financial template

[VitaminK]

I'm trying to plan what money I'll be spending during my first year of residency. I'm trying to make a spreadsheet so I can get a rough idea of what my expenses will be but I don't know if I'm doing it right or forgetting about anything. So far I have included rent/mortage, utilites, phone, cable, cell phone, house insurance, health insurance, car insurance, gas, food, and I think that's it. Does anyone know of a good website where I could get a sample template or does anyone have one I could look at? Is there anything I'm forgetting?

---

Members don't see this ad.

 

[Fabio]

I don't know of any website in particular, but this is a good question. I'd also be interested in hearing if anyone has any suggestions.

Thanks.

 

[lf777]

I like Microsoft Money 2004. It has a "budget" function, and will also connect to banks and keep an excellent log of your transactions, as well as monitor your financial health.

lf

 

[VitaminK]

Okay so I admit I've never had a job before and my first will be upon entering residency so I'm trying to figure my finances out. How much do they take out of your salary for taxes. If a residency program pays you around 38,000, how much do you really get?

 

[Seaglass]

If single figure you lose about 30% for taxes.

C

 

[terpgirl]

WOW, 30%?!?!?! Are you serious? My parents, who make low 6-figures, are in [I believe] 12% income tax bracket. They have deductions, but nothing out of the ordinary (the max for my tuition, some charitable giving but nothing big).

-Liz

 

[DrKnowItAll]

Attached is a great MS excel template.

 

[southerndoc]

WOW, 30%?!?!?! Are you serious? My parents, who make low 6-figures, are in [I believe] 12% income tax bracket. They have deductions, but nothing out of the ordinary (the max for my tuition, some charitable giving but nothing big).

-Liz

A low six-figure income is NOT in the 12% tax bracket.

Keep in mind that if you are in a 28% tax bracket, you actually are in a marginal 30% tax bracket. I don't remember the exact amounts, but it would be something like 12% of your first $15,000, then 20% from $15,001 to $25,000, then 25% from $25,001 to $50,000, etc.

To the poster who wanted to know about payroll taxes: I highly recommend www.paycheckcity.com. It will figure out how much taxes are taken out based on your filing status, state of residence, etc. It even computes social security and Medicare taxes (which are 7.65% of your income for both of them together).

 

[Idiopathic]

Dont forget about deductions/credits people...in 2000, we made about 80K, with no children, and our tax bill was right at 12K...I imagine that it is reasonable for someone making 100K to have to actually pay less than 20.

As for a resident, you wont have to pay too much in taxes (certainly not 30% ) at all, especially if you have some deductions (paying on loans, work expenses, etc.).

 

[southerndoc]

As for a resident, you wont have to pay too much in taxes (certainly not 30% ) at all, especially if you have some deductions (paying on loans, work expenses, etc.).

Don't forget to take your lifetime learning credit the year you start your residency. For more info, see the thread titled "Attention All New PGY-1's" in the General Residency forum. You can deduct 20% of tuition up to $10,000. So you can possibly get $2,000 off your taxes with this deduction, and you may end up paying no taxes at all this year if you do it correctly.

Remember, it's worth spending $100-200 on a tax accountant to do things properly.