Hi,
I bought the ESPlanner Plus and want to know how I could add earnings starting in 2006? I think you answered that question somewhere on the forum, but I had a hard time finding your answer.
Thanks again.
I look forward to using this software.
Greg Henricks
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.
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henaffe5 wrote:Hi,
I bought the ESPlanner Plus and want to know how I could add earnings starting in 2006? I think you answered that question somewhere on the forum, but I had a hard time finding your answer.
Thanks again.
I look forward to using this software.
Greg Henricks
Greg,
Assuming you're beginning your planning starting in 2007, any earnings prior to 2007 should be entered in the past covered earning portion of the SS folder. Any earnings for 2007 should be entered in the earnings folder and any future earnings should be estimated and entered there as well. Other than that, enter the current levels of assets for your various accounts, mortgages if you're lucky enough to own a home, etc. and start planning.
Best,
Dick Munroe
I have a single person with last year of empoyment at age 59. Starting age 60 there is income from the retirement plan, social security starting age 70 and income on the regular asset account. The income from the retirement plan and social security total $77,000. The Taxes report show two things that I don't understand.
From years 2041 (age 70) to 2057 (age 87), there appears FICA for each year varying in amount of $100 to $450. If the person is no longer employed, what may be the cause of this?
Secondly in the last three years, ages 88-90, there is no federal tax although the income is the same $77,000 as noted above and the state tax (Massachusetts) drops to less than $100 each year. Is there some explanation for this?
Thanks
Wayne Morrill
Check out the regulations for Medicare B payments on asset income. We report it as a FICA cost.
Is the 77K in real terms or nominal terms?
Best,
Dick Munroe