FINANCIAL PLANNING ASSIGNMENT HELP
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Six Major Areas Of Personal Financial Planning
Cash flow management : Cash flow management determines a person’s financial position. It determines the total inflow and outflow of cash. In other words, the cash flow management determines whether a person is being able to meet his monthly expenses or not. It also takes into consideration whether the person is being able to save money or not. The amount of money that he is earning is more than his expenses or not.
|Cash Flow Statement for the month ending December 31st 2013|
Risk Management : Risk management takes into account all the unforeseen things that can happen to a person. Risks may include, death, disability, loss of property, health etc. A complete financial planning helps you to deal with all kinds of financial losses. Our specialized finance assignment help can enrich you with a detailed analysis on risk management.
Investment Planning : Another area of personal financial planning is Investment planning. This includes planning for collecting a lot of money to make some big purchases. firstly , big purchases may include buying a house or a car, but it can also include planning a world trip or something like that. Secondly, it can also include life events like marriage or any other big family function. Basically, personal finance planning assignment or investment planning helps to cover your luxury plans.
Tax planning : Adequate tax planning is highly required to make the maximum use of the tax policies and rebates. Our Financial Planning Assignment writers make the best use of their knowledge and help you understand the importance of tax planning thoroughly. A person in the U.S.A. is qualified for tax deductions if
- He has non-working dependents like wife or children
- If the dependent is not supported by any other individual
- If a couple files tax returns separately
- If the person is a widow or a widower.
Apart from these personal deductions, there are a couple of itemized deductions.
They are :
- Medical expenses in excess of 10 percent of annual gross expense
- State, local and foreign taxes
- House mortgage interest
- Losses on non-business income due to casualty etc.
How to compute taxes : Calculating income tax is an essential part of finance assignments. Our personal finance planning assignment help and finance assignment help services include various examples to make you understand the concept. Suppose we have a person earning 300,000 dollars a year and we have the following tax brackets :
|Taxable income ($)||Tax bracket (%)|
|0 – 8500||10|
The 300,000 dollars would be taxed at different rates for different chunks of money the person is making. In the above tax structure $ 300,000 dollars will fall under all the five tax brackets.
So divide the money into different chunks of taxable income. For 300,000 dollar income, the various taxable chunks would be:
- $ 8500
- $ 26,000 (34,500-8500)
- $ 49,100 (83,600- 34,500)
- $ 90,800 (174,400- 83,600)
- $ 125,600 (300,00-174,400)
Now in order to calculate the various tax slabs within which your taxable income can fall just multiply the taxable income with the percentage of taxes of that income bracket.
8500 x .1 = $ 850
26,000 x .15 = $ 3900
49,100 x .25 = $ 12, 275
90,800 x .28 = $ 25,424
125,600 x .33 = $ 41,448
Total taxable income = $ 83,897
Estate Planning : Estate Planning means considering a person’s assets and distributing it among their family members when he/she dies. Sometimes, there is tax due to state or federal Government when a person dies. Furthermore, if this tax is not paid on time, it can result in liquidation of the property by the Government.
Significance Of Financial Planning Assignment Help
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