|
|
Bank
Account
|
618
|
631
|
643
|
656
|
669
|
|
CDs
|
381
|
394
|
407
|
420
|
433
|
|
S&P
500 Fund
|
997
|
1,059
|
1,124
|
1,193
|
1,267
|
|
|
2,093
|
2,185
|
2,279
|
2,379
|
2,483
|
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Investments
|
|
|
|
|
|
|
BeachHouse
|
21,698
|
23,223
|
24,807
|
26,451
|
28,158
|
|
|
21,698
|
23,223
|
24,807
|
26,451
|
28,158
|
|
Adjustments
|
|
|
|
|
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|
S.E. Tax
Dedctn
|
4,914
|
5,062
|
5,214
|
5,370
|
5,531
|
|
|
4,914
|
5,062
|
5,214
|
5,370
|
5,531
|
|
|
|
|
|
|
|
|
Adj Gross Income
|
179,942
|
186,252
|
192,781
|
199,536
|
206,024
|
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
Charitable
50%
|
1,391
|
1,433
|
1,476
|
1,520
|
1,566
|
|
State Tax
Paid
|
7,520
|
7,952
|
8,399
|
8,861
|
9,307
|
|
Real
Estate Tax
|
16,656
|
17,322
|
18,015
|
18,736
|
19,485
|
|
Home
Mortgage
|
11,689
|
11,346
|
10,982
|
10,597
|
10,189
|
|
Gross
Deductions
|
37,256
|
38,054
|
38,872
|
39,714
|
40,547
|
|
Standard
Deduction
|
11,900
|
12,300
|
12,600
|
13,000
|
13,400
|
|
Allowed
Deductions
|
37,256
|
38,054
|
38,872
|
39,714
|
40,547
|
|
Pers
Exemptions
|
11,400
|
11,700
|
12,150
|
12,450
|
12,900
|
|
|
|
|
|
|
|
|
Taxable Income
|
131,286
|
136,499
|
141,759
|
147,372
|
152,577
|
|
|
|
|
|
|
|
|
Fed
Income Tax
|
43,070
|
45,514
|
48,044
|
50,662
|
53,211
|
|
|
|
|
|
|
|
|
Fed Tax Bracket-Ord Inc
|
25.0%
|
25.0%
|
25.0%
|
25.0%
|
25.0%
|
|
|
|
|
|
|
|
|
You may
include a footnote to be automatically included at the bottom of all of your
reports,.
|
|
|
|
|
|
|
|
|
|
|
|
|
Legend Financial
|
|
|
|
|
|
|
Princeton, NJ 08540
|
|
|
|
|
|
|
05/18/07
|
I N
C O M E S T A T E M E N T
|
|
|
Mathew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mathew & Tammy
McCarthey
|
|
|
|
|
|
|
|
|
|
|
|
|
Sample Plan
|
2020
|
2025
|
2030
|
2035
|
2060
|
|
Age:
|
50/49
|
55/54
|
60/59
|
65/64
|
89
|
|
Earned
Income
|
|
|
|
|
|
|
Matt's
Salary
|
150,672
|
174,670
|
202,490
|
0
|
0
|
|
Matt's
IRA
|
0
|
0
|
0
|
0
|
248,968
|
|
Tammy's
Consulting
|
88,112
|
102,146
|
118,415
|
0
|
0
|
|
Tammy's
IRA
|
0
|
0
|
0
|
0
|
144,305
|
|
Matt's
401k
|
-22,601
|
-26,200
|
-30,373
|
0
|
0
|
|
Tammy's
SEP
|
-13,217
|
-15,322
|
-17,762
|
0
|
0
|
|
|
202,966
|
235,294
|
272,770
|
0
|
393,273
|
|
Interest/Dividends
|
|
|
|
|
|
|
IBM Stock
|
133
|
162
|
197
|
240
|
640
|
|
Bank
Account
|
724
|
800
|
883
|
975
|
1,599
|
|
CDs
|
493
|
578
|
678
|
796
|
1,770
|
|
S&P
500 Fund
|
1,610
|
2,173
|
2,933
|
3,958
|
17,715
|
|
|
2,961
|
3,713
|
4,691
|
5,969
|
21,724
|
|
Investments
|
|
|
|
|
|
|
BeachHouse
|
35,674
|
46,861
|
64,627
|
74,930
|
156,886
|
|
|
35,674
|
46,861
|
64,627
|
74,930
|
156,886
|
|
Other
|
|
|
|
|
|
|
Txbl
Social Sec
|
0
|
0
|
0
|
0
|
94,242
|
|
|
0
|
0
|
0
|
0
|
94,242
|
|
|
|
|
|
|
|
|
Net
Capital Gain
|
0
|
0
|
0
|
76,462
|
0
|
|
Adjustments
|
|
|
|
|
|
|
S.E. Tax
Dedctn
|
6,225
|
7,217
|
8,366
|
0
|
0
|
|
|
6,225
|
7,217
|
8,366
|
0
|
0
|
|
|
|
|
|
|
|
|
Adj Gross Income
|
235,376
|
278,651
|
333,722
|
157,361
|
666,125
|
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
Charitable
50%
|
1,762
|
2,043
|
2,368
|
2,746
|
5,748
|
|
State Tax
Paid
|
11,317
|
14,277
|
18,116
|
6,713
|
7,457
|
|
Real
Estate Tax
|
22,795
|
27,733
|
33,742
|
41,052
|
109,439
|
|
Home
Mortgage
|
8,301
|
5,244
|
1,170
|
0
|
0
|
|
Gross
Deductions
|
44,175
|
49,297
|
55,396
|
50,512
|
122,643
|
|
Standard
Deduction
|
15,100
|
17,500
|
20,300
|
14,650
|
30,600
|
|
Allowed
Deductions
|
44,175
|
49,297
|
55,396
|
50,512
|
122,643
|
|
Pers
Exemptions
|
14,400
|
16,800
|
13,000
|
15,000
|
31,400
|
|
|
|
|
|
|
|
|
Taxable Income
|
176,801
|
212,554
|
265,327
|
91,849
|
512,082
|
|
|
|
|
|
|
|
|
Fed
Income Tax
|
65,207
|
83,308
|
104,603
|
28,559
|
181,406
|
|
|
|
|
|
|
|
|
Fed Tax Bracket-Ord Inc
|
25.0%
|
28.0%
|
28.0%
|
10.0%
|
28.0%
|
|
You may
include a footnote to be automatically included at the bottom of all of your
reports,.
|
|
|
