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Home > Update on tax bill goal: My raise!

Update on tax bill goal: My raise!

April 15th, 2016 at 03:37 pm

My paycheck hit the checking account with my raise reflected: $44.41 more. Not bad! I was hoping for at least $30 more.

I'd already worked out my budget through the end of May, so when I updated my April 30 and May 15 paychecks, I had a net gain of $133.23.

This helps reduce the actual deficit as well as increase the projected surplus.

I also applied the raise to the rest of my annual budget. I'd been holding $742.16 in checking to help cover maxing out the Roth IRAs July through December. Since I'm doubling up contributions the last half of the year to free up money the first half, for those months my budget is in the hole. Now with the raise, I only need $229.07 plus my June surplus to fully fund the Roths. That frees up $513.09 to apply to the tax bill!

CJ raise (3 paychecks): $133.23
Roth funding surplus: $513.09

Actual deficit: $7,993.02
Projected deficit w/ future money in: None! On paper we have a projected surplus of $1,218.99

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