How much do you need to earn to survive as a full-time music teacher? How much should you save for taxes? This worksheet adds up all your monthly expenses and then does some fancy math to estimate how much you really need to earn to support your lifestyle. It also suggests how much you should save for taxes every month based on your income level. No more surprises at tax time!
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Disclaimer: This worksheet is intended for music teachers residing in the United States. Many factors influence the amount of taxes you will pay. This worksheet tries to balance accuracy and simplicity. Recognize that the numbers it provides are only estimates and you should consult a tax professional to get details about your specific situation. (In other words, humans are better at this stuff than robots. Talk to a human.) This calculator is not a substitute for the advice of a certified tax professional.