So after receiving a lot of great feedback from people from the first version of the transition calculator, I decided to improve and rework parts of it. You can find the new version here.
The Information Tab is the primary location where you do most everything. At the top of the page are a number of yellow highlighted boxes where you enter the various pieces of information. This feeds pretty much everything else.
- Name: Enter your name
- Rank at Separation: What will your rank be when you leave the military?
- BASD: The day you went on active duty (this doesn’t take into account if you have a break in service).
- Federal Income Tax Filing Status: Do you file single, jointly, etc.
- Federal Income Tax Deduction: What is your income tax deduction. For most people this is likely the standard deduction. If you’re single, this is $12,200 and if you’re filing jointly it is $24,400.
- State Income Tax (Pre-Separation): Your state tax bracket while you’re in the military (on your military income only).
- State Income Tax (Post-Separation): Your state tax bracket for where you will live after you leave the military.
- Will you retire: Selecting yes, will enable additional information about retirement.
- Date of Last Promotion: When were you promoted to your current rank?
- Is Military Retirement Taxed by State: Does the state you will live in after retiring tax military retirement pay?
- Will You Utilize SBP: Will you use the Survivor Benefit Plan?
- Do you Expect to Collect Disability: Will you be getting VA disability? This will enable additional information.
- Disability Rating: What is your projected disability rating?
- Family Status: What is your current family status based on VA Disability definitions?
- Number of Minor Dependents: How many minor dependents do you have?
Military Income (Taxable)
- Base Salary: What is your monthly base salary?
- Bonuses: Are you currently receiving any bonuses you would like to include in calculations?
- Assignment Incentive Pay: Are you receiving any assignment incentive pay (AIP)?
- Others: Any other taxable income you would like to include.
Military Income (Non-Taxable)
- Basic Allowance for Housing: What do you receive each month for BAH?
- Basic Allowance for Subsistence: What do you receive each month for BAS?
- Others: Any other non-taxable income you currently receive.
Post Separation Employment Pay
- Salary: What is your yearly projected salary?
- Bonuses and Other Incentives: Any bonuses you expect to receive each year.
- Other Taxable Income: Any other taxable post-separation income.
Post Separation Pre-Tax Contributions
- 401K Contribution: What percentage of your salary will be going into your 401K (only including contributions that are taken pre-tax)
- Health/Dental: Any insurance or flexible spending accounts that you contribute to pre-tax.
- Transpiration Fund: Any transportation pre-tax contributions.
- Child Care: Any pre-tax child care deductions
Once you have entered this information, it will update the tables below showing your current income, your projected income, and the difference. It takes into account your federal income tax, utilizing the graduated scale, state taxes, social security and medicare deductions. It also include any retirement or disability payments that you will be getting.
Salary Calculator Tab
This tab hasn’t changed much from the original version. The table just below includes a few columns that represent different things. The monthly column shows your current monthly income. The yearly (Pre-Separation) column shows your current income in a yearly form. Yearly (Post-Separation Not Adjusted) shows what your take-home pay will look like if you make exactly what you are making now (notice the difference in take-home pay because of taxes). The Calculated Equivalent column gives you a rough calculation of what you would have to make in order to have the same post-tax take-home pay. The Playground column is the only column that is editable on this page. It gives you a place to enter your own custom information to explore what different money scenarios look like. Of note, realize that this page does not include any retirement or disability pay that you may be getting.
- Spend: 401(K) 2012 | CC BY-SA 2.0 Generic