I am graduating in about a year and so I made a little spreadsheet that tells me how long it will take to reach FI based on income and expenses during the accumulation phase.
It's simple but inspiring to me, so I thought I'd share.
http://dl.dropbox.com/u/36982886/homework.xlsx
Early Retirement Extreme Forums » Resources & Recommended Reading
Just starting out - A useful spreadsheet
(6 posts)-
Posted 1 year ago #
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Wow those taxes take out a lot.
Posted 1 year ago # -
I based that on the 2010 deductions, but I'm not sure I did it right. I think it's more complicated than the simple calculation 20000(1-0.15)=17000 that I did, but I couldn't find out how exactly to do it.
Taxes have always eluded me. Thank God for TurboTax.
Posted 1 year ago # -
For tax estimates, I highly recommend paycheckcity.com. It's free with sign up and will calculate fed, state, ssi, etc. Basically everything (you might have to fiddle with exemptions or adjust the salary you enter instead of deductions though). If you choose "annually" as the payment frequency, you get a nice summary.
I'm pretty sure they use the same back end calculations that your payroll dept will use.
Posted 1 year ago # -
@dragoncar: Looked at the site. While that tool has its uses, I'm more interested in the net pay (that the site calculates) + tax refund, calculated for a single male with only the standard deductions, so that the figure is closer to the actual amount one would accumulate throughout the year.
Posted 1 year ago # -
Ah, I always try to adjust my exemptions so as to minimize my refund.
Posted 1 year ago #
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