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How Do I Calculate My Taxes? part 1

Even Albert Einstein agrees that one of the hardest things to understand is income tax, but it does not have to be for you. The simple definition of tax is a mandatory contribution from every actively working and earning citizen or active and earning business to the government. This money is used in developing and building infrastructure, and generally, building social amenities to improve the life of citizens. In developing nations, citizens grumble about the burden of taxes, because they do not feel the impact of the taxes that they pay. Also, because these countries are still developing, they do not have a system that curtails multiple taxes and excessive taxes.

Taxes are paid to local, state, and federal governments from your income, as a worker or an employer of labor. in some countries, those who earn minimum wage are exempted from tax. In countries like the US, minimum wage earners are not exempted from tax. The federal minimum wage in the US is $7.25 per hour. And if you work for 40 hours a week, all through the year, your federal tax is 12% of your total income. And depending on the state you live in, you are also subjected to some percentage of state tax.

In Europe, the contributions of taxes from minimum wage earners range between 2% and as high as more than 27% of total income. Countries like Nigeria, Austria, Finland, and Denmark, exempt citizens who earn minimum wage from paying tax. Most people do not have to pay their taxes to the government body in charge of taxes themselves, because they already pay it from their payroll, as taxes are withheld from payrolls.

The percentage of tax you pay depends on the country you work and live in and the income you earn. But what is most important is that you know how to calculate it.

How is Tax Being Calculated in The USA

Every country has different ways of calculating taxes. For example in the USA, there is a portion of income that is not subject to tax, and it is called standard deduction. According to the IRS, the standard deduction for 2024 is $14,600 for individuals, $29,200 for joint filers, and $21,900 for heads of households.

Say, for example, your total annual salary is $150,000 and you have an investment that brought you any interest or capital gain on assets that you have held for more than a year, you add it to your salary to get your total gross income. Then deduct the sum of the standard deduction that applies to your situation. After the standard deduction, the amount left is your taxable income.

Now subtract the amount you earned on capital gain from your taxable income. This is because your capital gain will be taxed differently. The percentage to tax your capital gain depends on several factors; how long you have held the assets, the type of asset, and your ordinary income tax bracket, which can range from 0-37%.

Next, calculate the percentage that applies to your taxable income less the capital gain, based on how much you earn and what category you are filing; if you are filing as an individual, head of household, or jointly as a married couple. To determine your tax percentage at 10% on the first $19,900: $19,900 * 0.10 = $1,990 what percentage of your income will be taxed, calculate from the lowest rate. For example, Tax at 10% on the first $19,900: $19,900 by 0.10 = $1,990.

Add the result from the capital gain tax and the taxable income, which becomes your total tax before credit. subtract the child credit for every child you have and the final sum becomes your net tax.

Every country has its method and formula for computing tax and they differ. We will cover as much as we can.

Latest issue

Everyday Money Transitions From Beta to Public Access

E.M Application Technologies launches Everydaymoney, a budgeting App, on this day, 9th November, 2023. This release marks its transition from the beta phase to an official stable release of the app.

Everyday Money Transitions From Beta to Public Access

Financial platforms are dedicated to assisting individuals in achieving their financial goals and objectives. However there's been a lack of technology platforms offering intuitive budgeting tools and adequate financial education available to users to budget and plan towards achieving their financial goals and objectives.

E.M Application Technologies Ltd. launches Everydaymoney, a budgeting App, on this day, 9th November, 2023. This release marks its transition from the beta phase to an official stable release of the app.  Everydaymoney is a financial application that enables users get money everyday by providing financial tools that automates budgeting, savings and other financial goals.

Everydaymoney stands out from other budgeting app with various unique features. One of the features is the daily cash disbursement where disbursement of funds is automated, so that users can get money for day to day spendings on things like food, transportation, and other needs.

The Moneybag feature is where the magic happens. Users set aside a portion of their income to be disbursed daily, weekly or monthly to fund various budgets and goals tailored to their needs.

Everydaymoney is tailored for Gen X, Millennials, and Gen Zs and  also aims to convert those who have been using traditional methods to budget and plan their finances, to join a platform that will automate the process with ease.

Inclusive in the App's design is AI, to prompt and educate users on financial literacy and tools that can enable them to reach their financial goals; budget properly for emergencies, black tax, health care and their next big project.

Everydaymoney is more than just an app; it is a financial partner changing the way individuals manage their finances. Our goal is to prevent financial fragility and provide Africans with the tools and insights necessary to build financial resilience and assets for the future.

Everyday Money invites freelancers, civil servants, entrepreneurs, young earners, students and everyone who desires to be in total control of their finance, to experience a new era of financial freedom.

Download the app today on Play Store and iOS Stores, and embark on a journey towards financial success.

For media inquiries, please reach out to us at Visit for more information or check out our press kit at Stay connected with us on social media:

About E.M Application Technologies.

E.M Applications Technologies Ltd. (RC - 6864855) builds and manages automated payments and finance management products for businesses and individuals. The company is located in Lagos, Nigeria and was founded in Feb. 2023 by Retnan Daser and Kator James who boast a wealth of experience as two-time founders. They previously founded LogicalAddress Ltd. and went on to build, a wallet-as-a-service platform for businesses and government agencies and transacted more than a billion Naira between 2017 until the Covid19 pandemic in 2020.

Need For An Emergency Fund In Your Budget And How To Build It

Need For An Emergency Fund In Your Budget And How To Build It

If you're considering adding an emergency fund to your budget, this article will help highlight the importance and tips on how to start building one.

‌‌Any cash reserved for unforeseen spending or expenses is termed an emergency fund. They are used for financial emergencies that are important and/or necessary. Some common examples of such emergencies include car repairs, home utensils repair or replacement, medical bills, or job or income loss,s, etc.  

An emergency fund is different from your long-term savings (such as retirement accounts or any property-buying savings you may have) and so it is usually kept separately. Anyone can have an emergency fund, and the amount will vary depending on your total income, style of living, regular expenses, and dependents (if any).

Importance of Emergency Funds

‌‌Emergency funds are necessary for one relative reason; we all experience uncertainties in life and many of them have financial implications. The COVID-19 pandemic period was one good example of uncertain times for people and an uncertain economy for many countries. Since we can't predict how many emergencies are ahead of us, it is best to set aside funds that can cover three to six months' worth of living expenses. The fund only should be used in the event of an emergency and spent carefully when you do need to draw on it.

Below are a few scenarios where emergency funds are important:

1. Having an emergency fund gives you a better shot at surviving a crisis without getting a loan or an overdraft balance.

2. Emergency funds are a good backup during a recession (where unemployment rates increase, inflation increases, etc.)

3. When you don't have a steady source of income, emergency funds can come to the rescue for upkeep till you find another job.

4. Emergency funds can be converted into savings for other goals in the long run. Just as we expect emergencies, years can go by without any such occurrence.

Tips for building an Emergency fund

‌‌Just like any other financial goal, saving towards your emergency fund has to be intentional. ‌‌First figure out how much you spend each month, look through your expenses over a short period and generate an estimate.

From your estimated figure per month, you can set your savings target for your emergency fund. You can either save that exact amount as your emergency fund for a month or multiply that amount to a higher target that can cover more than one month's emergency.

Find an account that doesn't keep your funds dormant i.e an account that generates the highest interest on the amount you save. Your account options should be safe and restrictive but the money should be easy to liquidate when needed. This makes it keep it untouched.  Money market accounts or basic savings account with a budgeting platform can produce high interest for your emergency fund. ‌‌

Add some more action to your plan by contributing regularly to that emergency fund account. Downgrade your expenses if possible to divert more funds into the emergency account. Buy a less expensive phone or food products when shopping, and skip more leisure outings, to come up with some cash that can fund your goal.

Funding your emergency account should be like any other recurring bill you must pay each month. Add to the fund at regular intervals, and  if possible, automate recurring transfers to your account to stay consistent.

Don't forget, once that money is spent, it always takes a long while to rebuild it. Start now, with whatever you have, no matter how little. Think of it as putting small amounts aside each week or month to achieve your emergency fund target.‌‌

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