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

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After calculating your income, taxes and expenses, you’ll subtract both your taxes and expenses from your income to figure out if you have surplus or deficit. With surplus, you must find out where it’s being used to maximize your monthly savings. With deficit, you must cut from your expenses to either break even or reach surplus.