|
|
|
|
I
N C O M E S T A T E M E N T aa
|
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
|
|
|
|
|
|
Sample Plan
|
2011
|
2012
|
2013
|
2014
|
2015
|
|
Age:
|
41/40
|
42/41
|
43/42
|
44/43
|
45/44
|
|
Earned
Income
|
|
|
|
|
|
|
Matt's
Salary
|
122,723
|
126,404
|
130,197
|
134,103
|
138,126
|
|
Tammy's
Consulting
|
65,564
|
67,531
|
69,556
|
71,643
|
73,792
|
|
Matt's
401k
|
-16,500
|
-16,500
|
-14,000
|
-14,000
|
-14,500
|
|
Tammy's
SEP
|
-9,835
|
-10,130
|
-10,433
|
-10,746
|
-11,069
|
|
161,952
|
167,305
|
175,320
|
180,999
|
186,349
|
|
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
|
594
|
606
|
618
|
631
|
643
|
|
CDs
|
358
|
369
|
381
|
394
|
407
|
|
S&P
500 Fund
|
739
|
784
|
833
|
884
|
939
|
|
2,548
|
2,620
|
2,695
|
2,776
|
2,860
|
|
Investments
|
|
|
|
|
|
|
BeachHouse
|
5,143
|
6,008
|
6,901
|
7,826
|
8,783
|
|
Carryover
Sch E
|
0
|
-5,019
|
-8,936
|
-11,708
|
-13,293
|
|
Inv
Int Disalwd E
|
5,019
|
8,936
|
11,708
|
13,293
|
13,644
|
|
10,162
|
9,925
|
9,673
|
9,411
|
9,134
|
|
Adjustments
|
|
|
|
|
|
|
S.E.
Tax Dedctn
|
3,495
|
4,771
|
4,914
|
5,062
|
5,214
|
|
3,495
|
4,771
|
4,914
|
5,062
|
5,214
|
|
|
|
|
|
|
|
Adj Gross Income
|
171,167
|
175,079
|
182,774
|
188,124
|
193,129
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
Charitable
50%
|
1,311
|
1,351
|
1,391
|
1,433
|
1,476
|
|
State
Tax Paid
|
6,815
|
7,236
|
7,831
|
8,278
|
8,706
|
|
Real
Estate Tax
|
15,399
|
16,015
|
16,656
|
17,322
|
18,015
|
|
Home
Mortgage
|
12,013
|
11,689
|
11,346
|
10,982
|
10,597
|
|
Reductn
For High Inc
|
0
|
0
|
-245
|
-328
|
-400
|
|
Gross
Deductions
|
35,539
|
36,291
|
36,979
|
37,688
|
38,394
|
|
Standard
Deduction
|
11,600
|
11,800
|
9,950
|
10,100
|
10,250
|
|
Allowed
Deductions
|
35,539
|
36,291
|
36,979
|
37,688
|
38,394
|
|
Pers
Exemptions
|
11,100
|
11,250
|
11,400
|
11,550
|
11,700
|
|
|
|
|
|
|
|
Taxable Income
|
124,528
|
127,538
|
134,395
|
138,887
|
143,034
|
|
|
|
|
|
|
|
Fed
Income Tax
|
30,320
|
33,507
|
42,739
|
45,263
|
47,706
|
|
|
|
|
|
|
|
Fed Tax Bracket-Ord Inc
|
25.0%
|
25.0%
|
28.0%
|
28.0%
|
28.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I
N C O M E S T A T E M E N T
|
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
|
|
|
|
|
|
Sample Plan
|
2016
|
2017
|
2018
|
2019
|
2020
|
|
Age:
|
46/45
|
47/46
|
48/47
|
49/48
|
50/49
|
|
Earned
Income
|
|
|
|
|
|
|
Matt's
Salary
|
142,269
|
146,537
|
150,934
|
155,462
|
160,125
|
|
Tammy's
Consulting
|
76,006
|
78,286
|
80,635
|
83,054
|
85,546
|
|
Matt's
401k
|
-14,500
|
-15,000
|
-15,000
|
-15,500
|
-15,500
|
|
Tammy's
SEP
|
-11,401
|
-11,743
|
-12,095
|
-12,458
|
-12,832
|
|
192,375
|
198,081
|
204,473
|
210,557
|
217,339
|
|
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
|
656
|
669
|
683
|
696
|
710
|
|
CDs
|
420
|
433
|
447
|
462
|
477
|
|
S&P
500 Fund
|
997
|
1,059
|
1,124
|
1,193
|
1,267
|
|
2,947
|
3,039
|
3,136
|
3,238
|
3,345
|
|
Investments
|
|
|
|
|
|
|
BeachHouse
|
9,776
|
10,802
|
11,867
|
12,968
|
14,111
|
|
Carryover
Sch E
|
-13,644
|
-12,714
|
-10,454
|
-6,810
|
-1,732
|
|
Inv
Int Disalwd E
|
12,714
|
10,454
|
6,810
|
1,732
|
0
|
|
8,846
|
8,542
|
8,223
|
7,890
|
12,379
|
|
Adjustments
|
|
|
|
|
|
|
S.E.
Tax Dedctn
|
5,370
|
5,531
|
5,697
|
5,868
|
6,044
|
|
5,370
|
5,531
|
5,697
|
5,868
|
6,044
|
|
|
|
|
|
|
|
Adj Gross Income
|
198,798
|
204,131
|
210,136
|
215,817
|
227,019
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
Charitable
50%
|
1,520
|
1,566
|
1,613
|
1,661
|
1,711
|
|
State
Tax Paid
|
9,181
|
9,638
|
10,143
|
10,630
|
11,167
|
|
Real
Estate Tax
|
18,736
|
19,485
|
20,265
|
21,075
|
21,918
|
|
Home
Mortgage
|
10,189
|
9,757
|
9,299
|
8,815
|
8,301
|
|
Reductn
For High Inc
|
-490
|
-569
|
-667
|
-755
|
-1,006
|
|
Gross
Deductions
|
39,135
|
39,876
|
40,652
|
41,426
|
42,091
|
|
Standard
Deduction
|
10,400
|
10,550
|
10,700
|
10,900
|
11,050
|
|
Allowed
Deductions
|
39,135
|
39,876
|
40,652
|
41,426
|
42,091
|
|
Pers
Exemptions
|
12,000
|
12,150
|
12,300
|
12,450
|
12,600
|
|
|
|
|
|
|
|
Taxable Income
|
147,663
|
152,104
|
157,184
|
161,941
|
172,328
|
|
|
|
|
|
|
|
Fed
Income Tax
|
50,395
|
53,009
|
55,875
|
58,782
|
62,046
|
|
|
|
|
|
|
|
Fed Tax Bracket-Ord Inc
|
28.0%
|
31.0%
|
31.0%
|
31.0%
|
31.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I
N C O M E S T A T E M E N T
|
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
|
|
|
|
|
|
Sample Plan
|
2021
|
2022
|
2023
|
2024
|
2025
|
|
Age:
|
51/50
|
52/51
|
53/52
|
54/53
|
55/54
|
|
Earned
Income
|
|
|
|
|
|
|
Matt's
Salary
|
164,929
|
169,877
|
174,973
|
180,223
|
185,629
|
|
Tammy's
Consulting
|
88,112
|
90,755
|
93,478
|
96,282
|
99,171
|
|
Matt's
401k
|
-16,000
|
-16,000
|
-16,000
|
-16,500
|
-16,500
|
|
Tammy's
SEP
|
-13,217
|
-13,613
|
-14,022
|
-14,442
|
-14,876
|
|
223,824
|
231,019
|
238,430
|
245,563
|
253,424
|
|
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
|
724
|
739
|
754
|
769
|
784
|
|
CDs
|
493
|
509
|
525
|
542
|
560
|
|
S&P
500 Fund
|
1,345
|
1,428
|
1,517
|
1,610
|
1,710
|
|
3,458
|
3,577
|
3,701
|
3,832
|
3,970
|
|
Investments
|
|
|
|
|
|
|
BeachHouse
|
15,292
|
16,519
|
17,786
|
19,103
|
20,466
|
|
15,292
|
16,519
|
17,786
|
19,103
|
20,466
|
|
Adjustments
|
|
|
|
|
|
|
S.E.
Tax Dedctn
|
6,225
|
6,412
|
6,604
|
6,802
|
7,006
|
|
6,225
|
6,412
|
6,604
|
6,802
|
7,006
|
|
|
|
|
|
|
|
Adj Gross Income
|
236,349
|
244,703
|
253,312
|
261,695
|
270,854
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
Charitable
50%
|
1,762
|
1,815
|
1,870
|
1,926
|
1,983
|
|
State
Tax Paid
|
12,006
|
12,577
|
13,165
|
13,739
|
14,460
|
|
Real
Estate Tax
|
22,795
|
23,707
|
24,655
|
25,641
|
26,667
|
|
Home
Mortgage
|
7,758
|
7,182
|
6,573
|
5,927
|
5,244
|
|
Reductn
For High Inc
|
-1,200
|
-1,364
|
-1,533
|
-1,696
|
-1,880
|
|
Gross
Deductions
|
43,121
|
43,917
|
44,729
|
45,537
|
46,474
|
|
Standard
Deduction
|
11,200
|
11,350
|
11,550
|
11,700
|
11,900
|
|
Allowed
Deductions
|
43,121
|
43,917
|
44,729
|
45,537
|
46,474
|
|
Pers
Exemptions
|
12,900
|
13,050
|
13,200
|
13,500
|
9,100
|
|
|
|
|
|
|
|
Taxable Income
|
180,328
|
187,736
|
195,383
|
202,659
|
215,280
|
|
|
|
|
|
|
|
Fed
Income Tax
|
65,240
|
68,720
|
72,438
|
75,994
|
79,862
|
|
|
|
|
|
|
|
Fed Tax Bracket-Ord Inc
|
31.0%
|
31.0%
|
31.0%
|
31.0%
|
31.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I
N C O M E S T A T E M E N T
|
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
|
|
|
|
|
|
Sample Plan
|
2026
|
2027
|
2028
|
2029
|
2030
|
|
Age:
|
56/55
|
57/56
|
58/57
|
59/58
|
60/59
|
|
Earned
Income
|
|
|
|
|
|
|
Matt's
Salary
|
191,198
|
196,934
|
202,842
|
208,927
|
215,195
|
|
Tammy's
Consulting
|
102,146
|
105,210
|
108,367
|
111,618
|
114,966
|
|
Matt's
401k
|
-17,000
|
-17,000
|
-17,500
|
-18,000
|
-18,000
|
|
Tammy's
SEP
|
-15,322
|
-15,782
|
-16,255
|
-16,743
|
-17,245
|
|
261,022
|
269,363
|
277,454
|
285,802
|
294,916
|
|
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
|
800
|
816
|
832
|
849
|
866
|
|
CDs
|
578
|
597
|
616
|
636
|
657
|
|
S&P
500 Fund
|
1,816
|
1,928
|
2,047
|
2,173
|
2,308
|
|
4,115
|
4,268
|
4,428
|
4,597
|
4,776
|
|
Investments
|
|
|
|
|
|
|
BeachHouse
|
21,878
|
25,046
|
29,406
|
30,980
|
32,611
|
|
21,878
|
25,046
|
29,406
|
30,980
|
32,611
|
|
Adjustments
|
|
|
|
|
|
|
S.E.
Tax Dedctn
|
7,217
|
7,433
|
7,656
|
7,886
|
8,122
|
|
7,217
|
7,433
|
7,656
|
7,886
|
8,122
|
|
|
|
|
|
|
|
Adj Gross Income
|
279,798
|
291,243
|
303,631
|
313,494
|
324,182
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
Charitable
50%
|
2,043
|
2,104
|
2,167
|
2,232
|
2,299
|
|
State
Tax Paid
|
15,072
|
15,848
|
16,683
|
17,357
|
18,085
|
|
Real
Estate Tax
|
27,733
|
28,843
|
29,996
|
31,196
|
32,444
|
|
Home
Mortgage
|
4,520
|
3,752
|
2,941
|
2,081
|
1,170
|
|
Reductn
For High Inc
|
-2,056
|
-2,305
|
-2,582
|
-2,782
|
-3,004
|
|
Gross
Deductions
|
47,312
|
48,242
|
49,205
|
50,084
|
50,994
|
|
Standard
Deduction
|
12,050
|
12,250
|
12,400
|
12,600
|
12,800
|
|
Allowed
Deductions
|
47,312
|
48,242
|
49,205
|
50,084
|
50,994
|
|
Pers
Exemptions
|
9,200
|
9,400
|
9,500
|
9,600
|
9,800
|
|
|
|
|
|
|
|
Taxable Income
|
223,286
|
233,602
|
244,926
|
253,809
|
263,387
|
|
|
|
|
|
|
|
Fed
Income Tax
|
83,721
|
88,488
|
93,610
|
97,881
|
102,479
|
|
|
|
|
|
|
|
Fed Tax Bracket-Ord Inc
|
31.0%
|
31.0%
|
31.0%
|
31.0%
|
31.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I
N C O M E S T A T E M E N T
|
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
|
|
|
|
|
|
Sample Plan
|
2031
|
2032
|
2033
|
2034
|
2035
|
|
Age:
|
61/60
|
62/61
|
63/62
|
64/63
|
65/64
|
|
Earned
Income
|
|
|
|
|
|
|
Matt's
Salary
|
221,651
|
0
|
0
|
0
|
0
|
|
Tammy's
Consulting
|
118,415
|
121,968
|
0
|
0
|
0
|
|
Matt's
401k
|
-18,500
|
0
|
0
|
0
|
0
|
|
Tammy's
SEP
|
-17,762
|
-18,295
|
0
|
0
|
0
|
|
303,804
|
103,672
|
0
|
0
|
0
|
|
Interest/Dividends
|
|
|
|
|
|
|
Corporate
Bonds
|
600
|
600
|
600
|
600
|
600
|
|
U S
Govt Bonds
|
177
|
177
|
177
|
177
|
177
|
|
IBM
Stock
|
175
|
182
|
190
|
197
|
205
|
|
Bank
Account
|
883
|
901
|
919
|
937
|
956
|
|
CDs
|
678
|
700
|
723
|
746
|
771
|
|
S&P
500 Fund
|
2,450
|
2,601
|
2,762
|
2,933
|
3,114
|
|
4,964
|
5,162
|
5,371
|
5,590
|
5,823
|
|
Investments
|
|
|
|
|
|
|
BeachHouse
|
34,302
|
36,057
|
37,876
|
39,762
|
41,719
|
|
34,302
|
36,057
|
37,876
|
39,762
|
41,719
|
|
|
|
|
|
|
|
Net
Capital Gain
|
0
|
38,982
|
75,940
|
82,936
|
89,754
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
S.E.
Tax Dedctn
|
8,366
|
8,617
|
0
|
0
|
0
|
|
8,366
|
8,617
|
0
|
0
|
0
|
|
|
|
|
|
|
|
Adj Gross Income
|
334,704
|
175,256
|
119,187
|
128,288
|
137,297
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
Charitable
50%
|
2,368
|
2,439
|
2,513
|
2,588
|
2,666
|
|
State
Tax Paid
|
18,804
|
8,170
|
2,852
|
3,353
|
3,792
|
|
Real
Estate Tax
|
33,742
|
35,092
|
36,495
|
37,955
|
39,473
|
|
Home
Mortgage
|
247
|
0
|
0
|
0
|
0
|
|
Reductn
For High Inc
|
-3,221
|
0
|
0
|
0
|
0
|
|
Gross
Deductions
|
51,940
|
45,700
|
41,861
|
43,896
|
45,932
|
|
Standard
Deduction
|
13,000
|
13,150
|
13,350
|
13,550
|
15,400
|
|
Allowed
Deductions
|
51,940
|
45,700
|
41,861
|
43,896
|
45,932
|
|
Pers
Exemptions
|
9,900
|
10,100
|
10,200
|
10,400
|
10,500
|
|
|
|
|
|
|
|
Taxable Income
|
272,864
|
119,456
|
67,126
|
73,992
|
80,865
|
|
|
|
|
|
|
|
Fed
Income Tax
|
106,890
|
49,610
|
14,335
|
16,140
|
17,926
|
|
|
|
|
|
|
|
Fed Tax Bracket-Ord Inc
|
31.0%
|
15.0%
|
.0%
|
.0%
|
.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I
N C O M E S T A T E M E N T
|
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
|
|
|
|
|
|
Sample Plan
|
2040
|
2045
|
2050
|
2055
|
2060
|
|
Age:
|
70/69
|
75/74
|
80/79
|
85/84
|
89
|
|
Earned
Income
|
|
|
|
|
|
|
Matt's
IRA
|
60,433
|
80,163
|
104,525
|
132,899
|
159,935
|
|
Tammy's
IRA
|
0
|
64,078
|
84,038
|
107,805
|
131,565
|
|
60,433
|
144,241
|
188,563
|
240,704
|
291,500
|
|
Interest/Dividends
|
|
|
|
|
|
|
Corporate
Bonds
|
600
|
600
|
600
|
600
|
600
|
|
U S
Govt Bonds
|
177
|
177
|
177
|
177
|
177
|
|
IBM
Stock
|
250
|
304
|
370
|
450
|
547
|
|
Bank
Account
|
1,055
|
1,165
|
1,286
|
1,420
|
1,568
|
|
CDs
|
904
|
1,061
|
1,245
|
1,461
|
1,715
|
|
S&P
500 Fund
|
4,202
|
5,671
|
7,653
|
10,328
|
13,938
|
|
7,188
|
8,978
|
11,331
|
14,436
|
18,545
|
|
Investments
|
|
|
|
|
|
|
BeachHouse
|
50,858
|
58,958
|
68,349
|
79,235
|
91,855
|
|
50,858
|
58,958
|
68,349
|
79,235
|
91,855
|
|
Other
|
|
|
|
|
|
|
Txbl
Social Sec
|
62,222
|
72,132
|
83,621
|
96,940
|
112,379
|
|
62,222
|
72,132
|
83,621
|
96,940
|
112,379
|
|
|
|
|
|
|
|
Net
Capital Gain
|
32,870
|
2,632
|
0
|
0
|
0
|
|
|
|
|
|
|
|
Adj Gross Income
|
213,571
|
286,941
|
351,864
|
431,314
|
514,279
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
Charitable
50%
|
3,090
|
3,582
|
4,153
|
4,814
|
5,581
|
|
State
Tax Paid
|
1,277
|
753
|
919
|
1,220
|
3,045
|
|
Real
Estate Tax
|
48,025
|
58,430
|
71,089
|
86,491
|
105,229
|
|
Reductn
For High Inc
|
0
|
-234
|
-1,544
|
-3,242
|
-4,994
|
|
Gross
Deductions
|
52,393
|
62,532
|
74,617
|
89,283
|
108,861
|
|
Standard
Deduction
|
18,300
|
19,750
|
21,250
|
22,850
|
14,850
|
|
Allowed
Deductions
|
52,393
|
62,532
|
74,617
|
89,283
|
108,861
|
|
Pers
Exemptions
|
11,300
|
12,200
|
13,100
|
14,100
|
0
|
|
|
|
|
|
|
|
Taxable Income
|
149,878
|
212,209
|
264,147
|
327,932
|
405,418
|
|
|
|
|
|
|
|
Fed
Income Tax
|
44,984
|
72,806
|
94,290
|
116,469
|
140,465
|
|
|
|
|
|
|
|
Fed Tax Bracket-Ord Inc
|
28.0%
|
28.0%
|
31.0%
|
31.0%
|
36.0%
|
|
