Rika and Kentaro have combined income of $140,000. Assume their average tax rate including fed/state is 20%. Rikas income is $60,000 and Kentaros is $80,000. FICA taxes for both of them total to $10,710. Calculate their combined federal and state tax using the information above.

They each save $600 per month. Their mortgage payment is $3,833 per month (PITI), they lease two cars for a total of $6,000 per year and have college loans payments of $120 per month.

Their utilities are roughly $150 a month and they estimate they spent about $210 a week on food. The premiums for their auto insurance totaled to $1600 for the year.

They had some other expenses for 2021 they did not itemize that totaled to $9,000.

Annual Income	Amount
Salary (Applicant):
Salary (Co-Applicant):
Bonuses & Commissions:
Bonuses & Commissions (Co-Applicant):
Rental Income:
Other Income: (List)

Total Income:

Annual Income: Amount:

Federal Income & Other Taxes
State Income & Other Taxes
Rental Payments, Co-op or Condo Maintence
Mortgage Payment (Residential Investment)
Property Taxes (Residential Investment)
Interest & Principal Payments on Loans
Other Expenses (List

Total Expenditures:

Instructions:

Use the information above to create an Annual Personal Income and Expense Statement for the Miuras for 2021. Personal Income and Expense Statements double as Personal Cash Flow Statements for households since they do everything on a cash basis. Its worth noting that Personal Expense Statements can look slightly different from one another and may have fewer or more categories for income and/or expenses depending on the household. Be careful to read through the information above carefully and pay attention to detail as the amounts are listed for different time periods but you are creating an annual Income and Expense Statement.