Budgeting #2: How do you calculate your taxes?

About the Episode

Ilona Friedman of CD Wealth Management walks through the calculation of our annual taxes, which comprise federal taxes that were withheld and owed, state and local taxes, and additional withheld taxes such as FICA or Social Security. Dividing this total by 12 gives you your monthly taxes.

About the Guest

More Insights on Budgeting

Read the Podcast: How to Plan for Your Children’s College

How to Plan for Your Children’s College

By: Ilona Friedman

June 17, 2020

A popular method for setting aside expenses for college in the future is through the 529 Plan, which is a vehicle in which you store your money that grows tax deferred. Any money you pull out comes out tax-free if it’s used for qualified higher education expenses.