|Monthly Business Performance||Income Sources||Business Expenses||Investing and Savings||Personal Expenses|
|Non-Labor Expenses||$78.00||Job||Employment||$6,000.00||Adobe Suite||Non-Labor||$56.00||Corporate IRA||Traditional IRA||$400.00||Housing||$1,683.11|
|Labor Expenses||$250.00||Side Hustle||Self||$1,000.00||Web Hosting||Non-Labor||$10.00||Vanguard 500 Index||Roth IRA||$100.00||Car Payment||$350.00|
|Total Expenses||$328.00||Domains||Non-Labor||$2.00||Vanguard Total Stock||Taxable||$450.00||Car Insurance||$100.00|
|Monthly Net Income||$6,672.00||Graphic Designer||Labor||$250.00||Robinhood||Taxable||$50.00||Groceries||$300.00|
|Yearly Net Income||$80,064.00||Cash Savings||Savings||$200.00||Eating Out||$150.00|
|Taxes and IRA (Yearly)||Home Repair Savings||Savings||$295.00||Phone||$80.00|
|Pre-Tax IRA Contribution||$4,800.00||Instructions:|
Click File - Make a Copy to get your own editable version of this tool.
Delete the contents of this cell, then click the Merge/Unmerge button to unmerge this group and get the original cells back.
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 into this tool will calculate rough taxes, take-home pay, etc.
Particularly for taxes, this will be a ROUGH estimate. At present, the tool slightly overestimates tax liability for the taxes it considers (it doesn't consider capital gains and other less-common taxes) if you have both employment and self-employment income.
This tool is provided for free and as-is; I cannot provide support on it. All the formulas assume a single taxpayer living in the United States, and the State Tax and Housing formulas are currently tuned for a person living in Denver, Colorado.
I make frequent updates to this tool; you can check the Issues sheet to see what I've added and fixed, and on what dates. Fixes often involve formula changes across the entire sheet that I can't easily document, so if you want the latest version, either make a new copy when you see changes or study the sheet and figure out what I did!
There are several sheets: This one (Modeler) shows all the important numbers, while Tools handles a lot of back-end data used for calculations. You'll likely need to change some things in Tools, such as your state's tax rate, housing data, etc. For states with a tiered tax system, the federal one can be used as an 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 too!
There's also a House Comparison sheet, which will allow you to compare multiple houses alongside your current rental (if you have one).
Resources contains helpful links I've been collecting, while Issues and To Do/Ideas track things I need to fix and features I'd like to add. If you have an idea for a feature, there's a form link in To Do/Ideas you can click.
Lastly, cells with a small triangle in the top-right corner have notes that can help explain things.
|Adjusted Gross Income||$74,647.10||Haircuts||$45.00|
|Colorado State Tax||$3,456.16|
|Total Tax Liability||$19,770.10|
|% of Income Paid in Tax||24.69%|
|Monthly Personal Performance|
|Take-Home Pay (Yearly)||$55,493.90||Fun Projections|
|Take-Home Pay (Monthly)||$4,624.00|
|Total Investments||$1,050.00||Guitar fund||$50.00|
|Total Investments (Yearly)||$12,600.00||Vacation fund||$120.00|
|% of Income Invested||15.74%|
|Total IRA Contribution||$6,000.00|
|Total Savings (Yearly)||$6,300.00|
|% of Income Saved||7.87%|
|Total Personal Expenses||$3,219.11|
Total Personal Expenses (Yearly)
% of Income Spent on Housing
|% of Income Spent on Car||8.99%|
|IRA Contribution %'s|
|Total IRA Cont. %||100.00%|
|Roth Cont. %||20.00%|