1. What is YTD Income?

Year-To-Date (YTD) income represents the net amount earned in your GM Bank account from the beginning of the current year up to the present date, accounting for all deposits, withdrawals, and interest earned.

2. How Does the Calculator Work?

The calculator uses the YTD formula:

Where:

• \( Deposits \) — Total amount deposited into the account
• \( Withdrawals \) — Total amount withdrawn from the account
• \( Interest \) — Total interest earned on the account

Explanation: The equation calculates your net account balance by adding all deposits and interest earned, then subtracting all withdrawals.

3. Importance of YTD Calculation

Details: Tracking YTD income helps you monitor your financial progress, assess spending habits, and plan for future financial goals with GM Bank.

4. Using the Calculator

Tips: Enter your total deposits, withdrawals, and interest earned in dollars. All values must be positive numbers. The calculator will compute your net YTD income.

5. Frequently Asked Questions (FAQ)

Q1: Where can I find these values in my GM Bank account?
A: Log in to your GM Bank online banking portal and check your account statement or transaction history for the current year.

Q2: Does this include interest from previous years?
A: No, this calculator only considers transactions and interest from the current calendar year.

Q3: Should I include transfers between my own accounts?
A: No, transfers between your own GM Bank accounts should not be counted as deposits or withdrawals.

Q4: How often should I calculate my YTD income?
A: Monthly calculations are recommended for accurate financial tracking and planning.

Q5: Does this calculator account for taxes or fees?
A: No, this is a basic calculation. For a complete financial picture, consider consulting with a GM Bank financial advisor.