What information for the financial affidavit?
Income and deductions
Expenses
Assets
Liabilities
What are the parts of the document checklist?
Income
Taxes
Employee benefits
Insurance
Assets
Liabilities
Retirement plans
Business assets
Is the financial affidavit one of the documents filed with the courts and it the document notarized?
Yes
Yes
How are mistakes made with payment frequency when analyzing income?
Monthly pay vs. two weeks vs twice monthly
What are the 4 primary deductions on paychecks?
Federal WH
State WH
Social Security
Medicare
Why do we not include 401K deductions on paychecks?
They are voluntary
What are steps to review net monthly income?
Payment frequency
Number of paychecks
Gross monthly income
Subtract deductions
Net monthly income
Additional sources of income (child support or spousal support)
Net monthly income from all sources
What are the schedule A… itemized deductions?
State and local taxes
Real estate taxes
Mortgage interest
Donations
How to figure out income tax?
Gross annual income
Subtract your itemized deductions
Equals your adjusted income
Calculate your federal taxes from adjusted income
What are Social Security taxes?
6.2%…up to $168,600 max
