On the Current/Future Earnings screen, you enter all of your income from employment activity. Other non-labor income, for example, from an inheritance or child support, should be entered as Special Receipts.
- MaxiFi will capture the correct FICA payroll tax on this income, including the extra Social Security tax you pay if self-employed.
- The gross salary you enter should include the dollars you intend to contribute to a qualified retirement plan, but not other items that are part of a payroll reduction agreement with your employer such as HSA contributions, health care premiums, or other pre-tax payments. For these items, reduce the amount of your gross salary you enter. Learn More
- Note that changes of earnings such as a salary step from a promotion or going part time can accommodated by using the "add change in earnings" link.
- When using "today's dollars," an annual increase of 0% implies a standard cost of living increase each year. More than 0% would indicate a salary raise that outpaces inflation.
- To indicate a salary that never changes--you don't expect raises at all--enter the salary as "nominal dollars" and leave the annual increase at 0%.
- Typically you will leave the frequency at the default of 1 year. If, for some reason, you intend to work every other year, change the frequency to a 2.