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{"sheet":"Sheet1","index":0,"n_rows":48,"n_cols":5,"rows_kept":48,"cut":false,"hidden":false,"merged":[],"flags":["formulas_cached_only"]}
["          Computation of Federal Income Tax taking","effects of","Alternative","Minimum","TAX"]
[]
["Principal Librarian with  NJLA Minimum Starting Salary ",63755]
[]
["REGULAR TAXABLE INCOME"]
["Wages  from position  as Principal Librarian",null,null,63755]
["Interest earned on savings",null,null,2000]
["Capital gains earned on Mutual Funds accounts",null,null,9525]
["                          Adjusted Gross Income  (AGI)",null,null,75280]
[]
["Less: Itemized Deductions"]
["             Medical Expense in excess of 7.5% AGI",0]
["             Home Mortgage Interest Paid  (150,000 x5%)",7500]
["             NJ State Income Taxes paid   (6.2%)",4000]
["             Real Estate taxes   (NJ average)",6000]
["             Charitable contributions   (1.25% of income)",880]
["Misc.expenses(incl unreimbursed Job exp)over 2% AGI .",620]
["Total ",19000]
[]
["To Deduct from AGI:"]
["               Total Itemized Deductions",null,19000]
["Personal Exemptions     (1 X  3,300)",null,3300]
["Total ",null,22300]
["Regular Taxable Income",null,null,null,52980]
[]
["FIGURING AMT INCOME"]
["Taxable income",null,null,52980]
["Plus: Adjustments to taxable Income"]
["          Personal exemptions",3300]
["          Medical expenses less than 10% AGI",0]
["          NJ State Income Tax",4000]
["          Real Estate Taxes",6000]
["          Miscellaneous deductions",620]
["total",13920,null,13920]
["Alternative minimum Taxable Income",null,null,null,66900]
["Less: Alternative Minimum Tax exemption (42,500)",null,42500]
["Net Alternative Minimum Tax Income",null,null,null,24400]
[]
["FIGURING PROPER TAX AMOUNT TO PAY:"]
["see included tax rate chart for tax on  regular amount."]
[]
["Alt. Min.Tax on 24,400,=  (26 % x 24,400) ,=",6344]
["Regular tax for 52,980 ,= (4220+ ((25% x 22,330) ,=",9802]
[]
["  Tax to pay is (amt tax-regular tax) + if 0 or more + regular tax  ,=",9802,null,null,8850]
["Minus excess tax on capital gains 10% capital gains (952),=",8850]
[]
["   EFFECTIVE TAX RATE",0.1175]

{"sheet":"Sheet2","index":1,"n_rows":48,"n_cols":5,"rows_kept":48,"cut":false,"hidden":false,"merged":[],"flags":["formulas_cached_only"]}
["Computation of Federal Income Tax taking","effects of","Alternative","Minimum","TAX"]
[]
["Library Director with NJLA Minimum Starting Salary",86414]
[]
["REGULAR TAXABLE INCOME"]
["Salary form position as Director Medium-sized Library",null,null,86414]
["Interest earned on savings",null,null,2000]
["Capital Gains on Mutual Funds accounts",null,null,22500]
["                                    Adjusted Gross Income   (AGI)",null,null,110914]
[]
["Less: Itemized Deductions"]
["          Medical Expenses in excess  of 7.5%  AGI",0]
["          Home Mortgage Interest Paid  (150,000 x 5%)",7500]
["          New Jersey Income Taxes Paid   (6.2%)",5357]
["          Real Estate Taxes  (NJ Average)",6000]
["          Charitable contributions  (2.25% AGI)",2090]
["Misc. Expenses(incl unreimbursed Job exp.) over 2% AGI",930]
["Total",21877]
[]
["To Deduct from AGI:"]
["          Total Itemized Deductions",null,21877]
["           Personal exemptions (1 X 3,300)",null,3300]
["Total",null,25177]
["Regular Taxable Income",null,null,null,85737]
[]
["FIGURING AMT INCOME"]
["Taxable income",null,null,85737]
["Plus: Adjustments to taxable Income"]
["            Personal exemptions",3300]
["            Medical expenses less than 10.5%  AGI",0]
["            NJ State Income Tax  (6.2% wages)",5357]
["            Real Estate Taxes",6000]
["            Misc. Expenses",930]
["Total",15587,null,15587]
["Alternative minimum taxable income",null,null,null,101324]
["Less: Alternative Minimum Tax exemption  (42,500)",null,42500]
["                             Net Alternative Minimum Tax Income",null,null,null,58824]
[]
["FIGURING PROPER TAX TO PAY"]
["see included tax rate chart for tax on regular income."]
[]
["Net AMT tax on 58,824 -Tax rate 26%,= (26% x 58,824))  ,=",15294]
["Regular Tax on  85,737,=  (15,107+ ((28% X 11,537))  ,=",18337]
[]
["Tax to pay is (amt tax-regular tax) +if 0 or more add regular tax,=",18337,null,null,15412]
["Minus excess capital gains tax of 13% capital gains (2,925)",15412]
[]
["EFFECTIVE TAX RATE=",0.1389]

{"sheet":"Sheet3","index":2,"n_rows":50,"n_cols":5,"rows_kept":50,"cut":false,"hidden":false,"merged":[],"flags":["formulas_cached_only"]}
["Computation of Federal Tax taking effects of","Alternative","Minimum","Tax"]
[]
["Proposed Director's Minimum starting salary (incremental)",113000]
[]
["REGULAR TAXABLE INCOME"]
["Proposed salary",null,null,113000]
["Interest from savings",null,null,2000]
["Capital Gains on Mutual Funds accounts",null,null,30000]
["                                      Adjusted Gross Income  (AGI)",null,null,145000]
[]
["Less: Itemized Deductions"]
["         Medical Expenses in excess of 7.5% AGI",0]
["         Home Mortgagee Interest Paid   (150,000 x 5%)",7500]
["         New Jersey Income Taxes Paid  (6.2% of wages)",7006]
["         Real Estate Taxes (NJ Average)",6000]
["         Charitable Contributions  (2.25% AGI)",2688]
["Misc. Expenses (incl unreimbursed Job Exp) over 2% AGI",1195]
["Total",24389]
[]
["To deduct from AGI:"]
["         Total Itemized Deductions",null,24389]
["          Personal Exemptions    (1 x 3,300)",null,3300]
["Total",null,27689]
["Regular Taxable Income",null,null,null,117311]
[]
["FIGURING AMT INCOME"]
["Taxable income",null,null,117311]
["Plus: Adjustments to taxable income"]
["           Personal exemptions",3300]
["           Medical expenses less than 10.5%  AGI",0]
["           New Jersey State Income Tax",7006]
["           Real Estate Tax",6000]
["           Misc. Expenses",1195]
["Total",17501,null,17501]
["Alternative minimum taxable income",null,null,null,134812]
["Less: Alternative Minimum Tax exemption  (42,500)",null,42500]
[{"$nulls":4},92312]
["For excess (134,812-112,500) x .25,=",null,null,null,5500]
["Net Alternative Minimum Tax Income",null,null,null,97812]
[]
["FIGURING THE PROPER TAX TO PAY"]
["see included tax rate chart for regular tax amounts"]
[]
["NET AMT tax on 97,812 Tax rate 28% ,= (28% x 97,812)",27387]
["Regular tax on 117,311,= (15,107 + ((28% x 43,111),=",27808]
[]
[" Tax to pay is (amt tax-regular tax) + if 0 or more add regular tax",27808,null,null,23908]
["Minus excess cap. gains tax of 13% cap. gains (3900),=",23908]
[]
["EFFECTIVE TAX RATE=",0.1648]

{"sheet":"sheet 4","index":3,"n_rows":50,"n_cols":5,"rows_kept":50,"cut":false,"hidden":false,"merged":[],"flags":["formulas_cached_only"]}
["Computation of Federal Tax taking effects of","Alternative","Minimum","Tax"]
[]
["Proposed Director's Minimum starting salary (Step up)",175000]
[]
["REGULAR TAXABLE INCOME"]
["Proposed salary",null,null,175000]
["Interest from savings",null,null,2000]
["Capital Gains on Mutual Funds accounts",null,null,30000]
["                                      Adjusted Gross Income  (AGI)",null,null,207000]
[]
["Less: Itemized Deductions"]
["         Medical Expenses in excess of 7.5% AGI",0]
["         Home Mortgage Interest Paid   (150,000 x 5%)",7500]
["         New Jersey Income Taxes Paid  (6.2% of wages)",10850]
["         Real Estate Taxes (NJ Average)",6000]
["         Charitable Contributions  (2.25% AGI)",4657]
["Misc. Expenses (incl unreimbursed Job Exp) over 2% AGI",1195]
["Total",30202]
[]
["To deduct from AGI:"]
["         Total Itemized Deductions",null,30202]
["          Personal Exemptions    (1 x 3,300)",null,3300]
["Total",null,33502]
["Regular Taxable Income",null,null,null,173498]
[]
["FIGURING AMT INCOME"]
["Taxable income",null,null,173498]
["Plus: Adjustments to taxable income"]
["           Personal exemptions",3300]
["           Medical expenses less than 10.5%  AGI",0]
["           New Jersey State Income Tax",10850]
["           Real Estate Tax",6000]
["           Misc. Expenses",1195]
["Total",21345,null,21345]
["Alternative minimum taxable income",null,null,null,194843]
["Less: Alternative Minimum Tax exemption  (42,500)"]
[{"$nulls":4},152343]
["For excess (194,843-112,500) x .25,=",null,null,null,20585]
["Net Alternative Minimum Tax Income",null,null,null,172928]
[]
["FIGURING THE PROPER TAX TO PAY"]
["see included tax rate chart for regular tax amounts"]
[]
["NET AMT tax on 172,928 Tax rate 26/28% ,= (26%x112,500 +28%x60,428)",null,46169]
["Regular tax on 172,928,= (37,675+ ((33% x 18,328),=",null,43723]
[]
[" Tax to pay is (amt tax-regular tax) + if 0 or more add regular tax",null,46169]
["Minus excess cap. gains tax of 13% cap. gains (3900),=",null,42269,null,42269]
[]
["EFFECTIVE TAX RATE=",null,0.2041]

{"sheet":"sheet 5","index":4,"n_rows":44,"n_cols":8,"rows_kept":44,"cut":false,"hidden":false,"merged":[],"flags":["formulas_cached_only"]}
["PAYROLL","DEDUCTIONS","LEADING TO","NET AMOUNTS"]
[]
[null,"Principal Librarian","Director  ","Director proposed",null,null,null,"Director (step up)"]
["Annual salary",63755,86414,113000,null,null,null,175000]
[",-Federal Tax",8850,15412,23908,null,null,null,42269]
[",=",54905,71002,89092,null,null,null,132731]
[",- Social  Security               (7.5%)",4781,6481,"          limit   7,087",null,null,null,"    limit       7,087"]
[",=",50124,64521,82005,null,null,null,125644]
[",- NJ  TAX (6.2%)",4000,5357,7006,null,null,null,10850]
[",=",46124,59164,74999,null,null,null,114794]
[",-Pension  (5%)",3187,4520,5650,null,null,null,8750]
[" ,=",42937,54644,69349,null,null,null,106044]
[",- 403B",2600,2600,2600,null,null,null,5200]
[",= ",40337,52044,66749,null,null,null,100844]
[",- Medical Savings Account ",624,624,624,null,null,null,624]
[",= ",39713,51420,66125,null,null,null,100220]
["Divided by 12 ,=",3309,4285,5510,null,null,null,8351]
["NET monthly pay",3309,4285,5510]
[{"$nulls":5},"Basic Monthly","Expenses"]
[{"$nulls":5},"Housing",1200]
[{"$nulls":5},"Heat/AC/Elect.",166]
[{"$nulls":5},"Food",500]
[{"$nulls":5},"Insurance",150]
[{"$nulls":5},"Basic Cable",60]
[{"$nulls":5},"Phones",75]
[{"$nulls":5},"Holiday+Vac.",200]
[{"$nulls":5},"Savings",100]
[{"$nulls":5},"Gas for Car",120]
[{"$nulls":5},"Pocket money",80]
[{"$nulls":5},"TOTAL",2651,5302]
[]
["Net monthly pay",3309,4285,5510,null,null,null,8351]
[",-Monthly Exp.",2651,2651,2651,null,null,null,5302]
[",=",658,1634,2859,null,null,null,3049]
[",-Charity",75,174,224,null,null,null,388]
[",=",583,1460,2635,null,null,null,2661]
["Misc. + Job exp. (unreimbursed)",170,232,300,null,null,null,300]
[",=",413,1228,2335,null,null,null,2361]
[",-car repairs",175,175,175,null,null,null,175]
[",=",238,1053,2160,null,null,null,2186]
[",-Save for a car",238,600,600,null,null,null,600]
[",- IRA Contribute",0,416,416,null,null,null,416]
[]
["NET CASH",0,37,1144,null,null,null,1170]