BUDGET PLANNING

We believe we offer a service that is unique in Western New York: budget planning for post-divorce planning. Using expense information provided by you to us, and projections for spousal maintenance and child support, we can assist our clients in determining income and expenses necessary to determine the feasibility of a proposed maintenance and support settlement. Our clients find this information enables them to better prepare for their and their children’s needs after divorce.

A sample after – tax cash and support break-out is set out below.

After – Tax Cash & Support

Annual Amounts

Last Name: Doe	John	Mary	Total
1. Salary	75,000	22,500
2. Self –Employment	0	2,000
3. Social Security Income	0	0
4. Interest and Dividends	0	0
5. Tax Exempt Interest	0	0
6. Other Taxable Inc.	0	0
7. Other Nontaxable Case	0	0
8. Cash Perks	0	0
9. Adjustment to Inc-Deduction	0	0
10. Total Gross Cash	75,000	24,500	99,500

Allowed Deduction New York Support

Last Name: Doe	John	Mary	Total
11. FICA – Social Security Tax	4,650	1,624
12. Medicare Tax	1,088	380
13. Local Income Tax	0	0
14. Unreimbursed Emp. Bus. Exp.	0	0
15. Other Deduction Before Spt.	0	0
16. Prior Support Paid	0	0
17. Total Deductions	5,738	2,004	7,742
18. Cash Before Spousal Support	69,262	22,496	91,758
19. Spousal Support	(18,500)	18,500
20. Non-taxable Maintenance	0	0
21. Adjusted Inc. Child Support	50,762	40,996	91,758
22. Child Support	(1,661)	1,661

Other Cash Items

Last Name: Doe	John	Mary	Total
23. Federal Income Tax	(8,618)	(3,364)
24. State Income Tax	(2,891)	(1,585)
25. Mandatory Pension	0	0
26. Voluntary Pension	0	0
27. Other Cash Item (Addition)	0	0
28. Cash to Meet Living Expense	28,139	46,622	74,761
29. Monthly Cash	2,344	3,886	6,230
30. Required Cash – Budget	0	0
31. Cash Over (Under) Budget	2,344	3,886	6,230
32. % Share Cash	38%	62%	100%
33. Filing Status	Single	Hd. Hsld
34. Children 17 and over	0	0
35. Children Under 17	0	0
36. Value of Child Dep Exemption	0	1,033
37. Value Under 17 Child Cr.	0	1,200
38. Value of Both	0	2,233
39. Marginal Federal & State Tax %	33.9%	20.9%
40. Tax Impact – Alimony	4,231	(3,568)	663
41. Children Residing With	0	2
42. Guideline Child Support	(14191)	14,191

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