Financial journal

Similary, NM tax on RMC income at 8% on 1590.91 was $127.27. There had been $132.60 withheld by RMC for California state tax, of which I recieved $121.09 back . (The $11.51 difference can just be disregared since it occurred prior to this accounting period,) Therefore the $127.27 minus 121.09 or $6.18 was paid for NM state tax on RMC income in this accounting period.

Now, show that this ties in with tax returns for 1978:

...................... Federal ............. NM ............... FICA

M Soft ........... 11653.15 ............ 1763.52 ......... 1066.51

RMC-CAL ......... 535.98 ............. 121.09 ............. ⬆

RMC-NM .......... 334.45 ............... 6.18 ⬅ this was total tax of $14823.81

Capital ............. 531.25 ............... 85.00

EDX & Dis ......... 826.03 ............. 132.17

....................... 13880.86 ........... 2107.96

.........................⬆ .......................... ⬆

this is the federal tax paid ............Paid to NM

less the $53.85 refund

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In 1979 there was one paycheck in and [--one--] 15 from Washington:

[columns]

--- || income || federal || [--state--] FICA || state

NM || 1536 [insert: 48 hours * $16. No raise yet] || 438.04 || 94.16 || 58.16

WA 1 || 1536 || 438.04 || 94.16 || --

2 || 1996.80 || 617.75 || 122.40 || --

3 || 2150.40 || 677.66 || 131.82 || --

4 || 1996.80 || 617.75 || 122.40 || --

5 || 1996.80 || 617.75 || 122.40 || --

6 || 1996.80 || 617.75 || 122.40 || --

7 || 1996.80 || 617.75 || 122.40 || --

8 || 2304 || 737.56 || 141.24 || --

9 || 2304 || 737.56|| 141.24 || --

10 || 2457.60 || 797.46 || 150.65 || --

11 || 2304 || 737.56 || 141.24 || --

12 || 2150.40 || 673.76 || – 102.73 || --

13 || 3763.20 || 1132.15 || --- || --

14 || 2150.00 || 677.66 || --- || --

15 || 1996.80 || 617.75 || --- || --

--- || 34636.80 || 10753.95 || 1403.78 || 58.16

The other 893.42 on W-2 was for

321.98 Car, lodging, meals

571.44 Moving furniture

This moving expense was taxable because I didn't work for 39 weeks after the move, so total taxable income was $35530.22.

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Consider the base income as 35530 and deduct

Medical / dental ... 150

Taxes ................... 311

Bank of NM Int ..... 17

............................ 478

Giving $35052. Then tax tables would yield 9744.88, in 44%.

On top of this base there were numorous additions and deductions:

theft loss ...... 820 Education ... 7826 ................... 8646

Because of [$2200?] deduction allowance, $6346 can be used to offset taxes. This would reduce the bracket to below 44% if it were not for interest and royalty income which bring it back up into 44%.