Example of A Common Man's Tax Plan 2013

Background

• ·         Gross Income: $60,000
• ·         Married Filing Jointly
• ·         One Child
• ·         Taking Standard Deduction: $12,200

Pre FICA, Federal Income Tax, and State Income Tax Adjustments

• ·         Health Insurance Premiums: $1,800
• ·         Health Savings Account: $1,800

Pre Federal Income Tax and State Income Tax Adjustments

• ·         401K: $3,000
• ·         Traditional IRA: $1,800
• ·         Roth IRA: $600

Federal Credits

• ·         Child Tax Credit: $1,000

Tax Savings from Credits and Adjustments: $3,064.60