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Definitions
- Your income
- Your total gross income from your paycheck.
- Federal tax withholding
- Total amount withheld for federal taxes. Enter this amount from your pay stub.
- State tax withholding
- Total amount withheld for state taxes. Enter this amount from your pay stub.
- Local tax withholding
- Total amount withheld for local taxes. Enter this amount from your pay stub.
- Other taxes and withholdings
- Total amount withheld for any other taxes or miscellaneous item. Enter this amount from your pay stub.
- FICA
- Total withheld for FICA (Federal Insurance Contributions Act) is based on the gross income on your paycheck.
- Medicare
- Total withheld for Medicare based on the gross income on your paycheck.
- Insurance and benefits
- Total amount withheld for insurance and benefits by your employer. Enter this amount from you pay stub.
- Company savings plan
- Total amount withheld from your paycheck that is deposited into a company savings plan such as a 401(k) or 403(b).
- Other income
- Any other income that you receive including bonuses, alimony, child support or income from a business.
- Monthly expenses
- Enter your expenses on a monthly basis. Be careful to be as complete as possible when entering your expenses. This will help you get the best possible look at your current budget.
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