Tax Seminar #3 – December 3 2012

433CASE12.123 John & Jane Doe 08/17/2012
L:\EMD\ Section 6 Substitute - Monthly Household Expenses Page 2 of 2
I.R.S. Form 433A (OIC)
Living Expenses Total John
---------------
41 Food, Clothing, and Misc. (National Standards) 1,450 634 P
42 Housing & Utilities (J)
-Mortgage 3,324
-Real Estate Taxes 500
-Gas, Electric, & Other Utilities 175
-Insurance 65
-Telephone 75
- Less: Excess over National Standards (1,131)
3,008 1,314 P
43 Vehicle Ownership Costs
-Automobile #1 - Leased 409 409 D
-Automobile #2 - 2003 Volvo 0
409
44 Vehicle Operating Costs
-Automobile Operating Expenses 342 342 T/D
-Automobile Operating Expenses 342
-Over 75,000 Miles or more than 6 years old 200
884
45 Public Transportation Costs 0 0
46 Health Insurance Premiums 0 0
47 Out of Pocket Health Care Costs
-Per Tables - John 144 144 D
-Per Tables - Jane 60 0 D
-Per Tables - Children (2) 120 52 P
-Dental Bills
-Physician Bills
-Eyecare, glasses & contact lenses
-Prescription Medicines
324
48 Court Ordered Payments (e.g. alimony, child support, etc.) 0
49 Child/Dependent Care 0
50 Life Insurance 0 0 D
51 Current Taxes
-U.S. Income (Adjusted for disallowed interest/taxes) 378 165 P
-U.S. FICA (Taxpayer): Using Reduced Rate for 2012 198 198 D
-U.S. FICA (Spouse): Using Reduced Rate for 2012 553 0 D
-New Jersey Gross Income Taxes 170 74 P
-N.J. SUI/SDI 20 20 D
1,319
52 Other Secured Debts 0
53 Deliquent State and Local Taxes
Other Expenses
-Tax Advice & Preparation (J) 150 66 P
-Disability Insurance 100 100 D
250
Total Household Expenses (Box 4) 7,644 3,518
Excess (Shortfall) of Total Income
over Total Expenses (Box 5) 361 (18)
Taxpayer Percentage: 43.7% N/A
Taxpayer Excess (shortfall) 158 (18)
Ability to Pay times 12:
-Family 4,332 N/A
-Taxpayer only 1,896 0
Notes: P = Proportionate to Income; D = Direct; T = IRS Tables
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