Non-Asset Income and Taxes Report
This report lists your family’s annual non-asset income. Non-asset income consists of the sum of labor income, pension income, annuity income, and Social Security benefits. All amounts are in today’s dollars.
This report shows in today’s dollars the federal income, state income, FICA, and total taxes for your family’s household in every year to which you and your spouse/partner, if married, may live. This report, like all of the main reports, assumes that you (and your spouse/partner, if married) live to your maximum ages of life.
Federal income taxes are calculated taking into account the Earned Income Tax Credit, the Child Care Credit, the low-income Retirement Account Contribution Credit, and the taxation of Social Security benefits. ESPlanner determines whether it is best in each year to itemize deductions or take the standard deduction. This determination is based on the household’s composition and its itemizable deductions, including its mortgage interest payments, its property tax payments, and its state income tax payments. There is also an adjustment for the fraction of regular asset income that accrues in the form of capital gains.