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  9032 Stone Walk Pl. Germantown, TN.  38138 (901)759-3489

 

Income & Expense Chart


To help determine how much your income and expenses will be once on your on, I have prepared an income and expense chart.

First list your own income and deductions to determine your take home pay each month. Then estimate your monthly expenses after separation for each of the applicable categories listed below. This by no means is an all encompassing list. Also list any monthly credit card payments for existing debts that you may be paying off, add up your total expenses, and then subtract them form your take home pay.

It maybe helpful to complete this chart before talking to your spouse about child support, property division, or alimony. You need to know what you need every month to get by.

  • GROSS MONTHLY INCOME:
    • Gross wages and salary income   $_____________
    • Commissions, tips and bonuses    $_____________
    • Self employment income              $_____________(net of expenses other than depreciation and tax credits)
    • Rental income                              $_____________(net of expenses other than depreciation
    • All other income actually received $_____________
  • TOTAL GROSS MONTHLY INCOME        $_____________
  • ACTUAL DEDUCTIONS PER MONTH
    • Income tax withholding $_____________
    • FICA (Social Security) $_____________
    • Health Insurance $_____________
    • Union Dues $_____________
    • Other $_____________

 

  • TOTAL ACTUAL MONTHLY DEDUCTIONS $_____________

 

  • NET INCOME OR MONEY ACTUALLY RECEIVED $_____________

            (Subtract Actual deductions from gross monthly income)

  • TOTAL MONEY NEEDED PER MONTH FOR YOU AND YOUR MINOR CHILDREN LIVING WITH YOU.

For any items which are not paid monthly, list the amount as a monthly average.

    • Rent or house payment                  $______________
    • Real property taxes                         $______________ (omit is part of the mortgage payment)
    • Maintenance (house, yard, repairs)$______________
    • Insurance - home or rent               $______________ (omit if part of the mortgage payment)
    • Utilities                                          $______________
    • Telephone                                     $______________
    • Cellular phone                               $______________
    • Groceries and household items       $______________
    • Meal eating out                              $______________
    • School lunches                              $______________
    • Dental and orthodontia                  $______________
    • Medical and prescriptions              $______________
    • Laundry and dry cleaning               $______________
    • Car payment                                 $______________
    • Gas and vehicle maintenance         $______________
    • Insurance Car                               $______________
    • Insurance Life                               $______________
    • Insurance Health                           $______________ (omit if payroll deduction)
    • Clothing                                        $______________
    • Child care                                     $______________
    • Children's activities                        $______________
    • Entertainment                                $______________
    • Haircuts                                        $______________
    • Cable TV and newspaper             $______________
    • Total monthly debt payments        $______________
    • Support or alimony payments       $______________ (made to other persons not member of this family)
    • Gifts                                            $______________
    • Summer camp                             $______________
    • Books and magazines                  $______________
    • Vacations                                    $______________

 

  • TOTAL MONEY NEEDED PER MONTH $____________

 

  • TOTAL MONTHLY DEBT PAYMENTS
  •  

Description of debt                   Balance owed        Amount of monthly  (i.e. credit card, instalment loan)                             payment
________________________ $____________ $______________

________________________ $____________ $______________

________________________ $____________ $______________

________________________ $____________ $______________

________________________ $____________ $______________

________________________ $____________ $______________

TOTAL MONTHLY PAYMENTS ON DEBTS $______________

(F) DIFFERENCE BETWEEN MONEY RECEIVED AND MONEY NEEDED $_____________ (subtract total money needed per month for you and your minor children from net money actually received per month.)