Understanding the Income Section
Start by entering your gross income and any assumptions about its escalation over the analysis period, such as annual raises in line with the Consumer Price Index (CPI).
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Entering Taxable Deductions and Household Expenses
Input any taxable deductions and estimate household expenses. Set escalation rates for both to match expected inflation or changes in your financial situation.
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Adjusting Tax Brackets
If applicable, customize the tax brackets based on your location by entering the correct rates for different income levels.
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Calculating Monthly and Annual Expenses
Enter detailed household expenses such as groceries, insurance, and utilities. Use the “Save and Refresh” function to update the calculations and ensure accuracy.
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