Monthly Archives: June 2018

Sample business plan financial projections and pro forma, pro forma income statement.#Pro #forma #income #statement

by ,

pro forma income statement

Following is a business plan written by The Business Plan Store.

It is posted here with the express permission of the client

(Executive names are fictitious)

Pro forma income statement

Financial Plan

The following financial projections are based on conservative sales forecasts by month for the next twelve months, and by year for the four years thereafter. We will continue to sell the DOS-based MDS 2.0 product until January 2002 at which time we expect to have programming completed in the Windows environment for the Enterprise Software Solution. License fees for the DOS-based product will continue to average $500 with monthly maintenance averaging $125. Beginning in January 2002 we will sell the Enterprise Software Solution for an average $1,000 license fee and average $500 monthly maintenance fee. We will convert our DOS-based customers to the Enterprise Software Solution at the average rate of 25 customers per month. The conversion fee will be $500 and monthly maintenance thereafter will be $500. We expect to have all of our customers converted by June 2002. Details of projected sales and conversions are included under the heading Revenue Assumptions.

The cost to upgrade the OBRA e-z DOS-based program to windows is estimated at $120,000 that will be spread over the first twelve months. Maintenance will require approximately $24,000 per year thereafter. The cost to upgrade and integrate the MasterLink software is estimated at $204,000 (spread over the first twelve months) with annual maintenance of about $12,000 thereafter. Details of estimated costs are included under the heading Expense Assumptions.

OBRA e-z will generate negative income from July 2001 until April 2002 while absorbing the expense to upgrade software and jump start its sales and marketing activities. We expect to be generating profits beginning May 2002 and every month thereafter.

We will require an initial investment of $750,000, all of which will have been recovered by the end of year two in cash (approximately $700,000) and accounts receivable (approximately $200,000). By the end of year five, we expect to have cash and accounts receivable aggregating more than $7,000,000.

Break-even Analysis

The break-even analysis assumes running costs of approximately $91,700 per month that includes full payroll (compensation and benefits), rent, utilities, supplies, sales and marketing, training, and other miscellaneous costs.

Variable costs include only those directly attributable to packaging and delivering the software product and are estimated to average only about 10% of the license revenue.

The chart shows the break-even revenue is about $94,500 per month. Conservatively, we estimate that by May 2002 we will be servicing a minimum of 165 customers of $73,125 and license fees of $22,500. We will have crossed the break-even point in May and project profitability thereafter.

Pro forma income statement

Pro forma financial statements follow.


Pro Forma Financial Statements, Plan Projections, pro forma income statement.#Pro #forma #income #statement

by ,

Pro Forma Financial Statements

The terms pro forma financial statements, financial projections, financial forecasts, and financial budgets are often used interchangeably, but they are not the same thing.

Pro forma comes from a Latin phrase meaning for the sake of form, and in business terms usually relates to a transaction or event which has not yet taken place.

What are Pro Forma Financial Statements?

The term pro forma financial statements simply refers to a set of financial statements in the usual format (balance sheet, income statement, and cash flow statement), which have been prepared in order to show the effects of a transaction on the historical financial statements of a business prior to the transaction actually taking place.

The pro forma financial statements are generated by applying pro forma accounting adjustments to the historical financial information.

For example, a business might be considering the disposal of part of its operations, and will issue pro forma financial statements to show what the historical financial statements would have looked like if the disposal had already taken place. Although the transaction is in the future and uncertain, the pro forma financial statements are essentially restated historical information and are not considered to be projections.

Other situations in which pro forma financial statements are used to show the effects of business transactions include for example:

  • An acquisition of another business.
  • Changes in the capital structure of the business.
  • Change in the form of the business.
  • Proposed sale of investments and use of the proceeds.
  • Merger of a business with another business.
  • To eliminate the effect in the financial statements of one off charges.

By way of illustration, a typical example of this is shown in the Facebook pro forma financial statement SEC filing. The pro forma financial statements relate to the acquisition of WhatsApp Inc. and show a balance sheet at 30 June 2014, restated as if the acquisition had occurred on June 30, 2014, and an income statement for the year ended 30 June 2014, restated as if the acquisition had occurred on 1 January, 2013. The acquisition of WhastApp Inc. was in fact completed later on 6 October 2014.

Format of Pro Forma Financial Statements

Pro forma financial statements are similar in appearance to the historical financial statements of the business, except some of the historical figures are restated to show the impact of the future event or transaction.

Depending on the transaction involved, a business might prepare all three of the main financial statements as a pro forma, balance sheet, income statement, and cash flow statement, or only selected statements if the impact on the others is not considered material.

Pro Forma Balance Sheet

The pro forma balance sheet shows a financial snapshot of the business at a specific point in time restated for the expected impact of the future transaction. As with any balance sheet, it sets out the assets, liabilities and equity of the business.


Government Launches New Supplement for Low Income Residents, low income support.#Low #income #support

by ,

low income support

Low income support

Low income support

Budget 2016 Protecting Our Vulnerable Residents

Government Launches New Supplement for Low Income Residents

To support low income seniors, individuals, families and persons with disabilities, the Provincial Government is establishing a Newfoundland and Labrador Income Supplement. Budget 2016 includes an annualized investment of $63.7 million to assist the most vulnerable residents impacted by budget revenue measures. Budget 2016 also includes an annualized investment of $12.7 million to enhance the existing Seniors Benefit. Annualized, the total additions to these programs are $76.4 million.

Our government recognizes some low income residents in Newfoundland and Labrador will be more affected by the impact of new and increased revenue measures announced in Budget 2016. To ensure we are protecting the most vulnerable in our society, we are investing $76.4 million in a Newfoundland and Labrador Income Supplement, a disability benefit and enhancements to the Seniors Benefit that will be paid directly to eligible low income seniors, individuals, families and persons with disabilities in quarterly installments.

– The Honourable Cathy Bennett, Minister of Finance and President of Treasury Board

The Newfoundland and Labrador Income Supplement will be based on family net income and will be payable directly to eligible individuals on a quarterly basis. Examples of those who will receive the Newfoundland and Labrador Income Supplement are included in the backgrounder below.

As a government we have a responsibility to ensure there is a plan in place to address the unprecedented fiscal challenges facing Newfoundland and Labrador. However, we also have an obligation to protect our low income seniors, individuals, families and persons with disabilities by providing these necessary new revenue measures. We must always, as a society, ensure those that need help the most receive it. That s why we created this income supplement.

The Newfoundland and Labrador Income Supplement will be effective July 1, 2016 and eligible recipients will receive their first payment in October 2016. No application for the supplement is required. However, eligible individuals must ensure their annual income tax return is filed in order to receive the supplement.

  • Budget 2016 includes an annualized investment of $63.7 million to assist the most vulnerable residents impacted by budget revenue measures. Budget 2016 also includes an annualized investment of $12.7 million to enhance the existing Seniors Benefit. Annualized, the total additions to these programs are $76.4 million.
  • The Newfoundland and Labrador Income Supplement will be based on family net income and will be payable directly to eligible individuals on a quarterly basis.
  • The Income Supplement will be effective July 1, 2016. Eligible recipients will receive their first payment, consisting of two quarterly payments in October 2016.

How to Pay Income Tax Online – ePayment of Income Tax, income tax payment online.#Income

by ,

How to Pay Income Tax Online ePayment of Income Tax

First of all you should know that is it mandatory to deposit income tax online or not? and there are lots questions in your mind. We ll try to cover all of your questions to solve like how to pay income tax online, how to pay income tax offline, how to fill tax Challan and how to deposit Challans in banks.

Am I require to pay Income tax online?

Electronic deposit of income tax is mandatory in case of accounts audited and all companies. Otherwise you can deposit income tax offline by filling the paper form i.e. challan No.280 or appropriate challan.

Is only my bank account necessary to pay Income tax online?

No, you can deposit online income tax from the account of any other person or your own account. There is no restrictions like that. But you must enter the PAN of the person on whose behalf the payment is made. (CBDT Circular No.5/2008, dt.14-7-2008)

Which Way I will use to deposit income tax online?

You can deposit income tax online by making payment through internet banking facility(required user id and password of your bank) and by credit/debit cards.

Which bank Offer e-payment of taxes facility?

There are lots of nationalized and private banks offers e-banking facility. You can contact bank manager to opt for e-payment facility which require user id and password. Some of the following banks offer e-payment facility.

  • Allahabad Bank
  • Axis Bank
  • Bank of Baroda
  • Bank of Maharashtra
  • Canara Bank
  • Coropration Bank
  • Dena Bank
  • HDFC Bank
  • ICICI Bank
  • IDBI Bank
  • Indian BAnk
  • Indian Overseas Bank
  • Oriental Bank of Commerce
  • Punjab National Bank
  • State Bank of Bikaner Jaipur
  • State Bank of Hyderbad
  • State Bank of India
  • State Bank of Indore
  • State Bank of Mysore
  • State Bank of Paitala
  • State Bank of Travancore
  • Syndicate Bank
  • Union Bank of India
  • Vijaya Bank

Detail Procedure to Pay Income Tax Online

Visit www.incometaxindia.gov.in and go to e-Pay Taxes or visit www.tin-nsdl.com and go to e-payment; pay tax online.

Income tax payment online

It will redirect you at https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp. Click on applicable challan out of the following

  • Income coproation tax Challan No./ITNS 280
  • TDS/TCS Challan No.281
  • Securities Transaction Tax, Wealth Tax, Hotel Receipts Tax, Expenditure Tax/ Other Direct Tax Challan No.282

Income tax payment online

Clicking on the applicable challan, the relevant challan s screen will be shown. Now you have to fill the challan detail like PAN, Name, Address, Assessment year, type of payment etc. NSDL will credit our payment as per information we have filed. So ensure that correct PAN is entered. Otherwise it will credit to other account and you can not get refund of your tax.

Income tax payment online

Once all details entered and verified. Click on Submit button. It will redirect to your net banking website.

Enter User ID and password given by the bank. It will redirect you on authorization page of e-payment gateway of taxes. All banks has its different procedure, layout of page and display.

Enter the amount of tax to be paid with other detail like education cess, interest, penalty etc.

Click to proceed or submit. The bank will begin to pay the taxes and debiting the bank. After competing the process it will be displayed the payment detail like CIN, tax amount, bank name, BSR code. All information must be printed and kept with you for future reference.

[box type= tip ]Challan Identification Number(CIN) must be needed in Income Tax Return. Otherwise you can not claim refund or claim that you have paid your due taxes. So it is very important document to keep with you[/box]

See: Document prepared in support of income tax return.

How to verify that my payment is credited to my account?

You can verify your payment by going to NSDL TIN website in the Challan Status Inquiry . But it will take time to shown for 5 to 7 days.


How to Calculate a Five-Year Pro Forma, pro forma income statement.#Pro #forma #income #statement

by ,

How to Calculate a Five-Year Pro Forma

Pro forma income statement

When estimating future income, create both conservative and aggressive income forecasts.

John Foxx/Stockbyte/Getty Images

Related Articles

  • 1 How to Write a Pro Forma
  • 2 How to Calculate Pro Forma Projections
  • 3 A Financial Plan Vs. a Pro-Forma Cash Flow Budget
  • 4 How to Make a Projected Income Statement

A business’s pro forma is the forecast financial statements based on either anticipated future events or potentially changing business performance in upcoming periods. This is in contrast to regular financial statements that are financial summaries on a business’s past. Businesses use pro forma statements to assist in their planning activities, both short term and long term. Strategic planning typically covers three to five years into the future; and five-year pro forma can provide a fuller view into how a business might fare under various assumed future conditions. Many areas of a business’s operations, such as realizable sales or required capital investment, may change as time goes by. The more accurate a pro forma is calculated, the better prepared a business may be in responding to future needs for resource allocation.

Make Forecast Assumptions

1. Forecast future sales. Sales are the single most important element in making forecasts, because many other statement items, such as cost of goods sold and accounts receivable, have a constant relationship to sales. Investigate sales numbers from past years and determine the historical sales trend. Find out the average annual percentage change in sales. Then if necessary, adjust the past sales growth rate to account for anticipated market changes to arrive at the assumed annual sales growth rate for the upcoming five years.

2. Determine to-sales ratios. For statement items that are clearly proportional to sales, a business may forecast ratios based on the forecast sales numbers. To decide the percentage ratio of a particular statement item to sales, look into past financial statements for comparisons. Suppose that the costs-to-sales ratio for the past five years has remained at 60 percent; a business may assume that costs will continue to equal 60 percent of annual sales for the next five years, unless there is a justification for a different percentage, such as expected improvement in profit margin in the future.

3. Project additional growth rates. There are statement items that do not change as a result of changing sales, but are determined by company policies or events that a business cannot control. Forecasts of these items are based on their own projected growth rates. For example, based on the latest borrowing agreement, a business may expect that interest paid on borrowing will increase by a specific percentage each of the next five years from its current value. A business makes separate projections on the growth rates of statement items that are independent of sales based on their own merits. If a business has no plans for new capital investment in the next five years, there will be no forecast fixed-asset growth.

Calculate Pro Forma

1. Apply sales growth rate. Sales are the top-line figure in the income statement and the basis for projecting many other statement items when calculating a business’ pro forma. Use the sales number from the most recent income statement as the base value and multiply it by the assumed future growth rate. This results in the projected sales for the first year in the future. Apply the sales growth rate to projected sales in this year and arrive at the future sales for the future year in question until reaching the fifth year in the future. Suppose the base sales are $100,000 and the projected sales growth rate is 10 percent annually. Sales in the pro forma for each of the five years into the future are $110,000 ($100,000 x 1.1), $121,000 ($110,000 x 1.1), $133,100 ($121,000 x 1.1), $146,410 (133,100 x 1.1) and $161,051 ($146,410 x 1.1). Projected sales numbers are then used to forecast other related items in a pro forma.

2. Calculate sales-related items. For statement items that are proportional to sales, apply their to-sales ratios to sales numbers for the same year to arrive at the value of the statement items in the pro forma. For example, assume that cost of goods sold remains at 60 percent of sales for each of the future five years. Annual cost of goods sold in a five-year pro forma will be $66,000 ($110,000 x 60 percent), $72,600 ($121,000 x 60 percent), $79,860 ($133,100 x 60 percent), $87,846 ($146,410 x 60 percent) and $96,630.60 ($161,051 x 60 percent).

3. Compute all other items independent of sales. Similar to calculating sales using future sales growth rate, calculate sales-independent statement items by applying their own growth rate directly to the item’s base value. For example, suppose interest payments are $10,000 at the end of the most recent year and expected to grow at 5 percent for each of the future five years. Annual interest payments in a five-year pro forma are calculated as follows: $10,500 ($10,000 x 1.05), $11,025 ($10,500 x 1.05), $11,576.25 ($11,025 x 1.05), $12,155.06 ($11,576.25 x 1.05) and $12,762.82 ($12,155.06 x 1.05).

4. Analyze changing assumptions. A pro forma statement is sensitive to the assumptions about the future, and its accuracy will depend on how reasonable the assumptions are. To improve forecast quality, a business may wish to further analyze its assumptions about certain statement items and set up different scenarios for sensitivity analysis. For example, based on additional information, if sales likely grow at a different rate in the future, how it might affect related statement items such as profits. Assumption analysis provides better insight into the uncertainty and risk in a forecast pro forma statement.


Term Life Insurance: Term Life Rates – Quotes: Farmers Insurance, what is a life insurance.#What

by ,

Term Life Insurance

Term life insurance offers affordable life insurance option with level premiums that generally last for a 10-, 20-, or 30-year term.

Term Life Insurance Policies

Term life insurance policies generally offer the greatest amount of coverage for the lowest initial cost – they are the most straightforward form of coverage. If you have shorter-term needs and limited money to spend on insurance, a term life insurance policy from Farmers New World Life Insurance Company may be the best fit for you.

Policyholders generally pay a premium on a monthly or annual basis for the length of that term. Proceeds help to cover financial responsibilities that decrease or end over time, like mortgages or car loans, should something happen to the insured. With term life policies, premiums will increase at the end of the fixed-term period.

Term life insurance policies are typically used to help provide additional life insurance coverage during child-raising years, to help pay for short-term debts, to help pay off a mortgage, or to fund a college education should the unexpected happen.

Farmers Simple Term 2

Simple Term life insurance coverage is designed with a simplified life insurance application and accelerated underwriting process. This product offers level-term insurance with face amounts low enough to fit many budgets, and premiums that are guaranteed level for 10, 20, or 30 years.

  • Coverage starting at $75,000
  • Convertible to lifelong 3 coverage that may build cash value regardless of health
  • No lengthy forms, medical exams or lab tests required, however, issuance of a policy may depend on answers set forth in the application

Farmers Value Term 4

Farmers Value TermВ® provides affordable life insurance coverage with premiums that are guaranteed not to increase for 10, 20, or 30 years. When you need enough coverage to help protect your family against loss of income or the cost of a mortgage, Farmers Value Term may be a cost-effective solution for you.

  • Guaranteed level death benefit 5
  • Convertible to lifelong coverage that may build cash value, regardless of health
  • Coverage starting at $150,000

Farmers Decreasing Term 6

Farmers Decreasing Term life insurance is decreasing-term coverage with premiums guaranteed to remain level as long as the policy is in force. The death benefit decreases monthly, rather than annually, to more closely follow the declining loan balance of a traditional fixed home mortgage. The death benefit amount decreases to 20% of the original face value over the duration of the term.

  • Coverage starting at $25,000 7
  • 15, 20, 25, and 30-year policies are available

  • Convertible to lifelong coverage that may build cash value regardless of health

    2 Policy form 2005-261 or applicable state variation. Available face amounts may vary. Premiums are subject to change after the initial term period.

    3 Lifelong coverage is guaranteed as long as all the premiums are paid to keep the policy in force.

    4 Policy form 2000-228, 2000-230, 2002-226 or applicable state variation. Premiums are subject to change after the initial term period.

    5 The death benefit is guaranteed according to the terms of the contract and provided that premiums are paid.

    6 Policy form 1995-255-258 or applicable state variation.

    7 Coverages starting at $25,000 in most states; $50,000 in TX and CA.


  • What is term life insurance? Ultimate Guide to Retirement, term life insurance.#Term #life #insurance

    by ,

    What is term life insurance?

    Term insurance is basic, inexpensive and easy to understand. It gives you all the coverage you need and none that you don’t. That’s why it’s the best choice for almost everyone.

    As the name implies, a term insurance policy is good for a specific period of time; that can be one year, 10 years, 20 years or even up to 30 years. Given that you generally need life insurance only until you’ve managed to save up money elsewhere, just pick the term that dovetails with the time you need coverage. If you die during that term, your beneficiaries get a payout, known as the death benefit. If you die after the term expires, there’s no payout.

    Term policies typically have maximum issue ages. If you’re past age 80, you’ll have a hard time getting term insurance. (You almost certainly won’t need it at that age anyway.)

    Term life insurance

    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. . All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S P Dow Jones Indices LLC and have been licensed for use to S P Opco, LLC and CNN. Standard Poor’s and S P are registered trademarks of Standard Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices S P Dow Jones Indices LLC and/or its affiliates.

    2017 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy. .

    Term life insurance Term life insurance


    New Jersey Income Tax Rates for 2017, nj income tax.#Nj #income #tax

    by ,

    Tax-Rates.org The 2017 Tax Resource

    Contents

    Tax Information Sheet Nj income tax Launch New Jersey

    Income Tax Calculator

    New Jersey collects a state income tax at a maximum marginal tax rate of %, spread across tax brackets. Unlike the Federal Income Tax, New Jersey’s state income tax does not provide couples filing jointly with expanded income tax brackets.

    New Jersey’s maximum marginal income tax rate is the 1st highest in the United States, ranking directly below New Jersey’s %. You can learn more about how the New Jersey income tax compares to other states’ income taxes by visiting our map of income taxes by state.

    Who has to file a New Jersey Income Tax Return?

    You must file an income tax return with the New Jersey Division of Revenue of you are earned more then $10,000 in the preceding tax year (of more then $20,000 as couple or head of household). Both full-year residents and nonresidents who meet these requirements and have earned income in New Jersey must file.

    You must submit estimated tax payments quarterly to New Jersey using Form NJ-1040-ES if your estimated tax owed exceeds $400 (taking witheld tax payments into account). If you do not pay enough estimated tax throughout the year, you may be required to pay additional interest – use Form NJ-2210 to calculate interest owed.

    If at least 80% of your expected tax liability has been paid through tax witholding or quarterly payments, you can file for a 6-month extension to submit your resident income tax return.

    New Jersey Property Tax / Rent Deduction

    New Jersey has a special tax program that allows all residents to deduct as much as 100% of their property tax burden from their taxable income. If you own your residence, 100% of your paid property tax may be deducted, up to $10,000. If you rent an apartment or a house, you can deduct 18% of your yearly rent to cover paid property taxes. Note that in order to qualify for this rent deduction, your rental unit must have its own kichen and bathroom.

    Other New Jersey Deductions

    Other New Jersey deductions and credits include the Earned Income Tax Credit (20% of your Federal Earned Income Tax Credit), military pension income, and certain retirement account contributions.

    There are -945 days left until Tax Day, on April 15th 2015. The IRS will start accepting eFiled tax returns in January 2015 – you can start your online tax return today for free with TurboTax Nj income tax.

    Income tax deductions are expenses that can be deducted from your gross pre-tax income. Using deductions is an excellent way to reduce your New Jersey income tax and maximize your refund, so be sure to research deductions that you mey be able to claim on your Federal and New Jersey tax returns. For details on specific deductions available in New Jersey, see the list of New Jersey income tax deductions.

    4.1 – New Jersey Standard Deduction

    4.2 – New Jersey Personal Exemptions

    4.3 – New Jersey Dependent Deduction

    4.4 – New Jersey Itemized Deductions

    Tax-Rates.org provides easy access to five of the most commonly used New Jersey income tax forms, in downloadable PDF format. For all of the tax forms we provide, visit our New Jersey tax forms library or the ‘s tax forms page.

    Nj income tax

    Nj income tax

    Nj income tax

    Nj income tax

    Nj income tax

    Nj income tax

    Mill Hill Processing Center

    160 South Broad St.

    Trenton, New Jersey 08625

    State of New Jersey

    Division of Taxation

    Revenue Processing Center – Refunds

    Trenton, New Jersey 08647-0555

    State of New Jersey

    Division of Taxation

    Revenue Processing Center – Refunds

    Trenton, New Jersey 08647-0555

    State of New Jersey

    N.J. Division of Taxation

    Trenton, N.J. 08646-0999

    Nj income tax

    You can save time and money by electronically filing your New Jersey income tax directly with the . Benefits of e-Filing your New Jersey tax return include instant submission, error checking, and faster refund response times. Most tax preparers can electronically file your return for you, or you can do it yourself using free or paid income tax software, like the examples listed below.

    New Jersey offers an eFiling program called NJWebFile, which can be used by residents with income under $150,000 to electronically file forms NJ-1040 and NJ-1040-H (property tax credit applications). You must file using your SSN, and will receive a confirmation number proving that your return was successfully filed. Payments can be made online or sent in separately, and your refund will be sent via direct deposit.

    Please note that if you are a nonresident, have an income over $150,000, or have an especially complicated income tax return you will not be eligible to use the NJWebFile program. You can file your taxes via mail, or using a third-party eFile application.

    To e-file your New Jersey and Federal income tax returns, you need a piece of tax software that is certified for eFile by the IRS. While most in-depth tax software charges a fee, there are several free options available through the states, and simple versions are also offered free of charge by most tax software companies.

    The two most popular tax software packages are H ?>

    What are the different types of term life insurance policies, III, term life insurance.#Term #life

    by ,

    What are the different types of term life insurance policies?

    IN THIS ARTICLE

    Term insurance comes in two basic varieties—level term and decreasing term. These days, almost everyone buys level term insurance. The terms “level” and “decreasing” refer to the death benefit amount during the term of the policy. A level term policy pays the same benefit amount if death occurs at any point during the term.

    Common types of level term

    • Yearly- (or annually-) renewable term
    • 5-year renewable term
    • 10-year term
    • 15-year term
    • 20-year term
    • 25-year term
    • 30-year term
    • Term to a specified age (usually 65)

    Renewable term policies

    Yearly renewable term, once popular, is no longer a top seller. The most popular type is now 20-year term. Most companies will not sell term insurance to an applicant for a term that ends past his or her 80th birthday.

    If a policy is “renewable,” that means it continues in force for an additional term or terms, up to a specified age, even if the health of the insured (or other factors) would cause him or her to be rejected if he or she applied for a new life insurance policy.

    Generally, the premium for the policy is based on the insured person’s age and health at the policy’s start, and the premium remains the same (level) for the length of the term. So, premiums for 5-year renewable term can be level for 5 years, then to a new rate reflecting the new age of the insured, and so on every five years. Some longer term policies will guarantee that the premium will not increase during the term; others don’t make that guarantee, enabling the insurance company to raise the rate during the policy’s term.

    Some term policies are convertible. This means that the policy’s owner has the right to change it into a permanent type of life insurance without additional evidence of insurability.

    “Return of premium”

    In most types of term insurance, including homeowners and auto insurance, if you haven’t had a claim under the policy by the time it expires, you get no refund of the premium. Your premium bought the protection that you had but didn’t need, and you’ve received fair value. Some term life insurance consumers have been unhappy at this outcome, so some insurers have created term life with a “return of premium” feature. The premiums for the insurance with this feature are often significantly higher than for policies without it, and they generally require that you keep the policy in force to its term or else you forfeit the return of premium benefit. Some policies will return the base premium but not the extra premium (for the return benefit), and others will return both.


    SOI Tax Stats Individual Income Tax Statistics ZIP Code Data (SOI), Internal Revenue Service, income

    by ,

    SOI Tax Stats – Individual Income Tax Statistics – ZIP Code Data (SOI)

    Return to Tax Stats home page

    ZIP Code data show selected income and tax items classified by State, ZIP Code, and size of adjusted gross income. Data are based on individual income tax returns filed with the IRS and are available for Tax Years 1998, 2001, and 2004 through 2015. The data include items, such as:

    • Number of returns, which approximates the number of households
    • Number of personal exemptions, which approximates the population
    • Adjusted gross income
    • Wages and salaries
    • Dividends before exclusion
    • Interest received

    ZIP Code data for years 1998, 2001, and 2004 through 2015 are available as single Zip files containing all State Excel files. The files are compressed using the WinZip utility and must be downloaded and extracted before viewing or loading into any application. A free WinZip utility is available, if needed.

    ZIP Code Data 1998–2010

    Follow these steps to extract files for the entire year (all States) or for an individual State.

    To extract an entire year (all States) using WinZip:

    1. Double click the Zip file to open the WinZip utility.
    2. Click and drag the folder to your desktop.
    1. Double click the Zip file to open the WinZip utility (NOTE: SecureZIP users should follow the following steps).
    2. Click the ‘Extract’ button. Ensure that the radio button, ‘All Files in Archive Selected’, is selected.
    3. Select a destination folder.
    4. Click the ‘Extract’ button.

    To extract an individual State using WinZip:

    1. Double click the Zip file to open the WinZip utility.
    2. Double click the folder.
    3. Click and drag the desired Excel file(s) to your desktop.
    1. Double click the Zip file to open the WinZip utility (NOTE: SecureZIP users should follow the following steps).
    2. Highlight the desired Excel file(s).
    3. Click the ‘Extract’ button. Ensure that radio button, ‘Selected Files/Folder’, is selected.
    4. Select a destination folder.
    5. Click the ‘Extract’ button.