|
|
|
|
|
S
U P P O R T I N G S C H E D U L E
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
|
Sample Plan
|
2011
|
2012
|
2013
|
2014
|
2015
|
|
Age:
|
41/40
|
42/41
|
43/42
|
44/43
|
45/44
|
|
Income
|
|
|
|
|
|
|
Earned
Income
|
161,952
|
167,305
|
175,320
|
180,999
|
186,349
|
|
Adj
Gross Income
|
171,167
|
175,079
|
182,774
|
188,124
|
193,129
|
|
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
|
|
|
|
|
|
|
|
Qualified
Dividends
|
|
|
|
|
|
|
Total
Qual Dividends
|
819
|
868
|
0
|
0
|
0
|
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
|
Ordinary
Income
|
29,504
|
30,389
|
31,300
|
32,239
|
33,207
|
|
Depreciation
|
4,546
|
4,545
|
4,546
|
4,545
|
4,546
|
|
Invstmt
Interest
|
11,892
|
11,676
|
11,449
|
11,212
|
10,961
|
|
Other
Expenses
|
7,922
|
8,160
|
8,405
|
8,657
|
8,917
|
|
Inv
Int Disalwd E
|
5,019
|
8,936
|
11,708
|
13,293
|
13,644
|
|
Investment
Income
|
10,162
|
9,925
|
9,673
|
9,411
|
9,134
|
|
|
|
|
|
|
|
Investment
Interest
|
|
|
|
|
|
|
BeachHouse
|
11,892
|
11,676
|
11,449
|
11,212
|
10,961
|
|
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
|
|
Inv
Int Disalowd
|
5,019
|
8,936
|
11,708
|
13,293
|
13,644
|
|
|
|
|
|
|
|
Federal
Tax Liab
|
|
|
|
|
|
|
Regular
Tax
|
23,412
|
24,052
|
28,427
|
29,554
|
30,573
|
|
Gross
Fed Inc Tax
|
23,330
|
23,965
|
28,427
|
29,554
|
30,573
|
|
Alt
Minimum Tax
|
0
|
0
|
4,484
|
5,586
|
6,706
|
|
AMT
Credit C/Over
|
0
|
0
|
0
|
0
|
4,484
|
|
Disallowed
|
0
|
0
|
0
|
-4,484
|
-10,070
|
|
Self
Employmt Tax
|
6,990
|
9,542
|
9,828
|
10,123
|
10,427
|
|
Fed
Income Tax
|
30,320
|
33,507
|
42,739
|
45,263
|
47,706
|
|
|
|
|
|
|
|
Fed
Tax Analysis-Ord Inc
|
|
|
|
|
|
|
Indexing
Factor
|
124
|
127
|
130
|
134
|
137
|
|
Fed
Tax Bracket-Ord Inc
|
25.0%
|
25.0%
|
28.0%
|
28.0%
|
28.0%
|
|
$ To
Next Bracket
|
14,991
|
14,080
|
8,455
|
6,063
|
4,066
|
|
Next
Bracket
|
28.0%
|
28.0%
|
31.0%
|
31.0%
|
31.0%
|
|
Previous
Bracket
|
15.0%
|
15.0%
|
15.0%
|
15.0%
|
15.0%
|
|
$ To
Prev Bracket
|
55,009
|
56,970
|
63,595
|
67,087
|
70,134
|
|
Fed
Effective Tax Rate
|
24.4%
|
26.3%
|
31.8%
|
32.6%
|
33.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S
U P P O R T I N G S C H E D U L E (cont.)
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
|
Sample Plan
|
2011
|
2012
|
2013
|
2014
|
2015
|
|
Age:
|
41/40
|
42/41
|
43/42
|
44/43
|
45/44
|
|
|
|
|
|
|
|
Alt
Minimum Tax
|
|
|
|
|
|
|
Adj
Gross Income
|
171,167
|
175,079
|
182,774
|
188,124
|
193,129
|
|
Inv
Int Exp Sch E
|
11,892
|
11,676
|
11,449
|
11,212
|
10,961
|
|
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
|
|
Contributions
|
-1,311
|
-1,351
|
-1,391
|
-1,433
|
-1,476
|
|
Home
Mortgage
|
-12,013
|
-11,689
|
-11,346
|
-10,982
|
-10,597
|
|
Other
Qual Int
|
-11,892
|
-11,676
|
-11,449
|
-11,212
|
-10,961
|
|
Adjusted
AMTI
|
152,824
|
158,122
|
167,265
|
174,124
|
180,705
|
|
AMT
Exemptions
|
-73,744
|
-42,970
|
-40,684
|
-38,969
|
-37,324
|
|
AMT
Taxable Inc
|
79,080
|
115,152
|
126,581
|
135,155
|
143,381
|
|
|
|
|
|
|
|
Gross
Alt Min Tx
|
0
|
0
|
32,911
|
35,140
|
37,279
|
|
Fed
Tax Less FTC
|
-23,330
|
-23,965
|
-28,427
|
-29,554
|
-30,573
|
|
Alt
Minimum Tax
|
0
|
0
|
4,484
|
5,586
|
6,706
|
|
|
|
|
|
|
|
Other
Tax Liabs
|
|
|
|
|
|
|
FICA/Soc
Sec Tax
|
6,265
|
8,994
|
9,328
|
9,682
|
10,057
|
|
NJ
Resident Income
|
195,801
|
202,385
|
209,172
|
216,171
|
223,384
|
|
NJ Adjustments
|
-16,500
|
-16,500
|
-14,000
|
-14,000
|
-14,500
|
|
NJ
Res Gross Inc
|
179,301
|
185,885
|
195,172
|
202,171
|
208,884
|
|
NJ
Deds & Exmptns
|
-8,848
|
-8,834
|
-8,770
|
-8,755
|
-8,750
|
|
NJ
Resident TI
|
170,453
|
177,051
|
186,402
|
193,415
|
200,134
|
|
NJ
Resident Tax
|
6,815
|
7,236
|
7,831
|
8,278
|
8,706
|
|
New
Jersey Tax
|
6,815
|
7,236
|
7,831
|
8,278
|
8,706
|
|
Tot
State/Local Tx
|
6,815
|
7,236
|
7,831
|
8,278
|
8,706
|
|
|
|
|
|
|
|
Total
Inc Tax
|
43,400
|
49,737
|
59,898
|
63,223
|
66,469
|
|
|
|
|
|
|
|
Gift
Tax Analysis
|
|
|
|
|
|
|
Gift
Exclusion Amount
|
14,000
|
14,000
|
14,000
|
14,000
|
15,000
|
|
Remaining
Gift Exemp-CL
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
|
Remaining
Gift Exemp-SP
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S
U P P O R T I N G S C H E D U L E
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
|
Sample Plan
|
2016
|
2017
|
2018
|
2019
|
2020
|
|
Age:
|
46/45
|
47/46
|
48/47
|
49/48
|
50/49
|
|
Income
|
|
|
|
|
|
|
Earned
Income
|
192,375
|
198,081
|
204,473
|
210,557
|
217,339
|
|
Adj
Gross Income
|
198,798
|
204,131
|
210,136
|
215,817
|
227,019
|
|
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
|
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
|
Ordinary
Income
|
34,203
|
35,229
|
36,286
|
37,374
|
38,496
|
|
Depreciation
|
4,545
|
4,546
|
4,545
|
4,546
|
4,545
|
|
Invstmt
Interest
|
10,698
|
10,421
|
10,130
|
9,825
|
9,503
|
|
Other
Expenses
|
9,184
|
9,460
|
9,743
|
10,036
|
10,337
|
|
Inv
Int Disalwd E
|
12,714
|
10,454
|
6,810
|
1,732
|
0
|
|
Investment
Income
|
8,846
|
8,542
|
8,223
|
7,890
|
12,379
|
|
|
|
|
|
|
|
Investment
Interest
|
|
|
|
|
|
|
BeachHouse
|
10,698
|
10,421
|
10,130
|
9,825
|
9,503
|
|
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
|
|
Inv
Int Disalowd
|
12,714
|
10,454
|
6,810
|
1,732
|
0
|
|
|
|
|
|
|
|
Federal
Tax Liab
|
|
|
|
|
|
|
Regular
Tax
|
31,726
|
32,846
|
34,210
|
35,474
|
38,481
|
|
Gross
Fed Inc Tax
|
31,726
|
32,846
|
34,210
|
35,474
|
38,481
|
|
Alt
Minimum Tax
|
7,930
|
9,101
|
10,272
|
11,573
|
11,478
|
|
AMT
Credit C/Over
|
10,070
|
16,776
|
24,706
|
33,807
|
44,079
|
|
Disallowed
|
-16,776
|
-24,706
|
-33,807
|
-44,079
|
-55,652
|
|
Self
Employmt Tax
|
10,739
|
11,062
|
11,393
|
11,735
|
12,087
|
|
Fed
Income Tax
|
50,395
|
53,009
|
55,875
|
58,782
|
62,046
|
|
|
|
|
|
|
|
Fed
Tax Analysis-Ord Inc
|
|
|
|
|
|
|
Indexing
Factor
|
141
|
144
|
148
|
151
|
155
|
|
Fed
Tax Bracket-Ord Inc
|
28.0%
|
31.0%
|
31.0%
|
31.0%
|
31.0%
|
|
$ To
Next Bracket
|
1,587
|
79,746
|
78,066
|
76,809
|
69,972
|
|
Next
Bracket
|
31.0%
|
36.0%
|
36.0%
|
36.0%
|
36.0%
|
|
Previous
Bracket
|
15.0%
|
28.0%
|
28.0%
|
28.0%
|
28.0%
|
|
$ To
Prev Bracket
|
73,663
|
654
|
3,484
|
5,991
|
14,028
|
|
Fed
Effective Tax Rate
|
34.1%
|
34.9%
|
35.6%
|
36.3%
|
36.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S
U P P O R T I N G S C H E D U L E (cont.)
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
|
Sample Plan
|
2016
|
2017
|
2018
|
2019
|
2020
|
|
Age:
|
46/45
|
47/46
|
48/47
|
49/48
|
50/49
|
|
|
|
|
|
|
|
Alt
Minimum Tax
|
|
|
|
|
|
|
Adj
Gross Income
|
198,798
|
204,131
|
210,136
|
215,817
|
227,019
|
|
Inv
Int Exp Sch E
|
10,698
|
10,421
|
10,130
|
9,825
|
9,503
|
|
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
|
|
Contributions
|
-1,520
|
-1,566
|
-1,613
|
-1,661
|
-1,711
|
|
Home
Mortgage
|
-10,189
|
-9,757
|
-9,299
|
-8,815
|
-8,301
|
|
Other
Qual Int
|
-10,698
|
-10,421
|
-10,130
|
-9,825
|
-9,503
|
|
Adjusted
AMTI
|
188,019
|
195,068
|
202,868
|
210,419
|
218,739
|
|
AMT
Exemptions
|
-35,495
|
-33,733
|
-31,783
|
-29,895
|
-27,815
|
|
AMT
Taxable Inc
|
152,523
|
161,335
|
171,085
|
180,524
|
190,924
|
|
|
|
|
|
|
|
Gross
Alt Min Tx
|
39,656
|
41,947
|
44,482
|
47,047
|
49,959
|
|
Fed
Tax Less FTC
|
-31,726
|
-32,846
|
-34,210
|
-35,474
|
-38,481
|
|
Alt
Minimum Tax
|
7,930
|
9,101
|
10,272
|
11,573
|
11,478
|
|
|
|
|
|
|
|
Other
Tax Liabs
|
|
|
|
|
|
|
FICA/Soc
Sec Tax
|
10,433
|
10,830
|
11,247
|
11,666
|
12,105
|
|
NJ
Resident Income
|
230,822
|
238,488
|
246,395
|
254,544
|
262,950
|
|
NJ
Adjustments
|
-14,500
|
-15,000
|
-15,000
|
-15,500
|
-15,500
|
|
NJ
Res Gross Inc
|
216,322
|
223,488
|
231,395
|
239,044
|
247,450
|
|
NJ
Deds & Exmptns
|
-8,734
|
-8,727
|
-8,710
|
-8,702
|
-8,684
|
|
NJ
Resident TI
|
207,588
|
214,761
|
222,685
|
230,342
|
238,766
|
|
NJ
Resident Tax
|
9,181
|
9,638
|
10,143
|
10,630
|
11,167
|
|
New
Jersey Tax
|
9,181
|
9,638
|
10,143
|
10,630
|
11,167
|
|
Tot
State/Local Tx
|
9,181
|
9,638
|
10,143
|
10,630
|
11,167
|
|
|
|
|
|
|
|
Total
Inc Tax
|
70,008
|
73,477
|
77,265
|
81,078
|
85,318
|
|
|
|
|
|
|
|
Gift
Tax Analysis
|
|
|
|
|
|
|
Gift
Exclusion Amount
|
15,000
|
15,000
|
15,000
|
16,000
|
16,000
|
|
Remaining
Gift Exemp-CL
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
|
Remaining
Gift Exemp-SP
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S
U P P O R T I N G S C H E D U L E
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
|
Sample Plan
|
2021
|
2022
|
2023
|
2024
|
2025
|
|
Age:
|
51/50
|
52/51
|
53/52
|
54/53
|
55/54
|
|
Income
|
|
|
|
|
|
|
Earned
Income
|
223,824
|
231,019
|
238,430
|
245,563
|
253,424
|
|
Adj
Gross Income
|
236,349
|
244,703
|
253,312
|
261,695
|
270,854
|
|
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
|
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
|
Ordinary
Income
|
39,650
|
40,840
|
42,065
|
43,327
|
44,627
|
|
Depreciation
|
4,546
|
4,545
|
4,546
|
4,545
|
4,546
|
|
Invstmt
Interest
|
9,166
|
8,810
|
8,438
|
8,045
|
7,632
|
|
Other
Expenses
|
10,647
|
10,966
|
11,295
|
11,634
|
11,983
|
|
Investment
Income
|
15,292
|
16,519
|
17,786
|
19,103
|
20,466
|
|
|
|
|
|
|
|
Investment
Interest
|
|
|
|
|
|
|
BeachHouse
|
9,166
|
8,810
|
8,438
|
8,045
|
7,632
|
|
|
|
|
|
|
|
Federal
Tax Liab
|
|
|
|
|
|
|
Regular
Tax
|
40,736
|
42,804
|
44,947
|
46,973
|
50,656
|
|
Medicare
Surcharge Tax
|
0
|
0
|
126
|
146
|
182
|
|
Gross
Fed Inc Tax
|
40,736
|
42,804
|
45,073
|
47,118
|
50,837
|
|
Alt
Minimum Tax
|
12,054
|
13,093
|
14,157
|
15,272
|
15,013
|
|
AMT
Credit C/Over
|
55,652
|
67,130
|
79,184
|
92,277
|
105,627
|
|
Disallowed
|
-67,130
|
-79,184
|
-92,277
|
-105,627
|
-118,342
|
|
Self
Employmt Tax
|
12,450
|
12,823
|
13,208
|
13,604
|
14,012
|
|
Fed
Income Tax
|
65,240
|
68,720
|
72,438
|
75,994
|
79,862
|
|
|
|
|
|
|
|
Fed
Tax Analysis-Ord Inc
|
|
|
|
|
|
|
Indexing
Factor
|
159
|
163
|
167
|
171
|
175
|
|
Fed
Tax Bracket-Ord Inc
|
31.0%
|
31.0%
|
31.0%
|
31.0%
|
31.0%
|
|
$ To
Next Bracket
|
65,522
|
61,764
|
57,767
|
54,241
|
45,420
|
|
Next
Bracket
|
36.0%
|
36.0%
|
36.0%
|
36.0%
|
36.0%
|
|
Previous
Bracket
|
28.0%
|
28.0%
|
28.0%
|
28.0%
|
28.0%
|
|
$ To
Prev Bracket
|
19,728
|
24,736
|
29,983
|
34,809
|
44,980
|
|
Fed
Effective Tax Rate
|
36.2%
|
36.6%
|
37.1%
|
37.5%
|
37.1%
|
|
|
|
|
|
|
|
Alt
Minimum Tax
|
|
|
|
|
|
|
Adj
Gross Income
|
236,349
|
244,703
|
253,312
|
261,695
|
270,854
|
|
Inv
Int Exp Sch E
|
9,166
|
8,810
|
8,438
|
8,045
|
7,632
|
|
Contributions
|
-1,762
|
-1,815
|
-1,870
|
-1,926
|
-1,983
|
|
Home
Mortgage
|
-7,758
|
-7,182
|
-6,573
|
-5,927
|
-5,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S
U P P O R T I N G S C H E D U L E (cont.)
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
|
Sample Plan
|
2021
|
2022
|
2023
|
2024
|
2025
|
|
Age:
|
51/50
|
52/51
|
53/52
|
54/53
|
55/54
|
|
Other
Qual Int
|
-9,166
|
-8,810
|
-8,438
|
-8,045
|
-7,632
|
|
Adjusted
AMTI
|
226,829
|
235,706
|
244,869
|
253,842
|
263,627
|
|
AMT
Exemptions
|
-25,793
|
-23,574
|
-21,283
|
-19,039
|
-16,593
|
|
AMT
Taxable Inc
|
201,036
|
212,132
|
223,587
|
234,803
|
247,033
|
|
|
|
|
|
|
|
Gross
Alt Min Tx
|
52,790
|
55,897
|
59,104
|
62,245
|
65,669
|
|
Fed
Tax Less FTC
|
-40,736
|
-42,804
|
-44,947
|
-46,973
|
-50,656
|
|
Alt
Minimum Tax
|
12,054
|
13,093
|
14,157
|
15,272
|
15,013
|
|
|
|
|
|
|
|
Other
Tax Liabs
|
|
|
|
|
|
|
FICA/Soc
Sec Tax
|
12,566
|
12,996
|
13,385
|
13,787
|
14,201
|
|
NJ
Resident Income
|
271,614
|
280,551
|
289,761
|
299,263
|
309,058
|
|
NJ
Adjustments
|
-16,000
|
-16,000
|
-16,000
|
-16,500
|
-16,500
|
|
NJ
Res Gross Inc
|
255,614
|
264,551
|
273,761
|
282,763
|
292,558
|
|
NJ
Deds & Exmptns
|
-3,674
|
-3,654
|
-3,633
|
-3,622
|
-2,099
|
|
NJ
Resident TI
|
251,939
|
260,897
|
270,128
|
279,141
|
290,459
|
|
NJ Resident
Tax
|
12,006
|
12,577
|
13,165
|
13,739
|
14,460
|
|
New
Jersey Tax
|
12,006
|
12,577
|
13,165
|
13,739
|
14,460
|
|
Tot
State/Local Tx
|
12,006
|
12,577
|
13,165
|
13,739
|
14,460
|
|
|
|
|
|
|
|
Total
Inc Tax
|
89,812
|
94,293
|
98,987
|
103,520
|
108,523
|
|
|
|
|
|
|
|
Gift
Tax Analysis
|
|
|
|
|
|
|
Gift Exclusion
Amount
|
16,000
|
16,000
|
16,000
|
17,000
|
17,000
|
|
Remaining
Gift Exemp-CL
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
|
Remaining
Gift Exemp-SP
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S
U P P O R T I N G S C H E D U L E
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
|
Sample Plan
|
2026
|
2027
|
2028
|
2029
|
2030
|
|
Age:
|
56/55
|
57/56
|
58/57
|
59/58
|
60/59
|
|
Income
|
|
|
|
|
|
|
Earned
Income
|
261,022
|
269,363
|
277,454
|
285,802
|
294,916
|
|
Adj
Gross Income
|
279,798
|
291,243
|
303,631
|
313,494
|
324,182
|
|
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
|
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
|
Ordinary
Income
|
45,966
|
47,345
|
48,765
|
50,228
|
51,735
|
|
Depreciation
|
4,545
|
2,843
|
0
|
0
|
0
|
|
Invstmt
Interest
|
7,200
|
6,743
|
6,265
|
5,761
|
5,232
|
|
Other
Expenses
|
12,343
|
12,713
|
13,094
|
13,487
|
13,892
|
|
Investment
Income
|
21,878
|
25,046
|
29,406
|
30,980
|
32,611
|
|
|
|
|
|
|
|
Investment
Interest
|
|
|
|
|
|
|
BeachHouse
|
7,200
|
6,743
|
6,265
|
5,761
|
5,232
|
|
|
|
|
|
|
|
Federal
Tax Liab
|
|
|
|
|
|
|
Regular
Tax
|
52,892
|
55,858
|
59,121
|
61,628
|
64,347
|
|
Medicare
Surcharge Tax
|
256
|
336
|
415
|
497
|
586
|
|
Gross
Fed Inc Tax
|
53,148
|
56,194
|
59,536
|
62,125
|
64,933
|
|
Alt
Minimum Tax
|
16,140
|
17,428
|
18,762
|
19,985
|
21,302
|
|
AMT
Credit C/Over
|
118,342
|
128,312
|
137,560
|
145,913
|
153,239
|
|
Disallowed
|
-128,312
|
-137,560
|
-145,913
|
-153,239
|
-159,756
|
|
Self
Employmt Tax
|
14,433
|
14,866
|
15,312
|
15,771
|
16,244
|
|
Fed
Income Tax
|
83,721
|
88,488
|
93,610
|
97,881
|
102,479
|
|
|
|
|
|
|
|
Fed
Tax Analysis-Ord Inc
|
|
|
|
|
|
|
Indexing
Factor
|
179
|
183
|
187
|
191
|
195
|
|
Fed
Tax Bracket-Ord Inc
|
31.0%
|
31.0%
|
31.0%
|
31.0%
|
31.0%
|
|
$ To
Next Bracket
|
41,264
|
34,848
|
27,524
|
22,641
|
17,163
|
|
Next
Bracket
|
36.0%
|
36.0%
|
36.0%
|
36.0%
|
36.0%
|
|
Previous
Bracket
|
28.0%
|
28.0%
|
28.0%
|
28.0%
|
28.0%
|
|
$ To
Prev Bracket
|
50,436
|
58,202
|
66,926
|
73,209
|
80,087
|
|
Fed
Effective Tax Rate
|
37.5%
|
37.9%
|
38.2%
|
38.6%
|
38.9%
|
|
|
|
|
|
|
|
Alt
Minimum Tax
|
|
|
|
|
|
|
Adj
Gross Income
|
279,798
|
291,243
|
303,631
|
313,494
|
324,182
|
|
Inv
Int Exp Sch E
|
7,200
|
6,743
|
6,265
|
5,761
|
5,232
|
|
Contributions
|
-2,043
|
-2,104
|
-2,167
|
-2,232
|
-2,299
|
|
Home
Mortgage
|
-4,520
|
-3,752
|
-2,941
|
-2,081
|
-1,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S
U P P O R T I N G S C H E D U L E (cont.)
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
|
Sample Plan
|
2026
|
2027
|
2028
|
2029
|
2030
|
|
Age:
|
56/55
|
57/56
|
58/57
|
59/58
|
60/59
|
|
Other
Qual Int
|
-7,200
|
-6,743
|
-6,265
|
-5,761
|
-5,232
|
|
Adjusted
AMTI
|
273,235
|
285,387
|
298,523
|
309,181
|
320,713
|
|
AMT
Exemptions
|
-14,191
|
-11,153
|
-7,869
|
-5,205
|
-2,322
|
|
AMT
Taxable Inc
|
259,044
|
274,234
|
290,654
|
303,976
|
318,391
|
|
|
|
|
|
|
|
Gross
Alt Min Tx
|
69,032
|
73,286
|
77,883
|
81,613
|
85,649
|
|
Fed
Tax Less FTC
|
-52,892
|
-55,858
|
-59,121
|
-61,628
|
-64,347
|
|
Alt
Minimum Tax
|
16,140
|
17,428
|
18,762
|
19,985
|
21,302
|
|
|
|
|
|
|
|
Other
Tax Liabs
|
|
|
|
|
|
|
FICA/Soc
Sec Tax
|
14,627
|
15,065
|
15,517
|
15,983
|
16,462
|
|
NJ
Resident Income
|
319,160
|
331,281
|
344,865
|
355,945
|
367,372
|
|
NJ
Adjustments
|
-17,000
|
-17,000
|
-17,500
|
-18,000
|
-18,000
|
|
NJ
Res Gross Inc
|
302,160
|
314,281
|
327,365
|
337,945
|
349,372
|
|
NJ
Deds & Exmptns
|
-2,086
|
-2,027
|
-2,000
|
-2,000
|
-2,000
|
|
NJ
Resident TI
|
300,074
|
312,254
|
325,365
|
335,945
|
347,372
|
|
NJ
Resident Tax
|
15,072
|
15,848
|
16,683
|
17,357
|
18,085
|
|
New
Jersey Tax
|
15,072
|
15,848
|
16,683
|
17,357
|
18,085
|
|
Tot
State/Local Tx
|
15,072
|
15,848
|
16,683
|
17,357
|
18,085
|
|
|
|
|
|
|
|
Total
Inc Tax
|
113,420
|
119,401
|
125,811
|
131,221
|
137,026
|
|
|
|
|
|
|
|
Gift
Tax Analysis
|
|
|
|
|
|
|
Gift
Exclusion Amount
|
17,000
|
17,000
|
18,000
|
18,000
|
18,000
|
|
Remaining
Gift Exemp-CL
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
|
Remaining
Gift Exemp-SP
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S
U P P O R T I N G S C H E D U L E
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
|
Sample Plan
|
2031
|
2032
|
2033
|
2034
|
2035
|
|
Age:
|
61/60
|
62/61
|
63/62
|
64/63
|
65/64
|
|
Income
|
|
|
|
|
|
|
Earned
Income
|
303,804
|
103,672
|
0
|
0
|
0
|
|
Adj
Gross Income
|
334,704
|
175,256
|
119,187
|
128,288
|
137,297
|
|
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
|
|
|
|
|
|
|
|
Capital
Gains
|
|
|
|
|
|
|
Excess
Cash Fund
|
0
|
38,982
|
75,940
|
82,936
|
89,754
|
|
Net
Capital Gain
|
0
|
38,982
|
75,940
|
82,936
|
89,754
|
|
|
|
|
|
|
|
LTCG
Txd At Max Rt
|
0
|
38,982
|
75,940
|
82,936
|
89,754
|
|
|
|
|
|
|
|
Capital
Gains-AMT
|
0
|
38,982
|
75,940
|
82,936
|
89,754
|
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
|
Ordinary
Income
|
53,287
|
54,885
|
56,532
|
58,228
|
59,975
|
|
Invstmt
Interest
|
4,676
|
4,091
|
3,476
|
2,831
|
2,151
|
|
Other
Expenses
|
14,309
|
14,738
|
15,180
|
15,635
|
16,104
|
|
Investment
Income
|
34,302
|
36,057
|
37,876
|
39,762
|
41,719
|
|
|
|
|
|
|
|
Investment
Interest
|
|
|
|
|
|
|
BeachHouse
|
4,676
|
4,091
|
3,476
|
2,831
|
2,151
|
|
|
|
|
|
|
|
Federal
Tax Liab
|
|
|
|
|
|
|
Regular
Tax
|
67,022
|
21,293
|
10,069
|
11,096
|
12,131
|
|
Max
Tax On Cap Gn
|
0
|
7,796
|
13,425
|
14,798
|
16,173
|
|
Medicare
Surcharge Tax
|
673
|
0
|
0
|
0
|
0
|
|
Gross
Fed Inc Tax
|
67,695
|
19,867
|
13,425
|
14,798
|
16,173
|
|
Alt
Minimum Tax
|
22,463
|
12,510
|
910
|
1,342
|
1,753
|
|
AMT
Credit C/Over
|
159,756
|
165,442
|
170,117
|
182,627
|
183,537
|
|
Disallowed
|
-165,442
|
-170,117
|
-182,627
|
-183,537
|
-184,879
|
|
Self
Employmt Tax
|
16,732
|
17,233
|
0
|
0
|
0
|
|
Fed
Income Tax
|
106,890
|
49,610
|
14,335
|
16,140
|
17,926
|
|
|
|
|
|
|
|
Fed
Tax Analysis-Ord Inc
|
|
|
|
|
|
|
Indexing
Factor
|
200
|
204
|
209
|
213
|
218
|
|
Fed
Tax Bracket-Ord Inc
|
31.0%
|
15.0%
|
.0%
|
.0%
|
.0%
|
|
$ To
Next Bracket
|
11,836
|
13,026
|
0
|
0
|
0
|
|
Next
Bracket
|
36.0%
|
28.0%
|
.0%
|
.0%
|
.0%
|
|
Previous
Bracket
|
28.0%
|
.0%
|
.0%
|
.0%
|
.0%
|
|
|
|
|
|
|
|
$ To
Prev Bracket
|
86,864
|
80,474
|
0
|
0
|
0
|
|
Fed
Capital Gain Rate
|
.0%
|
20.0%
|
17.7%
|
17.8%
|
18.0%
|
|
Fed
Effective Tax Rate
|
39.2%
|
37.2%
|
21.4%
|
21.8%
|
22.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S
U P P O R T I N G S C H E D U L E (cont.)
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
|
Sample Plan
|
2031
|
2032
|
2033
|
2034
|
2035
|
|
Age:
|
61/60
|
62/61
|
63/62
|
64/63
|
65/64
|
|
|
|
|
|
|
|
Alt
Minimum Tax
|
|
|
|
|
|
|
Adj
Gross Income
|
334,704
|
175,256
|
119,187
|
128,288
|
137,297
|
|
Inv
Int Exp Sch E
|
4,676
|
4,091
|
3,476
|
2,831
|
2,151
|
|
Contributions
|
-2,368
|
-2,439
|
-2,513
|
-2,588
|
-2,666
|
|
Home
Mortgage
|
-247
|
0
|
0
|
0
|
0
|
|
Other
Qual Int
|
-4,676
|
-4,091
|
-3,476
|
-2,831
|
-2,151
|
|
Adjusted
AMTI
|
332,089
|
172,817
|
116,674
|
125,700
|
134,631
|
|
Net
Capital Gain
|
0
|
-38,982
|
-75,940
|
-82,936
|
-89,754
|
|
Capital
Gains-AMT
|
0
|
38,982
|
75,940
|
82,936
|
89,754
|
|
AMT
Exemptions
|
0
|
-39,296
|
-45,000
|
-45,000
|
-45,000
|
|
AMT
Taxable Inc
|
332,089
|
133,521
|
71,674
|
80,700
|
89,631
|
|
|
|
|
|
|
|
Gross
Alt Min Tx
|
89,485
|
32,377
|
14,335
|
16,140
|
17,926
|
|
Fed
Tax Less FTC
|
-67,022
|
-19,867
|
-13,425
|
-14,798
|
-16,173
|
|
Alt Minimum
Tax
|
22,463
|
12,510
|
910
|
1,342
|
1,753
|
|
|
|
|
|
|
|
Other
Tax Liabs
|
|
|
|
|
|
|
FICA/Soc
Sec Tax
|
16,956
|
0
|
0
|
0
|
0
|
|
NJ
Resident Income
|
379,155
|
201,991
|
119,010
|
128,111
|
137,120
|
|
NJ
Adjustments
|
-18,500
|
0
|
0
|
0
|
0
|
|
NJ
Res Gross Inc
|
360,655
|
201,991
|
119,010
|
128,111
|
137,120
|
|
NJ
Deds & Exmptns
|
-2,000
|
-10,278
|
-17,157
|
-17,202
|
-18,254
|
|
NJ
Resident TI
|
358,655
|
191,713
|
101,853
|
110,909
|
118,866
|
|
NJ
Resident Tax
|
18,804
|
8,170
|
2,852
|
3,353
|
3,792
|
|
New
Jersey Tax
|
18,804
|
8,170
|
2,852
|
3,353
|
3,792
|
|
Tot
State/Local Tx
|
18,804
|
8,170
|
2,852
|
3,353
|
3,792
|
|
|
|
|
|
|
|
Total
Inc Tax
|
142,650
|
57,780
|
17,188
|
19,493
|
21,718
|
|
|
|
|
|
|
|
Gift
Tax Analysis
|
|
|
|
|
|
|
Gift
Exclusion Amount
|
19,000
|
19,000
|
19,000
|
19,000
|
20,000
|
|
Remaining
Gift Exemp-CL
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
|
Remaining
Gift Exemp-SP
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S
U P P O R T I N G S C H E D U L E
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
SINGLE
|
|
Sample Plan
|
2040
|
2045
|
2050
|
2055
|
2060
|
|
Age:
|
70/69
|
75/74
|
80/79
|
85/84
|
89
|
|
Income
|
|
|
|
|
|
|
Earned
Income
|
60,433
|
144,241
|
188,563
|
240,704
|
291,500
|
|
Adj
Gross Income
|
213,571
|
286,941
|
351,864
|
431,314
|
514,279
|
|
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
|
|
|
|
|
|
|
|
Capital
Gains
|
|
|
|
|
|
|
Excess
Cash Fund
|
32,870
|
2,632
|
0
|
0
|
0
|
|
Net
Capital Gain
|
32,870
|
2,632
|
0
|
0
|
0
|
|
|
|
|
|
|
|
LTCG
Txd At Max Rt
|
32,870
|
2,632
|
0
|
0
|
0
|
|
|
|
|
|
|
|
Capital
Gains-AMT
|
32,870
|
2,632
|
0
|
0
|
0
|
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
|
Ordinary
Income
|
69,527
|
80,601
|
93,439
|
108,321
|
125,574
|
|
Other
Expenses
|
18,669
|
21,643
|
25,090
|
29,086
|
33,719
|
|
Investment
Income
|
50,858
|
58,958
|
68,349
|
79,235
|
91,855
|
|
|
|
|
|
|
|
Federal
Tax Liab
|
|
|
|
|
|
|
Regular
Tax
|
28,290
|
44,703
|
58,679
|
76,682
|
113,775
|
|
Max
Tax On Cap Gn
|
6,574
|
526
|
0
|
0
|
0
|
|
Medicare
Surcharge Tax
|
0
|
441
|
431
|
549
|
1,528
|
|
Gross
Fed Inc Tax
|
25,660
|
44,933
|
59,110
|
77,231
|
115,304
|
|
Alt
Minimum Tax
|
19,324
|
27,873
|
35,180
|
39,238
|
25,161
|
|
AMT
Credit C/Over
|
206,201
|
268,682
|
313,066
|
335,465
|
358,762
|
|
Disallowed
|
-217,799
|
-279,446
|
-318,604
|
-339,880
|
-363,923
|
|
Fed
Income Tax
|
44,984
|
72,806
|
94,290
|
116,469
|
140,465
|
|
|
|
|
|
|
|
Fed
Tax Analysis-Ord Inc
|
|
|
|
|
|
|
Indexing
Factor
|
242
|
268
|
296
|
326
|
359
|
|
Fed
Tax Bracket-Ord Inc
|
28.0%
|
28.0%
|
31.0%
|
31.0%
|
36.0%
|
|
$ To
Next Bracket
|
95,193
|
18,773
|
112,003
|
76,818
|
372,382
|
|
Next
Bracket
|
31.0%
|
31.0%
|
36.0%
|
36.0%
|
39.6%
|
|
Previous
Bracket
|
15.0%
|
15.0%
|
28.0%
|
28.0%
|
31.0%
|
|
$ To
Prev Bracket
|
11,808
|
96,377
|
18,397
|
63,482
|
47,668
|
|
Fed
Capital Gain Rate
|
20.0%
|
20.0%
|
.0%
|
.0%
|
.0%
|
|
Fed
Effective Tax Rate
|
30.0%
|
34.3%
|
35.7%
|
35.5%
|
34.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S
U P P O R T I N G S C H E D U L E (cont.)
|
|
Matthew
Retires at age 62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Matthew & Tammy
McCarthey
|
|
|
|
|
|
|
JOINT
|
JOINT
|
JOINT
|
JOINT
|
SINGLE
|
|
Sample Plan
|
2040
|
2045
|
2050
|
2055
|
2060
|
|
Age:
|
70/69
|
75/74
|
80/79
|
85/84
|
89
|
|
|
|
|
|
|
|
Alt
Minimum Tax
|
|
|
|
|
|
|
Adj
Gross Income
|
213,571
|
286,941
|
351,864
|
431,314
|
514,279
|
|
Contributions
|
-3,090
|
-3,582
|
-4,153
|
-4,814
|
-5,581
|
|
Adjusted
AMTI
|
210,481
|
283,359
|
347,711
|
426,500
|
508,698
|
|
Net
Capital Gain
|
-32,870
|
-2,632
|
0
|
0
|
0
|
|
Capital
Gains-AMT
|
32,870
|
2,632
|
0
|
0
|
0
|
|
AMT
Exemptions
|
-29,880
|
-11,660
|
0
|
0
|
0
|
|
AMT
Taxable Inc
|
180,601
|
271,699
|
347,711
|
426,500
|
508,698
|
|
|
|
|
|
|
|
Gross
Alt Min Tx
|
44,984
|
72,365
|
93,859
|
115,920
|
138,936
|
|
Fed
Tax Less FTC
|
-25,660
|
-44,492
|
-58,679
|
-76,682
|
-113,775
|
|
Alt
Minimum Tax
|
19,324
|
27,873
|
35,180
|
39,238
|
25,161
|
|
|
|
|
|
|
|
Other
Tax Liabs
|
|
|
|
|
|
|
NJ
Resident Income
|
90,740
|
70,391
|
79,503
|
93,494
|
110,223
|
|
NJ
Res Gross Inc
|
90,740
|
70,391
|
79,503
|
93,494
|
110,223
|
|
NJ
Deds & Exmptns
|
-21,456
|
-23,339
|
-24,868
|
-26,573
|
-29,039
|
|
NJ
Resident TI
|
69,284
|
47,052
|
54,634
|
66,921
|
81,184
|
|
NJ
Resident Tax
|
1,277
|
753
|
919
|
1,220
|
3,045
|
|
New
Jersey Tax
|
1,277
|
753
|
919
|
1,220
|
3,045
|
|
Tot
State/Local Tx
|
1,277
|
753
|
919
|
1,220
|
3,045
|
|
|
|
|
|
|
|
Total
Inc Tax
|
46,262
|
73,560
|
95,208
|
117,689
|
143,510
|
|
|
|
|
|
|
|
Gift
Tax Analysis
|
|
|
|
|
|
|
Gift
Exclusion Amount
|
21,000
|
23,000
|
24,000
|
26,000
|
28,000
|
|
Remaining
Gift Exemp-CL
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
|
Remaining
Gift Exemp-SP
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
0
|
|
|
