|
|
|
Legend
Financial
|
|
|
|
|
|
|
Princeton, NJ 08540
|
|
|
|
|
|
|
|
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
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
Age:
|
39/38
|
40/39
|
41/40
|
42/41
|
43/42
|
|
Earned
Income
|
|
|
|
|
|
|
Matt's
Salary
|
105,678
|
108,848
|
112,114
|
115,477
|
118,942
|
|
Tammy's
Consulting
|
61,800
|
63,654
|
65,564
|
67,531
|
69,556
|
|
Matt's
401k
|
-15,852
|
-16,327
|
-16,817
|
-17,322
|
-17,841
|
|
Tammy's
SEP
|
-9,270
|
-9,548
|
-9,835
|
-10,130
|
-10,433
|
|
|
142,356
|
146,627
|
151,026
|
155,556
|
160,223
|
|
Interest/Dividends
|
|
|
|
|
|
|
Corporate
Bonds
|
600
|
600
|
600
|
600
|
600
|
|
U
S Govt Bonds
|
177
|
177
|
177
|
177
|
177
|
|
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
|
|
|
2,481
|
2,552
|
2,625
|
2,703
|
2,785
|
|
Investments
|
|
|
|
|
|
|
BeachHouse
|
3,045
|
3,979
|
4,949
|
5,961
|
7,014
|
|
Carryover
Sch E
|
0
|
-8,045
|
-14,812
|
-20,242
|
-24,276
|
|
Inv
Int Disalwd E
|
8,045
|
14,812
|
20,242
|
24,276
|
26,846
|
|
|
11,090
|
10,746
|
10,379
|
9,995
|
9,584
|
|
Adjustments
|
|
|
|
|
|
|
S.E.
Tax Dedctn
|
4,366
|
4,497
|
4,632
|
4,771
|
4,914
|
|
|
4,366
|
4,497
|
4,632
|
4,771
|
4,914
|
|
|
|
|
|
|
|
|
Adj Gross Income
|
151,560
|
155,428
|
159,399
|
163,483
|
167,678
|
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
Charitable
50%
|
1,236
|
1,273
|
1,311
|
1,351
|
1,391
|
|
State
Tax Paid
|
5,121
|
5,427
|
5,779
|
6,156
|
6,545
|
|
Real
Estate Tax
|
14,238
|
14,807
|
15,399
|
16,015
|
16,656
|
|
Home
Mortgage
|
12,609
|
12,320
|
12,013
|
11,689
|
11,346
|
|
Gross
Deductions
|
33,203
|
33,828
|
34,503
|
35,212
|
35,938
|
|
Standard
Deduction
|
11,400
|
11,700
|
12,100
|
12,500
|
12,800
|
|
Allowed
Deductions
|
33,203
|
33,828
|
34,503
|
35,212
|
35,938
|
|
Pers
Exemptions
|
10,950
|
11,250
|
11,550
|
12,000
|
12,300
|
|
|
|
|
|
|
|
|
Taxable Income
|
107,407
|
110,350
|
113,346
|
116,272
|
119,440
|
|
Fed
Income Tax
|
31,026
|
32,685
|
34,501
|
36,278
|
38,360
|
|
Fed Tax Bracket-Ord Inc
|
25.0%
|
25.0%
|
25.0%
|
25.0%
|
25.0%
|
|
Legend
Financial
|
|
|
|
|
|
|
Princeton, NJ 08540
|
|
|
|
|
|
|
|
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
|
2014
|
2015
|
2016
|
2017
|
2018
|
|
Age:
|
44/43
|
45/44
|
46/45
|
47/46
|
48/47
|
|
Earned
Income
|
|
|
|
|
|
|
Matt's
Salary
|
122,510
|
126,185
|
129,971
|
133,870
|
137,886
|
|
Tammy's
Consulting
|
71,643
|
73,792
|
76,006
|
78,286
|
80,635
|
|
Matt's
401k
|
-18,376
|
-18,928
|
-19,496
|
-20,080
|
-20,683
|
|
Tammy's
SEP
|
-10,746
|
-11,069
|
-11,401
|
-11,743
|
-12,095
|
|
|
165,030
|
169,981
|
175,080
|
180,333
|
185,743
|
|
Interest/Dividends
|
|
|
|
|
|
|
Corporate
Bonds
|
600
|
600
|
600
|
600
|
600
|
|
U
S Govt Bonds
|
177
|
177
|
177
|
177
|
177
|
|
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
|
|
|
2,870
|
2,962
|
3,056
|
3,156
|
3,260
|
|
Investments
|
|
|
|
|
|
|
BeachHouse
|
8,112
|
9,254
|
10,446
|
11,686
|
12,981
|
|
Carryover
Sch E
|
-26,846
|
-27,885
|
-27,319
|
-25,075
|
-21,073
|
|
Inv
Int Disalwd E
|
27,885
|
27,319
|
25,075
|
21,073
|
15,229
|
|
|
9,151
|
8,688
|
8,202
|
7,684
|
7,137
|
|
Adjustments
|
|
|
|
|
|
|
S.E.
Tax Dedctn
|
5,062
|
5,214
|
5,370
|
5,531
|
5,697
|
|
|
5,062
|
5,214
|
5,370
|
5,531
|
5,697
|
|
|
|
|
|
|
|
|
Adj Gross Income
|
171,989
|
176,416
|
180,968
|
185,642
|
190,443
|
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
Charitable
50%
|
1,433
|
1,476
|
1,520
|
1,566
|
1,613
|
|
State
Tax Paid
|
6,947
|
7,361
|
7,789
|
8,231
|
8,687
|
|
Real
Estate Tax
|
17,322
|
18,015
|
18,736
|
19,485
|
20,265
|
|
Home
Mortgage
|
10,982
|
10,597
|
10,189
|
9,757
|
9,299
|
|
Gross
Deductions
|
36,684
|
37,449
|
38,234
|
39,039
|
39,864
|
|
Standard
Deduction
|
13,200
|
13,600
|
14,000
|
14,400
|
14,900
|
|
Allowed
Deductions
|
36,684
|
37,449
|
38,234
|
39,039
|
39,864
|
|
Pers
Exemptions
|
12,600
|
13,050
|
13,500
|
13,800
|
14,250
|
|
|
|
|
|
|
|
|
Taxable Income
|
122,705
|
125,917
|
129,234
|
132,803
|
136,329
|
|
Fed
Income Tax
|
40,658
|
43,034
|
45,489
|
48,028
|
50,651
|
|
Fed Tax Bracket-Ord Inc
|
25.0%
|
25.0%
|
25.0%
|
25.0%
|
25.0%
|
|
Legend
Financial
|
|
|
|
|
|
|
Princeton, NJ 08540
|
|
|
|
|
|
|
|
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
|
2019
|
2020
|
2021
|
2022
|
2023
|
|
Age:
|
49/48
|
50/49
|
51/50
|
52/51
|
53/52
|
|
Earned
Income
|
|
|
|
|
|
|
Matt's
Salary
|
142,022
|
146,283
|
150,672
|
155,192
|
159,847
|
|
Tammy's
Consulting
|
83,054
|
85,546
|
88,112
|
90,755
|
93,478
|
|
Matt's
401k
|
-21,303
|
-21,942
|
-22,601
|
-23,279
|
-23,977
|
|
Tammy's
SEP
|
-12,458
|
-12,832
|
-13,217
|
-13,613
|
-14,022
|
|
|
191,315
|
197,055
|
202,966
|
209,055
|
215,327
|
|
Interest/Dividends
|
|
|
|
|
|
|
Corporate
Bonds
|
600
|
600
|
600
|
600
|
600
|
|
U
S Govt Bonds
|
177
|
177
|
177
|
177
|
177
|
|
IBM
Stock
|
119
|
123
|
128
|
133
|
139
|
|
Bank
Account
|
683
|
696
|
710
|
724
|
739
|
|
CDs
|
447
|
462
|
477
|
493
|
509
|
|
S&P
500 Fund
|
1,345
|
1,428
|
1,517
|
1,610
|
1,710
|
|
|
3,371
|
3,487
|
3,609
|
3,738
|
3,874
|
|
Investments
|
|
|
|
|
|
|
BeachHouse
|
14,330
|
15,739
|
17,207
|
18,739
|
20,338
|
|
Carryover
Sch E
|
-15,229
|
-7,455
|
0
|
0
|
0
|
|
Inv
Int Disalwd E
|
7,455
|
0
|
0
|
0
|
0
|
|
|
6,556
|
8,284
|
17,207
|
18,739
|
20,338
|
|
Adjustments
|
|
|
|
|
|
|
S.E.
Tax Dedctn
|
5,868
|
6,044
|
6,225
|
6,412
|
6,604
|
|
|
5,868
|
6,044
|
6,225
|
6,412
|
6,604
|
|
|
|
|
|
|
|
|
Adj Gross Income
|
195,374
|
202,781
|
217,556
|
225,119
|
232,934
|
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
Charitable
50%
|
1,661
|
1,711
|
1,762
|
1,815
|
1,870
|
|
State
Tax Paid
|
9,159
|
9,645
|
10,148
|
10,667
|
11,204
|
|
Real
Estate Tax
|
21,075
|
21,918
|
22,795
|
23,707
|
24,655
|
|
Home
Mortgage
|
8,815
|
8,301
|
7,758
|
7,182
|
6,573
|
|
Gross
Deductions
|
40,710
|
41,576
|
42,463
|
43,371
|
44,302
|
|
Standard
Deduction
|
15,300
|
15,800
|
16,200
|
16,700
|
17,200
|
|
Allowed
Deductions
|
40,710
|
41,576
|
42,463
|
43,371
|
44,302
|
|
Pers
Exemptions
|
14,700
|
15,150
|
15,600
|
16,050
|
16,500
|
|
|
|
|
|
|
|
|
Taxable Income
|
139,964
|
146,056
|
159,493
|
165,698
|
172,133
|
|
Fed
Income Tax
|
53,365
|
56,171
|
59,160
|
62,363
|
65,677
|
|
Fed Tax Bracket-Ord Inc
|
25.0%
|
25.0%
|
25.0%
|
25.0%
|
25.0%
|
|
Legend
Financial
|
|
|
|
|
|
|
Princeton, NJ 08540
|
|
|
|
|
|
|
|
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
|
2024
|
2025
|
2026
|
2027
|
2028
|
|
Age:
|
54/53
|
55/54
|
56/55
|
57/56
|
58/57
|
|
Earned
Income
|
|
|
|
|
|
|
Matt's
Salary
|
164,643
|
169,582
|
174,670
|
179,910
|
185,307
|
|
Tammy's
Consulting
|
96,282
|
99,171
|
102,146
|
105,210
|
108,367
|
|
Matt's
401k
|
-24,696
|
-25,437
|
-26,200
|
-26,986
|
-27,796
|
|
Tammy's
SEP
|
-14,442
|
-14,876
|
-15,322
|
-15,782
|
-16,255
|
|
|
221,787
|
228,440
|
235,294
|
242,353
|
249,623
|
|
Interest/Dividends
|
|
|
|
|
|
|
Corporate
Bonds
|
600
|
600
|
600
|
600
|
600
|
|
U
S Govt Bonds
|
177
|
177
|
177
|
177
|
177
|
|
IBM
Stock
|
144
|
150
|
156
|
162
|
169
|
|
Bank
Account
|
754
|
769
|
784
|
800
|
816
|
|
CDs
|
525
|
542
|
560
|
578
|
597
|
|
S&P
500 Fund
|
1,816
|
1,928
|
2,047
|
2,173
|
2,308
|
|
|
4,016
|
4,166
|
4,324
|
4,490
|
4,666
|
|
Investments
|
|
|
|
|
|
|
BeachHouse
|
22,008
|
23,750
|
25,572
|
29,176
|
34,006
|
|
|
22,008
|
23,750
|
25,572
|
29,176
|
34,006
|
|
|
|
|
|
|
|
|
Net
Capital Gain
|
0
|
0
|
0
|
5,598
|
0
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
S.E.
Tax Dedctn
|
6,802
|
7,006
|
7,217
|
7,433
|
7,656
|
|
|
6,802
|
7,006
|
7,217
|
7,433
|
7,656
|
|
|
|
|
|
|
|
|
Adj Gross Income
|
241,009
|
249,350
|
257,973
|
274,184
|
280,639
|
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
Charitable
50%
|
1,926
|
1,983
|
2,043
|
2,104
|
2,167
|
|
State
Tax Paid
|
11,758
|
12,426
|
13,017
|
14,103
|
14,555
|
|
Real
Estate Tax
|
25,641
|
26,667
|
27,733
|
28,843
|
29,996
|
|
Home
Mortgage
|
5,927
|
5,244
|
4,520
|
3,752
|
2,941
|
|
Gross
Deductions
|
45,252
|
46,319
|
47,314
|
48,801
|
49,660
|
|
Standard
Deduction
|
17,700
|
18,300
|
18,800
|
19,400
|
20,000
|
|
Allowed
Deductions
|
45,252
|
46,319
|
47,314
|
48,801
|
49,660
|
|
Pers
Exemptions
|
16,950
|
11,700
|
12,000
|
12,400
|
12,800
|
|
|
|
|
|
|
|
|
Taxable Income
|
178,807
|
191,331
|
198,659
|
212,982
|
218,179
|
|
Fed
Income Tax
|
69,105
|
72,652
|
76,323
|
81,634
|
84,054
|
|
Fed Tax Bracket-Ord Inc
|
25.0%
|
25.0%
|
25.0%
|
25.0%
|
25.0%
|
|
Legend
Financial
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Princeton, NJ 08540
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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
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2029
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2030
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2035
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2040
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2060
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Age:
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59/58
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60/59
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65/64
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70/69
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89
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Earned
Income
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Matt's
Salary
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190,866
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196,592
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0
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0
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0
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Matt's
IRA
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0
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0
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0
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83,285
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271,783
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Tammy's
Consulting
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111,618
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114,966
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0
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0
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0
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Tammy's
IRA
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0
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0
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0
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0
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125,911
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Matt's
401k
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-28,630
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-29,489
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0
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0
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0
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Tammy's
SEP
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-16,743
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-17,245
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0
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0
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0
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257,111
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264,824
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0
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83,285
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397,694
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Interest/Dividends
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Corporate
Bonds
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600
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600
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600
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0
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0
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U
S Govt Bonds
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177
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177
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177
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0
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0
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IBM
Stock
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175
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182
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222
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0
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0
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Bank
Account
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832
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849
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937
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0
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0
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CDs
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616
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636
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746
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0
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0
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S&P
500 Fund
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2,450
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2,601
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3,511
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2,475
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0
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4,851
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5,046
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6,193
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2,475
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0
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Investments
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BeachHouse
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36,083
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37,835
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43,870
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50,858
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91,855
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36,083
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37,835
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43,870
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50,858
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91,855
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Net
Capital Gain
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0
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0
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75,439
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66,591
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0
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Adjustments
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S.E.
Tax Dedctn
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7,886
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8,122
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0
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0
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0
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7,886
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8,122
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0
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0
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0
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Adj Gross Income
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290,159
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299,583
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125,502
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203,209
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489,549
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Deductions
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Charitable
50%
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2,232
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2,299
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2,666
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3,090
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5,581
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State
Tax Paid
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15,208
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15,856
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3,128
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2,698
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1,958
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Real
Estate Tax
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31,196
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32,444
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39,473
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48,025
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105,229
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Home
Mortgage
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2,081
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1,170
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0
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0
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0
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Gross
Deductions
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50,717
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51,769
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45,267
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53,813
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112,768
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Standard
Deduction
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20,600
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21,200
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27,550
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35,500
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32,000
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Allowed
Deductions
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50,717
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51,769
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45,267
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53,813
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112,768
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Pers
Exemptions
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13,100
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13,500
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15,700
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18,200
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32,800
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Taxable Income
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226,341
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234,315
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64,535
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131,196
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343,981
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Fed
Income Tax
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88,123
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92,190
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7,471
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32,807
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132,011
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Fed Tax Bracket-Ord Inc
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25.0%
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25.0%
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.0%
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15.0%
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25.0%
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