Sarah Johnson
Software Engineer
32
Age
Single
Status
0
Children
Employee
Employment
Annual Income
$120,000
Financial Overview
Current Tax Paid
$28,000
Total Deductions
$15,000
Bank Statement Summary
Monthly income: $10,000 Regular contributions to 401k Home office expenses Professional development courses
Tax Return Summary
W2 Employee Standard deduction taken Student loan interest deduction 401k contributions maxed
Detailed Bank Statements
Monthly Income: - Base Salary: $8,333 (net) - Annual Bonus (prorated monthly): $1,667 - Side Gig Income (Tech Consulting): $500-1,000/month Regular Monthly Expenses: - Rent: $2,800 - Utilities: $200 - Internet & Phone: $150 - 401k Contribution: $1,708 (maxed at $20,500/year) - Health Insurance Premium: $250 - HSA Contribution: $300 - Student Loan Payment: $500 Home Office Expenses: - Standing Desk: $800 (one-time) - Ergonomic Chair: $500 (one-time) - Monitor & Accessories: $1,200 (one-time) - Monthly Internet (work portion): $50 Savings & Investments: - Emergency Fund: $25,000 maintained - Roth IRA: $500/month - Index Funds: $1,000/month - Tech Stock Portfolio: $300/month
Detailed Tax Returns
Form W-2 Income: - Wages, Tips, Other Compensation: $120,000 - Federal Income Tax Withheld: $28,000 - Social Security Tax Withheld: $7,440 - Medicare Tax Withheld: $1,740 - State Income Tax Withheld: $6,000 Adjustments to Income: - Traditional 401(k) Contributions: $20,500 - Health Savings Account (HSA): $3,600 - Student Loan Interest: $2,500 Itemized Deductions: - Home Office Deduction: $1,200 - Professional Development: $3,500 - State & Local Taxes: $10,000 (limited) - Charitable Contributions: $2,000 Credits: - Lifetime Learning Credit: $2,000 - Clean Energy Credit (Solar Panels): $1,000 Tax Calculations: - Adjusted Gross Income (AGI): $93,400 - Taxable Income: $80,900 - Tax Bracket: 24% - Effective Tax Rate: 19.2% Payments & Refunds: - Total Tax: $28,000 - Total Payments: $30,500 - Refund Amount: $2,500
