WORKSHEET CALCULATION EXAMPLES Basic facts: Mom and Dad have three kids Dad earns $3,000 per month Mom works part time, but could earn $1,500 per month.

Slides:



Advertisements
Similar presentations
Receive a Process Application Task. Navigate to the Document Search page to View the Application.
Advertisements

GROUP HEALTH INSURANCE DO NOW… Emily participates in her companys group medical insurance plan. The annual cost of Emilys plan is $2,500 per.
Chapter 12: Life Insurance Planning
Using Excel to Build a Budget BTA – 2012 Accompanies NEFE page 23.
Social Security Who Gets Benefits from Social Security? 58 million people.
The Basic Health Program: Solving the Affordable Care Act’s Affordability Problem? Presentation to Women’s Health Policy Forum Wednesday, May 2, 2012 Kelsey.
The ACA & Family Law Scenarios. Let’s keep the conversation to health care… For the most part the ACA does not affect SNAP/TANF Questions? The public.
Financial Literacy Taxes and Insurance. Banking Follow Up Checking Accounts: Emily, Jocelyn, Jarek Savings Accounts: Robert, Anastasia, Greg Money Markets.
58 million people Who Gets Benefits from Social Security? 37.9 million Retired Workers 2.9 million Dependents 8.9 million Disabled Workers, 2.1 million.
CHAPTER 17Slide 1 of 9 Chapter 17. LIFE, HEALTH AND INCOME INSURANCE How the policies work… How Much Protection Do You Need?… Finding the Right Professionals.
1 1 SOCIAL SECURITY BENEFITS. 2 2 The Social Security Statement – Online!
The Health Care Law: Where Does Your Small Business Fit? Month Day, 2013.
SOCIAL SECURITY SOCIAL SECURITY In Belgium and Germany.
Parents Cash Flow and Savings Debt Management Retirement Planning Estate Planning Tax Planning Investment Management Kids Education Future Financial Security.
15.5. Helps replace lost income for a family who is financially dependent upon another person. Protects against financial loss. Policy states:  name.
TAFDC Financial Eligibility Made (overly?) Simple Deborah Harris Massachusetts Law Reform Institute Presentation for Action for Boston Community Development.
Working and Earning Earning Statements Key Ideas Employment provides a means of creating personal income Employee earning statements include information.
State Farm Life Insurance How Much Is Protecting Your Family Worth To You? Megan Potier.
Lesson 5 Earned Income Credit (EIC). Objectives Determine which taxpayers are eligible for the earned income credit using Publication 4012 and Form
Insurance Jeopardy AutoInsuranceHomeownersLifeHealth
Warm up Problem Jim is self-employed and he needs your help calculating his FICA deductions. His gross earnings were $30,000. What amount should he pay.
ROSELIZA HAMID/UITM KELANTAN/2010 CHAPTER 5:. ROSELIZA HAMID/UITM KELANTAN/2010 CHAPTER OUTLINE  Definition of insurance/takaful  Objectives of buying.
Aim: Employee Benefits Course: Math Literacy Do Now: Name some non-monetary payments. Aim: What are other paid and non-paid income we receive, not necessarily.
Pay, Benefits, and Working Conditions
Insurance Lesson Kendra Long 6 th period Mrs. Zimmerman.
 Annual Insurance Premium $2,602,285 Employer Paid $1,947,323 Employee Paid $ 654,962  State Funds Received $ 898,716  Current # Employees on insurance.
1. Subsidized Cost Florida KidCare Most families pay only $15 or $20 for coverage, depending on family size and income. 2.
Are You Totally Protected?. Over the last 20 years there has been a trend in the health insurance industry  Premiums have been increasing  Deductibles.
Solve this Problem. Make a plan & solve this problem Your monthly income is $1,000 Expenses + paying yourself 15% = $800 Car will need tires in 6 months.
NC State Children’s Health Insurance Program  Covers families up to 200% of Federal Poverty Level (FPL)  Benefits package provided by NC Teachers and.
Disability Income Protection from MassMutual. At the Center of Your Financial Security. SM Do you have a comprehensive health insurance plan? An unbalanced.
RETIREMENT.  Service Retirement 30 years of full time service at any age, or 5 years of full time service and 60 years old or older  Early Retirement.
Other Types of Life Insurance pp SECTION.
Applying Income Deductions Allowable deductions for the SNAP Program.
Press Ctrl-A ©G Dear 2009 – Not to be sold/Free to use Medicare Stage 6 - Year 11 General Mathematics Preliminary.
Child Rights.  As we know kids have rights such as having a dad or mom who takes care of them, providing food, water, and shelter to live under and a.
Bellringer: Cody bought a new truck for $25,000. He took out a loan for 5 ½ years with 7.75% APR. How much will Cody end up paying in interest? 7.75% =.
Payments and Total Interest The two formulas used so far are only useful if we know what the regular payment is going to be. If we know what a future amount.
Child Support Guidelines Issues. Agenda Parenting Time Order v. Actual Overnights Adjustment for supporting other children (2009 CFSC) Multiple/simultaneous.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12-3 Preparing Payroll Records.
Life Insurance. Today’s Learning Objective How does life insurance work? Life Insurance Basics Calculating Life Insurance Needs Term Life Policies Whole.
The Price of Independence Your family has been providing for you and supporting you your whole life. Soon you will be independent and supporting yourself…
Retirement Insurance 1935 Survivors Insurance 1939 History - Social Security’s Programs Disability Insurance 1956.
Building: Knowledge, Security, Confidence Setting Financial Goals FDIC Money Smart for Young Adults.
The Family Your family is a mom, dad, and two kids ages between 5 and 11. Only one parent works. Your spouse can have a part time job but you must write.
 Less than 14% of the time  1 night or less per fortnight If you care for your child for less than 14% of the time, then you are not entitled to any.
Sample Calculations for Residential Credit Using The Betson Method and the Spring Method Child Support Schedule Workgroup July 24, 2008.
Insurance Automobile and Health. What is insurance?  Insurance – Manage your risk of financial loss from illness, injury or damage.  Premium – Regular,
ELASTICITY OF DEMAND Elasticity of Demand – describes how consumers will react to a change in the price of a good. Their reaction depends on the original.
EARNED INCOME #1 WHERE DO PEOPLE RECEIVE MONEY?  Working  Investments  Government transfer payments.
Career Development 11 Module 3.  If you earn $1500 a month after taxes, then your net income in one year is…  12 x 1,500 = $18,000  Calculate 20%
Social.Security Contribution to SS is in the form of the Federal Insurance Contributions Act (FICA) Taxes are withheld from most paychecks. Medicare is.
Community Resource Project By Hannah Patterson Winford’s Life Family Situation - Father - Mother - 3 Children 1. 6 year old 2. 3 year old 3. 6 month.
Parenting Chapter 5 Personal Readiness Objectives 1. Recognize the wrong reasons for having a child. 2. Explain the importance of parenting readiness.
Reviewing the Food Assistance Budget Updated 08/24/
What is Income? What is income? 2 Income is any money you earn plus any other money coming in to you! 3.
Exponential Functions – Personal Finance Basic Formula for Compound Interest: A = P(1 + r/n) nt » A = Final Amount » P = Beginning Amount » r = rate –
Chapter 12: Life Insurance Planning
Michael Dalto Consultant 2018
Providing A Safety Net 3.4.
LESSON 12-3 Preparing Payroll Records
LESSON 12-4 Preparing Payroll Checks
HEALTH INSURANCE.
We will take a little quiz on what you learned yesterday
Annual premium amount paid by policy holder and premium tax credit
LESSON 12-3 Preparing Payroll Records
Annual premium amount paid by policy holder and premium tax credit
Poverty Awareness Exercise
LESSON 12-3 Preparing Payroll Records
Presentation transcript:

WORKSHEET CALCULATION EXAMPLES Basic facts: Mom and Dad have three kids Dad earns $3,000 per month Mom works part time, but could earn $1,500 per month if she’d work full time

WORKSHEET EXAMPLES Let’s have Dad pay $100 medical insurance premium each month Let’s have Mom pay $600 for daycare each month Let’s decrease Dad’s income to $2,000 per month Let’s give Dad another child for whom he pays support (does it matter if he pays $299/month or $500/month?) Let’s have one kid go live with Dad

Example 1A All three kids live with Mom, who works part time, but could earn $1,500/month if she worked full time. Dad earns $3,000 per month.

Example 1A All three kids live with Mom, who works part time, but could earn $1,500/month if she worked full time. Dad earns $3,000 per month. Transfer payment is $739 per month.

Example 1A

Example 1A Page 2

Example 1B1 All three kids live with Mom, who works part time, but could earn $1,500/month if she worked full time. Dad earns $3,000 per month. AND Mom pays $600 per month for daycare.

Example 1B1 The standard calculation is $1133 BUT Due to the 45% limitation, The transfer payment is $1092 per month

Example 1B1

Example 1B1 Page 2

Example 1B1 Page 3

Example 1B2 All three kids live with Mom, who works part time, but could earn $1,500/month if she worked full time. Dad earns $3,000 per month. AND Dad pays $100/month for the health insurance premium to cover the kids.

Example 1B2 All three kids live with Mom, who works part time, but could earn $1,500/month if she worked full time. Dad earns $3,000 per month. AND Dad pays $100/month for the health insurance premium to cover the kids. The transfer payment is $668

Example 1B2 Page 1

Example 1B2 Page 2

Example 1B2 Page 3

Example 1B3 All three kids live with Mom, who works part time, but could earn $1,500/month if she worked full time. Dad earns $3,000 per month. AND Dad pays $100/month for the health insurance premium to cover the kids. AND Mom pays $600 per month for daycare.

Example 1B3 All three kids live with Mom, $1,500/mo & $600/mo daycare Dad $3,000 per month & $100/mo ins Standard calculation is $1062 No problems with 45% limit No need standard limit

Example 1B3 Page 1

Example 1B3 Page 2

Example 1B3 Page 3

Example 1C All 3 kids with Mom ($1,500/mo & $600/mo daycare) Dad still pays $100/mo for insurance BUT Dad’s income went down to $2,000/mo

Example 1C All 3 kids with Mom ($1,500/mo & $600/mo daycare) Dad still pays $100/mo for insurance Dad’s income went down to $2,000/mo The standard calculation is $877, but Due to 45% limitation, we go to $744. Because of the need standard, the transfer payment is $638

Example 1C Page 1

Example 1C Page 2

Example 1C Page 3

Example 2A All three kids live with Mom ($1,500/mo). Dad ($3,000/mo) as another child, Charlie, from a previous relationship. Dad pays $299/mo child support for Charlie. The standard calculation is $739, but the Whole Family Formula “deviation” takes off $112, so the transfer payment is $627

Example 2A Page 1

Example 2A Page 2

Example 2A Page 3

Example 2A Page 4

Example 2A Page 5

Example 2B All three kids live with Mom ($1,500/mo). Dad ($3,000/mo) as another child, Charlie, from a previous relationship. Dad pays $500/mo child support for Charlie. The standard calculation is $739, but the Whole Family Formula “deviation” takes off $112, so the transfer payment is $627

Example 2B Page 1

Example 2B Page 2

Example 2B Page 3

Example 2B Page 4

Example 2B Page 5

Example 3 Two of the kids live with Mom, who earns $1,500 per month. One kid lives with Dad, who makes $3,000 per month. We call this arrangement “split custody.” This is an Arvey case.

Example 3 For an Arvey calculation, you figure out each parent’s standard calculation, then set them off: Dad’s standard calculation is $492 Mom’s standard calculation is $129 Dad’s transfer payment is $363

Example 3 Page 1

Example 3 Page 2

Example 3 Page 3

Example 3 Arvey Worksheet