SMART ASSET CALCULATOR - Federal, State and Local income ...
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2001329-595223SMART ASSET CALCULATOR - Federal, State and Local income tax expensesYou may use the Smart Asset Calculator to obtain a more accurate federal, state, and local income tax expense based on how the IRS and individual states discount and tax different income sources, i.e. Social Security, Pension, Retirement accounts (401K, IRA), Wages, etc. For example, the state of New Jersey does not tax social security income but does tax pension or retirement accounts like a 401K or IRA. There are 7 states (Alaska, Florida, Nevada, South Dakota, Texas, Washington & Wyoming) that do not have income tax at all so in those states the calculator will display $0 for the state tax. Smart Asset Calculator to Obtain Federal & State income tax liabilities for borrower(s) Retirement income sources:In ReverseVision (RV), go to Financial Assessment Section > Income Tab to enter/view Annual Income. In this example: Annual Income for Social Security is $36,000 and Retirement income $10,000.-2187575109728000533408382000Go to the Smart Asset internet website: Tax State (State of Arizona is entered for this example)1295403048001938655273050At the top, there is an overview of how each state taxes other income.Enter the financial details to calculate the taxes:Enter Annual SS incomeEnter Annual Retirement Account IncomeEnter the Annual Wages if employedEnter the zip code where the borrower livesEnter the Year of Birth to the “youngest” borrower if more than oneEnter Filing Status Single or Married (you can combine borrower’s income if they are married)Enter Annual Income from Private Pension i.e. MetLife: Employees who worked for companies covered by private pension plans, not all companies offer this plan.Enter Annual Income from Public Pension i.e. Law enforcement officers and firefighters: Those who worked in state or local governments.The amount the borrower will pay in taxes will display here but very important to look below line for the breakdown.5207017716501282705969000570230105410001187450128270Very Important that you go to #10 below for the breakdown so that you can enter numbers into RV correctly.Very Important that you go to #10 below for the breakdown so that you can enter numbers into RV correctly.Your Tax Breakdown: Notice $65 is for State taxes. Enter this in RV’s Expenses screen. You will also need to enter $0.00 in RV for Federal and Local expenses so that it is addressed/verified Federal is $0.00.In ReverseVision Financial Assessment Tab > Expenses screen, Select Add Monthly Expense.Select dropdown arrow to Select and add State/Local Income TaxesEnter $65 for Annual Expense for this example.Select a date to validate expense.Add another Monthly Expense.Select drop down arrow to Select Federal Income Taxes.Enter $0.00 for Annual Expenses under Annual column for this example. (this is so that it is known Federal taxes have been addressed and it is zero)Select a date to validate expense.5334039370005334128765500In ReverseVision Financial Assessment Tab > Cash Flow screen, Note: the actual Residual Income vs. Residual Income Required. In this example, borrower’s Residual Income is $3,075.91 and Residual Income (RI) Required is $793.50. This borrower has passed the Residual Income (RI) % Requirement at 388% because it is over 100% RINote: When entering these expenses, if the % of (RI) Residual Income Requirement Fulfilled goes below 100%, you should refer to your manager or team lead for further discussion. 01021680614813215298 ................
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