All our income is self-employment (Sched C) income. The planner uses a significantly higher tax rate than we pay. :-) Is there a way to adjust the planned tax rate.
Disclaimer: ESPlannerBASIC, ESPlanner, ESPlannerPLUS and ESPlannerPRO, are educational calculators designed to give users input in mapping out financial futures, but should not be acted upon as a complete financial plan. The creators of these programs are not certified, registered, authorized, or any other type of financial planners. These programs are simply tools for helping you think through economic futures. Its "recommendations" should be viewed as informative inputs into your own decision-making with respect to saving and the purchase of life insurance. ESPlannerBASIC, ESPlanner, ESPlannerPLUS and ESPlannerPRO provide neither economic, financial nor tax advice, which can only be delivered to you by authorized professionals.
RSS
You can cut them by %X under Assumptions->Taxes
Would not really workt because while I could adjust for the years of self-employment that would also carry over in retirement. Damned if I do and damned if I don't.
Well, the "easy" way to adjust the taxes during your self-employment years to to give yourself a non-taxable special receipt for the approximate amount you believe the taxes to be too high. The other way is to have deductible special expenditures for that portion of your income that you are spending before taxation (although that's probably more difficult to figure). The planning isn't deliberately conservative but the usual games that self-employed folks use to spend pre-tax dollars doesn't show up so we assume that you pay the self-employment taxes in full.
Best,
Dick Munroe