Monthly Business Performance Income Sources

Gross Income $7,000.00 Source

Non-Labor Expenses $78.00 Job
Labor Expenses $250.00 Side Hustle
Total Expenses $328.00

Monthly Net Income $6,672.00

Yearly Net Income $80,064.00

Taxes and IRA (Yearly)

Pre-Tax IRA Contribution $4,800.00 Instructions:
Other Deductions $0.00 Click File - Make a Copy to get your own editable
Adjusted Gross Income $75,264.00 version of this tool.
Salary $80,064.00
Delete the contents of this cell, then click the
Income Tax $9,707.86 Merge/Unmerge button to unmerge this group and
FICA/Self-Employment Tax $6,741.79 get the original cells back.
Colorado State Tax $3,484.72 Add income, expenses, investments, etc. I try to add
my average monthly amounts to get a rough picture
of what my yearly income will be. The formulas built
Total Tax Liability $19,934.38
into this tool will calculate rough taxes, take-home
% of Income Paid in Tax 24.90% pay, etc.

This tool is provided for free and as-is; I cannot

Monthly Personal Performance
Take-Home Pay (Yearly)
Take-Home Pay (Monthly)
provide support on it. All the formulas assume a
$55,329.62 single taxpayer living in the United States, and the
State Tax and Housing formulas are currently tuned
$4,610.00
for a person living in Denver, Colorado.

Total Investments $1,050.00 There are two sheets: This one (Modeler) shows all
the important numbers, while Tools handles a lot of
Total Investments (Yearly) $12,600.00 back-end data used for calculations. You'll likely
% of Income Invested 15.74% need to change some things in Tools, such as your
state's tax rate, housing data, etc. For states with a
Total IRA Contribution $6,000.00
tiered tax system, the federal one can be used as an
Roth Contribution $1,200.00 example for how to build one. Building this sheet was
how I learned most of what I know about Excel, so
customizing it should help you improve your skills
Total Savings $230.00 too!
Total Savings (Yearly) $2,760.00
Lastly, cells with a small triangle in the top-right
% of Income Saved 3.45%
corner have notes that can help explain things.

Total Personal Expenses $3,486.00

Total Personal Expenses (Yearly) $41,832.00
% of Income Spent on Housing 29.23%
% of Income Spent on Car 8.99%

Total Leftover $244.00

 IRA Contribution %'s
Total IRA Cont. % 100.00%
Roth Cont. % 20.00%
 Income Sources Business Expenses

Type Amount Expense Type

Employment $6,000.00 Adobe Suite Non-Labor
Self $1,000.00 Web Hosting Non-Labor
Domains Non-Labor
Quickbooks Non-Labor
Graphic Designer Labor

ke a Copy to get your own editable

ool.

ents of this cell, then click the

ge button to unmerge this group and
cells back.

xpenses, investments, etc. I try to add

onthly amounts to get a rough picture
rly income will be. The formulas built
l calculate rough taxes, take-home

vided for free and as-is; I cannot

t on it. All the formulas assume a
living in the United States, and the
Housing formulas are currently tuned
ng in Denver, Colorado.

sheets: This one (Modeler) shows all

umbers, while Tools handles a lot of
used for calculations. You'll likely
e some things in Tools, such as your
housing data, etc. For states with a
m, the federal one can be used as an
w to build one. Building this sheet was
most of what I know about Excel, so
should help you improve your skills

h a small triangle in the top-right

tes that can help explain things.
nses Investing and Savings

Amount Investment Type Amount

$56.00 Corporate IRA Traditional IRA $400.00
$10.00 Vanguard 500 Index Roth IRA $100.00
$2.00 Vanguard Total Stock Taxable $450.00
$10.00 Fundrise Taxable $50.00
$250.00 Robinhood Taxable $50.00
Cash Savings Savings $200.00
Holiday Gifts Savings $30.00
 Personal Expenses

Expense Amount
Rent $1,950.00
Car Payment $350.00
Car Insurance $100.00
Gas $150.00
Groceries $300.00
Eating Out $150.00
Coffee $50.00
Phone $80.00
Gym $45.00
Internet $70.00
Haircuts $45.00
Renter's Insurance $16.00
Spotify $10.00

Fun Projections

Expense Amount
Guitar fund $50.00
Vacation fund $120.00
 Federal Income Tax 2020 Federal Tax Brackets
Adjusted Gross Income $75,264.00
Personal Exemption $0.00 Rate
Standard Deduction $12,000.00 10.00%
Taxable Income $63,264.00 12.00%
22.00%
Tax Bracket 22.00% 24.00%
Income Tax Liability $9,707.86 32.00%
35.00%
37.00%
Other Tax Info
Social Security Rate 6.20%
FICA Wage Cap $137,700.00
Medicare Rate 1.45%
Medicare Add. Rate 0.90%
Medicare Add. Rate Floor $200,000.00

State Tax
Colorado State Tax 4.63%

IRA Limits and %

Total IRA Cont. Limit $6,000.00
Roth Cont. Limit $6,000.00

FICA Split Calculator

Employment Income % 89.93%
Self Income % 10.07%
2020 Federal Tax Brackets Business Structure
Business Taxation Type
Bracket Min Under-Bracket Total Salary Percentage
$0.00 N/A
$9,876.00 $987.50
$40,126.00 $4,617.50 Manual Entry
$85,526.00 $14,605.50 Salary
$163,301.00 $33,271.50
$207,351.00 $47,367.50 Housing
$518,401.00 $156,235.00 Rent or Buy

Rent Cost
Roomate/Sign. Other Portion
Apt. Utilities
Pet Rent
Parking Spaces
Total Rent Cost

House Cost
Price w/ Closing Costs
Down Payment $
Down Payment % (base house price)
Loan Amount
LTV
Annual Interest Rate
Life of Loan (yrs)
Number of Payments/Yr
Total # of Payments
Payment per Period
Sum of Payments
Interest Cost
PMI Coverage %
PMI Cost
Property Taxes
Homeowner's Insurance (fixed est.)
Monthly repair costs
Monthly maintenance
Electricity
Water
Trash
Natural Gas
Total Ownership Cost
ness Structure
Employee
50.00%

anual Entry

Housing
Rent

$1,800.00
$0.00
$150.00
$0.00
$0.00
$1,950.00

$290,000.00
$304,500.00
$75,000.00
25.86%
$229,500.00
79.14
3.57%
30
12
360
$1,039.55
$374,236.59
$144,736.59
0.00%
0
$170.13
$160.00
$241.67
$45.00
$150.00
$100.00
$25.00
$65.00
$1,996.35