Monthly Archives: March 2018

2017 Tax Calculator, Excel Tax Spreadsheet, SimplePlanning, income tax worksheet.#Income #tax #worksheet

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The Excel Tax Calculator Spreadsheet:

Federal income tax in seconds!

or how much the IRS owes you!

quickly and easily.

in Excel format.

Income tax worksheet

Income tax worksheetComprehensive

Unlike online tax calculators that lack the proper detail, our downloadable tax calculator spreadsheet was developed with detail in mind. The greater the detail, the higher the level of accuracy. Download the demo tax calculator spreadsheet and see for yourself.

Income tax worksheetUse our Excel Tax Calculator Online or Offline

Many tax software sites store your tax info online, so you can only access it while you’re online. What if you’d rather not enter your personal financial information over the web? What if you’d rather do your tax planning offline? With our Excel Tax Calculator spreadsheet, you can use it whenever you like, online or offline.

Income tax worksheetPowered by MS Excel Spreadsheets

Whether you have worked with Excel spreadsheets or not, you will appreciate what our Excel based Tax Calculator can do. Because our Tax Calculator is an Excel spreadsheet, there is no additional software to set up. just download the spreadsheet and go! Click here to download our Tax Calculator demo spreadsheet.

Income tax worksheetIt’s Simple!

A lot of tax planning say their tax planners are simple to use. At Simpleplanning, we guarantee it. If you’re not completely satisfied with our Excel Tax Calculator, we’ll send you a full refund.

Income tax worksheet

Income tax worksheet

Income tax worksheet

Income tax worksheet


2017 Earned Income Tax Credit (EITC 2017), earned income credit.#Earned #income #credit

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2017 Earned Income Tax Credit EITC

The IRS is going to announce the 2017 Earned Income Tax Credit soon. Taxpayers who are eligible for the 2017 EITC may receive a substantial benefit. To summarize, the EITC, Earned Income Tax Credit, is a benefit for working people who have low to moderate income. It supplements wages by rewarding people who work. It reduces the amount of tax you owe and may also give you a refund. This means that the EITC may put money in your pocket at tax time if you qualify for the 2017 Earned Income Tax Ccredit. If you are unfamiliar with this term, the EITC is also called EIC or Earned Income Credit. Different tax preparers or programs may refer to this differently.

When can you claim the 2017 EITC?

You can claim the 2017 earned income tax credit when you file your tax return in 2018. In 2017, you may be able to file for the 2016 Earned Income Tax Credit. The difference between the 2016 EITC and the 2017 EITC is amount. Using a tax software will help ensure that you are filing for the right year of EITC Benefit. When you prepare your tax return, most tax software and tax accountants automatically check to see if you qualify for the Earned Income Tax Credit. If you qualify for the EITC, they will calculate the exact amount of your credit for you. It will also generate the form(s) you need to claim your full credit and fill them out for you.

2017 EITC Income Limits

Some changes to the 2017 Earned Income Tax Credit (EITC) may put more money in your pocket in 2017 if you are married, or if you have three or more qualifying children. The IRS is expected to announce the amount of earned income credit taxpayers may claim in 2017 soon.

To figure out if you are eligible for the 2017 earned income tax credit, you can use the IRS Earned Income Credit Worksheet (EIC Worksheet) in the instruction booklet for Form 1040, Form 1040A, or Form 1040EZ, and the Earned Income Credit (EIC) Table in the instruction booklet, or use the EITC Assistant Tool online. The EITC is designed to encourage and reward work. As noted, a worker’s EITC grows with each additional dollar of earnings until reaching the maximum value.

2017 Earned Income Tax Amounts

The earned income tax credit (2017 EITC) ranges from $510 to $6.318 in benefits for tax filers in 2017. Remember, these are the 2017 EITC numbers. According the the 2017 EITC table, you will get these amounts when you file taxes in 2018. The instructions for the Form 1040 series provide tables showing the amount of the earned income credit for each type of taxpayer. The 2017 earned income amount is the amount of earned income at or above which the maximum amount of the 2017 earned income credit is allowed.

2017 Earned Income Credit Table

The threshold phaseout amounts and the completed phaseout amounts shown in the table below for married taxpayers filing a joint return include the increase as adjusted for inflation for taxable years beginning in 2017. The EITC threshold phaseout amount is the amount of adjusted gross income above which the maximum amount of the 2017 earned income tax credit begins to phase out. The EIRC completed phaseout amount is the amount of adjusted gross income at or above which no earned income tax credit in 2017 is allowed.

Who can claim 2017 Earned Income Tax Credit (EIC)?

When filing taxes for 2017 (due in April 2018), working families with children that have annual incomes below about $39,000 to $53,300 (depending on marital status and the number of dependent children) may be eligible for the federal EITC. To claim the 2017 EITC on your tax return, you must meet all the following rules:

  • You, your spouse (if you file a joint return), and all others listed on Schedule EIC, must have a Social Security number that is valid for employment
  • You must have earned income from working for someone else or owning or running a farm or business
  • Your filing status cannot be married filing separately
  • You must be a U.S. citizen or resident alien all year (If you are a nonresident alien married to a U.S. citizen or resident alien, see Publication 519, U.S. Tax Guide for Aliens)
  • You cannot be a qualifying child of another person
  • You must meet the earned income, AGI and investment income limits (income limits change each year), see EITC Income Limits for the tax year amounts
  • And you must meet one of the following:
    • Have a qualifying child (see who is a qualifying child below)
    • If you do not have a qualifying child, you must:
      • be age 25 but under 65 at the end of the year,
      • live in the United States for more than half the year, and
      • not qualify as a dependent of another person.

      When can you get 2017 Earned Income Credit?

      IRS cautioned taxpayers not to count on getting a refund by a certain date, especially when making major purchases or paying other financial obligations. Though IRS issues most refunds in less than 21 days, some returns are held for further review. In addition, starting next year, some people will get their refunds a little later. The Protecting Americans from Tax Hikes (PATH) Act requires IRS to hold the refund for any tax return claiming either the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until Feb. 15. By law, IRS must hold the entire refund, not just the portion related to the EITC or ACTC.

      What Is Earned Income for the Earned Income Tax Credit?

      Not all income is earned income. Earned income is any money you were paid for doing work, whether you work for yourself or for someone else. The following are examples of earned income:

      • Salaries
      • Wages
      • Tips
      • Commissions
      • Royalties
      • Self-employment net earnings
      • Jury duty pay
      • Union strike benefits
      • Long-term disability benefits received before minimum retirement age
      • Nontaxable combat pay

      Same Sex Marriage and the 2017 Earned Income Tax Credit

      The U.S. Department of the Treasury and the Internal Revenue Service ruled in 2013 that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes The ruling applies to all federal tax provisions where marriage is a factor, including filing status, claiming personal and dependency exemptions, taking the standard deduction, employee benefits, contributing to an IRA and claiming the earned income tax credit or child tax credit.

      Thus, for claiming a same-sex marriage is important for claiming the EITC.


How to Calculate Net Income: 12 Steps (with Pictures), what is net income.#What #is #net

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How to Calculate Net Income

Net income is your total income after taxes, deductions, credits, and business operating expenses. There is a slightly different process for calculating your personal net income, and calculating your business net income. It involves looking through some records and doing a bit of math, but calculating your net income is simple once you know the process.

Steps Edit

Method One of Two:

Calculating Personal Net Income Edit

What is net income

What is net income

What is net income

What is net income

What is net income

Method Two of Two:

Calculating Business Net Income Edit

What is net income

What is net income

What is net income

What is net income

What is net income

What is net income

What is net income


Net Sales or Revenue Vs, what is net income.#What #is #net #income

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Net Sales or Revenue Vs. Net Income

What is net income

Increase profits by growing revenue and controlling expenses.

Related Articles

  • 1 [Net Revenue Net Sales Cost] | What Is the Difference Between Net Revenue, Net Sales, Cost of Sales Gross Margin?
  • 2 [Net Sales] | What Is the Difference Between Net Sales Net Income?
  • 3 [Income Statement] | How to Determine Net Sales on an Income Statement
  • 4 [Net Revenue] | What Is the Difference Between Net Revenue Operating Income?

The difference between net sales and net income is the difference between the top line and bottom line. Net sales, or net revenue, is the money a company gets from doing business with its customers. Net income is profit — what’s left over after the company has accounted for all its revenue, expenses, gains, losses, taxes and other obligations.

Net Sales

Net sales is the top line of the typical company’s income statement. It’s the total amount the company has brought in from sales, called gross revenue, minus the value of product returns and allowances. Allowances are price reductions or rebates offered to customers to persuade them to keep an item rather than return it. The net sales figure also includes subtractions for certain sales discounts. In a typical example, a company might sell an item for $1,000 but offer a 2 percent discount if the customer pays upfront rather than in installments. In that case, the company would report gross revenue of $1,000 and a $20 discount, for net revenue or net sales of $980.

Sales vs. Other Income

Sales revenue, in the accounting sense, refers only to money that comes in from business transactions with customers. If you own a shoe store, for example, sales revenue is what you make by selling shoes and socks and anything else in your inventory. Companies often have other income sources separate from their core business. Your shoe-store business, for example, might park some of its extra money in Treasury bonds that pay interest. Or you might sell off some unneeded equipment. Money from such sources does not get counted in net sales. It appears elsewhere on the income statement.

Net Income

When people speak of the bottom line in business, they’re talking about net income. Net income is simply profit, and the whole income statement flows toward this number. You start with net sales or net revenue, subtract your expenses, factor in any gains or losses from other activities — like the interest on your bonds or the price you got for the equipment you sold — and set aside money for taxes, if necessary. Whatever is left is net income. If more money went out than came in, the company has a net loss.

Where Net Income Goes

When a company has net income, there are essentially two things it can do with that profit. One option is to distribute it to the company’s owners. This is what corporations are doing when they pay dividends to stockholders; owners of small businesses take a draw, which means pulling money out of the business for personal use. The other option is to reinvest the profit in the business. In that case, the reinvested amount gets added to owner’s equity (or stockholder’s equity in the case of a corporation) on the balance sheet.

References (4)

  • Financial Accounting for MBAs, Fourth Edition; Peter Easton, et al
  • AccountingCoach: Net Sales
  • Principles of Accounting: Special Issues for Merchants
  • AccountingCoach: Net Income

About the Author

Cam Merritt is a writer and editor specializing in business, personal finance and home design. He has contributed to USA Today, The Des Moines Register and Better Homes and Gardens publications. Merritt has a journalism degree from Drake University and is pursuing an MBA from the University of Iowa.


Extra Income, Wise Bread, side income.#Side #income

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side income

Side income

11 Ways to Make Money on Thanksgiving

While you’re waiting for that turkey to roast, why not make a little extra cash?

Side income

8 Seasonal Side Hustles That ll Cover Your Holiday Spending

The holidays are almost here! Feeling a cash crunch? These seasonal side hustles have your holiday spending covered.

Side income

Don t Get Audited! How Your Side Gig Needs to Handle Taxes

The sharing economy has given us easy ways to make serious side cash. Just don’t forget to set aside some for Uncle Sam!

Side income

Best Money Tips: 20+ Best Apps for Selling Clothes

Today we found articles on the best apps for selling clothes, Halloween decorations you can DIY, and ways to be more charismatic.

Side income

Best Money Tips: How to Make Serious Cash With Your Car

Today we found articles on ways to make serious cash with your car, how to get the most out of your slow cooker with dump meals, and techniques to stay confident under pressure.

Side income

Ask the Readers: Do You Have Passive Income?

Tell us if you have passive income and we’ll enter you in a drawing to win a $20 Amazon Gift Card!

Side income

Best Money Tips: How to Buy and Sell Anything Online

Today we found articles on how to buy and sell anything online, businesses you can start without any money, and how to build a bank account firewall.

Side income

Make Money Editing Photos With These Online Tools

You can earn money from your couch by editing and reviewing photos other people have taken. No, really!

Side income

7 Easy Ways to Build an Emergency Fund From $0

When your latest financial emergency is that you can’t afford an emergency, it’s time to start building that safety net — quickly!

Side income

What Artists and Fans Should Know About Tipping Sites Like Patreon

Before you raise money on a site like Patreon for your art, there are a few things you should know.

Side income

5 Ways to Make Passive Income Online

From ebooks to advertising, the internet is your go-to place for creating passive income streams.

Side income

15 Ways to Make Money on Halloween

Instead of spending money on a costume and decor, why not make a little extra cash this Halloween? Don’t be afraid of a little side hustle!

Side income

Flashback Friday: 52 Things You Need to Know About Hosting on Airbnb

Wanna make some extra cash and host your place on Airbnb? Here’s how to do it right.

Side income

5 Costly Pitfalls of Hosting on Airbnb

Renting your space on Airbnb isn’t always an easy money-maker. Watch out for these pitfalls and inconveniences of becoming an Airbnb host.

Side income

How to Turn Your Backyard Into a Moneymaker

A big backyard costs money. Did you know it can also make you money?

Side income

How to Legally Sell Your Body for Money

Looking to sell some your stuff for some extra cash? Look no further than the mirror.

Side income

How I Made $400 in 10 Days by Selling an Online Course I Created

Have a skill to share? Create an online course and make some extra money!

Side income

6 Back-to-School Items You Can Sell For Extra Cash

When school supplies are in abundance in your home, what should you do? Sell ’em!

Side income

Best Money Tips: 30+ Passive Income Ideas That Will Make You Money

Today we found articles on ideas for passive income, tips to organize your garage, and effective ways to meet your new neighbors when you move in.

Side income

15 Lucrative Side Hustles for City Dwellers

You can find just about anything you need when you’re a city slicker — including one of these great side gigs!


How to Calculate Net Income: 12 Steps (with Pictures), how to calculate income tax.#How #to

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How to Calculate Net Income

Net income is your total income after taxes, deductions, credits, and business operating expenses. There is a slightly different process for calculating your personal net income, and calculating your business net income. It involves looking through some records and doing a bit of math, but calculating your net income is simple once you know the process.

Steps Edit

Method One of Two:

Calculating Personal Net Income Edit

How to calculate income tax

How to calculate income tax

How to calculate income tax

How to calculate income tax

How to calculate income tax

Method Two of Two:

Calculating Business Net Income Edit

How to calculate income tax

How to calculate income tax

How to calculate income tax

How to calculate income tax

How to calculate income tax

How to calculate income tax

How to calculate income tax


Maximum Social Security Withholding – UPDATED for 2018, social security income limits.#Social #security #income #limits

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Social Security Maximum Withholding UPDATED Through 2018

Social security income limits

Social security income limits

The Social Security Administration has announced the 2018 Social Security benefit amounts and the maximum withholding change for the 2018 tax year.

The maximum taxable earnings for Social Security withholding for 2018 are $128,700. This maximum is up from $127,200 for 2017.

Medicare withholding has no maximum. The maximum withholding amount is adjusted each year by a formula based on cost of living increases.

What is the Social Security Withholding?

The Social Security tax is a federal tax imposed on employers, employees and self-employed individuals. It is used to pay the cost of benefits for elderly recipients, survivors of recipients, and disabled individuals (OASDI Insurance).

Social Security tax is one of the payroll taxes paid by employees, employers, and self-employed individuals each year. The Social Security withholding rate is set using a formula based on inflation.

The Social Security tax rate is 12.4 percent; 6.2 percent is withheld from each of the employer and employee. The full 12.4 percent is paid by self-employed individuals. The Medicare withholding and employer-paid amounts are added to the Social Security rate to get what s called FICA taxes. The Medicare rates are 1.45% each, for a total of 2.9%. So the total FICA tax amount is 15.3%.

Social Security Benefit vs. Social Security Withholding

Sometimes people get the maximum Social Security benefit and the maximum Social Security withholding confused.

The maximum benefit is the highest amount someone can receive as a Social Security benefit each month. This benefit is based on age at retirement. For someone retiring at full retirement age in 2018, the maximum benefit at $2,788, with lower amounts for people retiring at less than the full retirement age.

The maximum withholding is the most that can be taken from an employee s pay for the OASDI (Social Security) fund.

What are the Current and Past Social Security Maximums?

Social Security taxes are withheld up to a maximum amount, which changes each year. Here are the maximum wages subject to Social Security for the past few years:

The maximum OASDI (Social Security) tax payable by an employee in 2018 would be $7979.40 ($128,700 x 6.2%). There is no maximum Social Security tax payable by an employer.

Social Security Tax vs. FICA Tax

The term Social Security tax or OASDI is often confused with FICA taxes, which include both Social Security and Medicare taxes.

What is the Medicare Tax?

The Medicare tax rate is 1.45 percent for both employers and employees, with the self-employed Medicare rate at 3.3 percent. There is no limit on Medicare taxes; Medicare tax is payable on all income, without a maximum. For higher-income individuals, there is an additional Medicare tax of 0.9% on income over a specific maximum, depending on the individual s tax filing status.

Self-employment Tax and Social Security Tax

Income from both self-employment and from employment (wages and tips) are included in income for the Social Security maximum. The total self-employment tax rate is 15.3% of the net profit of the company owned by the individual, with the Social Security portion at 12.4% of that total.

How Self-Employment Tax Affects the Social Security Maximum

If your only income is from self-employment, the social security maximum is still in effect. That is, the Social Security portion of your self-employment tax is capped at the maximum profit of the company, depending on the maximum for that year. For example, if you have only self-employment, and the net earnings on your Schedule C is $125,000 for 2017, you would only be taxed for self-employment tax on the 2017 maximum of $127,200.

If an individual has income from both employment and self-employment, the employment income is considered first for social security purposes. If the maximum is not reached, then self-employment income is also considered, up to the amount of the maximum. This article on Income from Employment and Self-employment might help clear up some of the confusion.


Net income – definition of net income by The Free Dictionary, what is net income.#What

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net income

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Define the Difference Between Term and Whole Life Insurance, define life insurance.#Define #life #insurance

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define life insurance

When making your life insurance decision, the main thing you need to know are the differences between term and whole life insurance. The easiest way to remember the difference is to think of term as temporary insurance and whole life as permanent insurance which remains in force until the day you die, or until you are 120 years of age, whichever comes first. In general it makes sense that a person would want “permanent” life insurance rather than something that will only last for a particular number of years, but your decision might not be quite that simple. It depends on why you need it and the amount of coverage you need.

People purchase Term insurance which is usually in force for periods from 10 to 30 years when they need a large face value for a limited time period. For example, you might have a large mortgage that would need to be paid (learn about mortgage life) or children who are counting on you for college funding. You might have a spouse who is not able to replace your salary or a business partner who would need a large amount of money to pay off business debt or to train someone to take your place (learn about key man life). In any of those scenarios, the need for large sums of life insurance would most likely be temporary. A term policy might be a perfect fit. It will not gain cash value, and you cannot borrow against it, but you can’t do those things with your car insurance either, and yet you still pay it. At the end of the agreed upon term, you will usually have the opportunity to convert part or all of the policy to permanent insurance or to renew it for a shorter term, and at a higher price.

How to best define Whole Life Insurance

Permanent insurance, on the other hand, includes “whole life” and “graded life” and some other modifications that a knowledgeable agent will tell you about if they fit your need. These types of policies are generally designed to stay in force to the day you die. As long as you purchase one with a “level” premium and level face value, neither the premium nor the benefit will ever change. You will pay the same premium from the day you make the purchase until the day the policy matures, or you are deceased. Most policies mature at either age 100 or 120. If you live that long, the company will send you a check for the full face value of the policy. Many companies have “modified” policies which can have premium increases every five years, but which do not usually decline in face value. Simply ask for a policy with a level premium, and yours will never change.

A graded whole life is a type of policy designed for those who either can’t get anything else because of health issues, or who simple don’t want to take the time for health underwriting. If you make sure you get one with a level premium, your cost will never go up. The benefit, however, is modified for the first two years, meaning that if you die of illness in the first two years, your beneficiary will receive a premium refund plus interest. After two years or with some companies, three years the full benefit will be paid.

Both Term and whole life insurance policies have optional riders such as disability waivers, spouse riders, children’s riders, additional accidental coverage, and so forth.


Term Life Insurance at Work, MetLife, define life insurance.#Define #life #insurance

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Term Life Insurance

Available through the workplace, MetLife Term Life Insurance is a cost effective way to help provide financial protection for your family with coverage for a selected period of time.

Define life insurance

Common types of term life insurance that may be available through your workplace include:

Basic Term Life: Generally an employer-paid coverage offered for a set period of time that provides your beneficiaries with essential financial protection.

Supplemental Term Life: An employee-paid benefit allowing you to purchase additional protection as your needs change over time. Dependent, spouse or domestic partner coverage may also be available. 1

Dependent Term Life: Provides coverage for your spouse, civil union partner or domestic partner and eligible children.

For complete plan details, talk to your company’s benefits administrator.

A death in the family is not only emotionally devastating, it can also take a tremendous toll on the future financial security of a family. Suddenly, without the deceased’s income, paying the mortgage or providing for a child’s college education may become much more difficult.

Those who buy life insurance generally do so to help ensure their loved ones are taken care of financially. Life insurance is a promise by an insurance company to pay those who depend on you a sum of money upon your death. In return, you make periodic payments called premiums. Premiums can be based on factors such as age, gender, medical history and the dollar amount of the life insurance you purchase.

In the event of your passing, life insurance provides money directly to the individuals you select, your beneficiaries, who can use the money as they see fit, including:

  • Replacing lost income
  • Covering basic living expenses
  • Paying household debts, estate taxes and funeral expenses
  • Funding a child’s education
  • Supplementing retirement savings

Life insurance comes in two main types – term and permanent – which may both be available through your workplace.

Term life insurance pays a specific lump sum to your loved ones, providing coverage for a specified period of time – usually from one to 20 years. If you stop paying premiums, the insurance stops. Term policies pay benefits if you die during the period covered by the policy, but they do not build cash value. They may also give you the option to port. That is, you can take the coverage with you if you leave your company.

Generally, you should consider a term life insurance policy to:

  • Get valuable coverage at an affordable price
  • Help cover specific financial responsibilities like a mortgage or college expenses
  • Supplement a permanent policy

Permanent life insurance policies do not expire. They are intended to protect your loved ones permanently, as long as you pay your premiums. Some permanent life insurance policies accumulate cash value. That means the value of the policy may grow each year, tax-deferred, until it matches the face value of the policy. The cash can generally be accessed via loans or withdrawals, and can be used for a variety of purposes. This type of policy is typically portable so coverage can continue if employment terminates.

Consider a permanent insurance policy if you want:

  • Protection for life
  • Payments that stay the same each year
  • To put additional money into the policy on a tax-favored basis
  • Cash value you can use while you are living

Getting life insurance through work can be an easy way to protect your family. If your employer offers a group plan, consider signing up for advantages that may include:

  • Competitive group rates
  • Guaranteed issue, meaning you can get a certain amount of coverage without answering health questions or taking a medical exam
  • Convenient payroll deductions
  • Easy access to enrollment and educational tools that can help you make decisions about the type and amount of insurance that’s right for you
  • The confidence of knowing that your employer has reviewed and selected the plan

All you have to do is sign up, and sometimes enrollment is automatic.

Term life insurance is life insurance coverage designed to be purchased for a specific time period, typically between 10 and 30 years. Term life insurance is an affordable way to get maximum coverage throughout that time frame, and so is great for helping to cover specific financial responsibilities, such as paying for a mortgage or saving for college expenses.

While you won’t be able to pinpoint the amount you’ll need to the penny, you can make a sound estimate. Your goal should be to develop a life insurance plan that, following your death, will allow your family to live comfortably without your economic contribution. Also consider the effect of inflation over time. The amount needed for retirement or college 20 years from now is likely to be significantly higher than today.

To estimate the amount of life insurance your family would need, first calculate everything you now provide for your family including:

  • Salary
  • Benefits/health insurance
  • 401(k) and retirement savings
  • Personal services you perform for your family, such as child care, cooking, home maintenance, etc.

Then, subtract your personal expenses including:

  • Annual spending on personal needs, such as food, clothing, entertainment, etc.

Life insurance through your workplace may be more affordable than you think. In fact, many people can get term life insurance coverage from a quality company for a surprisingly affordable price. 2

Premiums are typically based on factors such as:

  • Age, sex, height and weight
  • Health status, including whether or not you smoke
  • Participation in high-risk occupations

Life insurance gets more expensive as you get older, and the type of coverage you choose will also affect your premium. Rates for term insurance are typically lower, while rates for permanent policies are typically higher.