Assignment about What is Transcript?

Running head: TRANSCRIPT
Transcript
Name of the Student:
Name of the University:
Authors Note:

TRANSCRIPT
1
Johhny and Julie Wilson:
Hi I am Johhny Wilson and she is my Julia Wilson. We have come here to get our finances in
order.
Financial expert:
Hi, I am ..............., will advise you on your finances to help you make optimum use of your
financial resources. Please tell me about your current state of income and earnings.
Johhny and Julia Wilson:
Our combined income from salary at present before deduction of income taxes is $286,000.
Along with that we also receive rental income of $30,000 per annum at present and expected to
continue to receive this rental in the future also. We also have investments and earn around
$30,000 per year as income from this investment. This is our gross income however, we are
responsible citizens of the country and do pay our taxes honestly each year.
Financial expert: That’s great we all should do that as it is our basic responsibility to pay taxes
on our income.
Johhny and Julia: Yup, absolutely.
Financial expert: So how much taxes you pay on your combine income and individual income? It
is important me to also have an idea as to the gross and net individual income of you and your
wife.
Johhny: Gross income of mine is $210,000 per annum and I pay taxes of $73,132 thus, have a
net income of $136,868 in the latest year.

TRANSCRIPT
2
Julia: My gross income in the latest year has been $106,000 and have paid income tax of
$28,972. Thus, my net income for the year is $77,028. The total taxes paid by us combined is
$102,104 to give us a net combined income of $225,896 in the latest year.
Financial expert: So can I have a preliminary idea about the total household and other
expenditures that needed last year including any payment of instalment to repay loan and other
such staffs. I mean I want to know if you guys have any money left with you after meeting all the
expenditures and repayments of loan and etc. from the net income of $225,896 in the latest year.
Johhny and Julia: Yes, I mean in the last year after meeting all expenditures including payment
of mortgage we had a surplus of $39,572. So, yes we did have significant amount of money left
with us after payment of all the expenses and payment of mortgage from our combined annual
income.
Financial expert: Ok, great now tell us about the goals and objectives that you want to achieve in
the future from your finances?
Johhny and Julie Wilson: We want to immediately clear our debts, make necessary investment to
protect income, achieve a stable financial state in the future, invest in funds to ensure there
would be necessary funds available to us to support the education of our children, ensure that we
have necessary funds to travel within and outside the country, have necessary resources to
support our holidays.
Johhny individually said:
I want to retire at the age of 55 and do not want to work again. Thus, please advise us about the
investment schemes or other means to ensure that we have sufficient funds to support my
retirement plan.