Subject: Spreadsheet
From: "Eric Schwerin" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Tue, 1 Apr 2014 08:24:36 -0400

See below summary of the activity for February and March which may give you a better idea of the state of play.  I also am attaching a spreadsheet that shows the line by line breakdowns.  

In the beginning of February you took $17,500 from your tax account and put it into “your” household account.  You also took $7,500 from your tax account and put it into Kathleen’s account.   

________________
February:

Owasco salary after taxes = $28,174  (In December of 2013 it was $34,475)

Difference is due to increased withholding in 2014 so you hopefully don’t have a tax bill plus increased FICA withholding until you hit your cap of approx $100K for 2014.

BSF salary after taxes = $11,890.88 (also less because of extra FICA withholding)

Total Salary = $40,064.88

Total Spending = $50,818.79

So, assume you had been paid your entire salary of $28,174 at the beginning of the month instead of in two payments on the 15th and 28th and you didn’t put $17,500 from your tax account into “your” household account.  You still would have been $10,000 short at the end of the month and would have had to take that from savings (tax account) to make up the difference.  So, “your” account would have ended the month at zero and the tax account would have ended the month $10,000 less than where it started.   That’s the same place it ended up in the scenario where you took $17,500 from your tax account in the beginning of the month and you received exactly the same amount in salary under both scenarios.  It was just a question of when you received it in the month.

_________________
March: 

Owasco salary after taxes = $28,670.50  (With your second paycheck of the month)

BSF salary after taxes = $11,890.88 (also less because of extra FICA withholding)

Total Salary = $40,561.38	

Total Spending = $37,070.94	

(Had you had Sidwell and Penn payments for this month that would have been an additional $11,505.10; which means you would have had $48,576.04 in spending for March.)

_____________________
Going into April you have:

Wells Fargo (RHB): $13,981.97
Wells Fargo (Tax Account): $12,832.94 
USAA (RHB): $8,137.50

For the month of April you will receive an additional $26,474.38 for a total of $41,057.88 in salary.   The $41K includes the $15,000 going into Kathleen’s USAA account.  

Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
[email-masked]
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