Monthly Business Performance Income Sources [1] Business Expenses [2] Investing and Savings Personal Expenses

Gross Income $7,000.00 Source Type [3] Amount Expense Type [4] Amount Investment Type [5] Amount Expense Amount
Non-Labor Expenses $78.00 Job Employment $6,000.00 Adobe Suite Non-Labor $56.00 Corporate IRA Traditional IRA $400.00 Rent $1,950.00
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 [6] Domains Non-Labor $2.00 Vanguard Total Stock Taxable $450.00 Car Insurance $100.00
Quickbooks Non-Labor $10.00 Fundrise Taxable $50.00 Gas $150.00
Monthly Net Income $6,672.00 Graphic Designer Labor $250.00 Robinhood Taxable $50.00 Groceries $300.00
Yearly Net Income $80,064.00 [7] Cash Savings Savings $200.00 Eating Out $150.00
Holiday Gifts Savings $30.00 Coffee $50.00
Taxes and IRA (Yearly) Phone $80.00
Pre-Tax IRA Contribution [8] $4,800.00 [9] Instructions: Gym $45.00
Other Deductions $0.00 [10] Internet $70.00
Click File - Make a Copy to get your own editable
Adjusted Gross Income [11] $75,264.00 version of this tool. Haircuts $45.00
Salary [12] $80,064.00 Renter's Insurance $16.00
Delete the contents of this cell, then click the
Income Tax [13] $9,707.86 Merge/Unmerge button to unmerge this group Spotify $10.00
FICA/Self-Employment Tax [14] $6,741.79 and 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
Total Tax Liability $19,934.38 picture of what my yearly income will be. The
formulas built into this tool will calculate rough
% of Income Paid in Tax 24.90% taxes, take-home pay, etc.

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

Monthly Personal Performance
provide support on it. All the formulas assume a
Take-Home Pay (Yearly) $55,329.62 single taxpayer living in the United States, and the Fun Projections
Take-Home Pay (Monthly) $4,610.00 State Tax and Housing formulas are currently
tuned for a person living in Denver, Colorado.
Expense Amount
Total Investments $1,050.00 There are two sheets: This one (Modeler) shows Guitar fund $50.00
all the important numbers, while Tools handles a
Total Investments (Yearly) $12,600.00 Vacation fund $120.00
lot of back-end data used for calculations. You'll
% of Income Invested 15.74% [15] likely need to change some things in Tools, such
Total IRA Contribution $6,000.00 [16] as your state's tax rate, housing data, etc. For
states with a tiered tax system, the federal one can
Roth Contribution $1,200.00 [17] 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
Total Savings $230.00 you improve your skills too!
Total Savings (Yearly) $2,760.00
% of Income Saved 3.45% Lastly, cells with a small triangle in the top-right
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% [18]
% of Income Spent on Car 8.99% [19]

Total Leftover $244.00

IRA Contribution %'s [20]

Total IRA Cont. % 100.00%
Roth Cont. % 20.00%
 Federal Income Tax 2020 Federal Tax Brackets [21] Business Structure [22]
Adjusted Gross Income $75,264.00 Business Taxation Type Employee
Personal Exemption $0.00 Rate Bracket Min Under-Bracket Total Salary Percentage 50.00%
Standard Deduction $12,000.00 10.00% $0.00 N/A
Taxable Income $63,264.00 12.00% $9,876.00 $987.50
22.00% $40,126.00 $4,617.50 Manual Entry
Tax Bracket 22.00% 24.00% $85,526.00 $14,605.50 Salary [23]
Income Tax Liability $9,707.86 32.00% $163,301.00 $33,271.50
35.00% $207,351.00 $47,367.50 Housing
37.00% $518,401.00 $156,235.00 Rent or Buy Rent
Other Tax Info
Social Security Rate 6.20% Rent Cost $1,800.00
FICA Wage Cap $137,700.00 Roomate/Sign. Other Portion [24] $0.00
Medicare Rate 1.45% Apt. Utilities $150.00
Medicare Add. Rate 0.90% Pet Rent $0.00
Medicare Add. Rate Floor $200,000.00 Parking Spaces $0.00
Total Rent Cost $1,950.00
State Tax
Colorado State Tax 4.63% [25] House Cost $290,000.00
Price w/ Closing Costs $304,500.00
IRA Limits and % Down Payment $ $75,000.00
Total IRA Cont. Limit $6,000.00 Down Payment % (base house price) 25.86%
Roth Cont. Limit $6,000.00 [26] Loan Amount $229,500.00
LTV 79.14
FICA Split Calculator Annual Interest Rate [27] 3.57%
Employment Income % 89.93% Life of Loan (yrs) 30
Self Income % 10.07% Number of Payments/Yr 12
Total # of Payments 360
Payment per Period $1,039.55
Sum of Payments $374,236.59
Interest Cost $144,736.59
PMI Coverage % [28] 0.00%
PMI Cost 0
Property Taxes [29] $170.13
Homeowner's Insurance (fixed est.) [30] $160.00
Monthly repair costs [31] $241.67
Monthly maintenance $45.00
Electricity $150.00
Water $100.00
Trash $25.00
Natural Gas $65.00
Total Ownership Cost $1,996.35
[1] All the adding formulas in this tool will add income sources starting from Row 4 and going down to
infinity, so add as many as you want. The same applies to Business Expenses, Investing and Savings, and
Personal Expenses.

[2] Useful if you run a business, do freelancing, or have a side hustle that allows you to deduct business
expenses.

[3] Use either "Employment" or "Self" for each income item. The only difference is that Self items use the
14.9% self-employment tax rate, and Employment items use 7.45% since your employer pays the other
half.

I built in this logic to make the tool more accurate for people who have both jobs and side gigs.

One exception: If you run an S-corporation taxation scenario (by setting Business Type in Tools to S-Corp),
then all income will use the 14.9% rate. Almost no one is going to be running an S-Corp-elected business
while also having a regular job, so I didn't build in that scenario since it would be incredibly complex.

[4] Each item should be either "Non-Labor" or "Labor". Type doesn't matter as much here as it does for
Income Sources; it'll just show you your Labor/Non-Labor breakdown over at A4/A5.

[5] Each item should be one of the following: Traditional IRA, Roth IRA, Taxable, or Savings.

Traditional IRA items will factor into the pre-tax contribution at A12.

Roth IRA items will be totaled at A31. If the total is over your Roth limit, B13 will be red.

If your combined Traditional/Roth IRA contribution is over the limit ($6,000 per year for most people), B30
will be red. Note that this limit can be raised by running your own business and setting up a SIMPLE or SEP
IRA - but these have their own details, so research them or talk to a financial advisor (and don't let them
sucker you into any kind of uber-high 2% management fee plan or anything).

Both IRA types, along with Taxable, create the investment total at A27. B29 will be red if the total is less
than 15% of income, but this is a personal rule for me rather than a strict guideline. In general, I
recommend establishing a $500-%$1000 emergency savings fund and then killing all high-interest debt
(anything over 5%) before doing any kind of investing. I AM NOT A FINANCIAL ADVISOR, however, given
that investing is risky, and that index funds historically average ~7% return, any debt over 5% (I add a 2%
buffer for year-to-year variance) should be taken care of first.

Lastly, Savings will total at A33.

[6] Warning: If this is red, then your monthly expenses are higher than your non-employment income, which
means your self-employed efforts are currently producing a loss. According to the IRS "safe harbor" rule,
you need to turn a profit in 3 of the last 5 years in order for your efforts to be classified as a business, thus
allowing business expenses to incur a loss on your employment income. (It's ok if a business isn't profitable
in its first couple years, but if it's non-profitable long-term, the IRS may classify it as a hobby). More info:
https://turbotax.intuit.com/tax-tips/small-business-taxes/when-the-irs-classifies-your-business-as-a-
hobby/L5NClTTtK#

[7] Tools -> L7 can be filled in with a specific number, which you can use to run a What-If scenario.

[8] Note that it is typically useful to contribute to a corporate IRA up to their matching limit; after that,
contributing to your own IRA is often more advantageous as you have complete control of which funds to
pick (and can optimize for those with low expense ratios).
[9] Sum of all investments with Traditional IRA type. Listed here to aid in AGI calculation.

[10] If there is some kind of income you can deduct from your taxes without itemizing, manually enter it here
(most people will have nothing for this cell).

This tool assumes that you're taking the Standard Deduction, which means that you won't be able to deduct
charitable contributions from income. Allowing for itemized deductions in this forecasting tool would be far
too complicated, so just know that your overall financial picture may change if that's what you intend to do.

[11] *before standard deduction and personal exemption - see Tools sheet

[12] Grey unless S-Corp business type is set.

This is only used for determining a Salaray % of overall income in an S-Corp Taxation scenario. Generally,
this structure only makes sense when running a business that generates around $50k+ in yearly profit that
is not solely reliant upon the direct labor of the owner. Read more: https://www.kitces.com/blog/s-
corporation-to-reduce-self-employment-taxes-and-social-security-fica/

[13] This tool assumes you are filing as a single taxpayer.

[14] On employee income, you pay roughly 7.45% to Social Security and Medicare, while your employer
covers the other half. On self-employed income, you pay the whole 14.9%. The formula in the next cell
performs a rough calculation to try to separate your employment and self-employment income, applying the
correct tax rate to each.

[15] I aim for at least 15% of my income invested, so this will go red below that.

[16] Red indicates that this is higher than the legal limit for IRA contributions.

[17] Red indicates that this is higher than your legal limit for Roth contributions.

[18] This goes red at percentages higher than 33%. The old "30% Rule" isn't perfect, but if your housing
expenses are significantly higher than that, it's worth seeing if you can reduce them.

[19] Percentage is created by taking the values for any expenses labeled "Car Payment", "Car Insurance,"
or "Gas".

[20] For conditional formatting reasons, these numbers have to be on this sheet rather than Tools.

[21] Source: http://taxfoundation.org/article/2017-tax-brackets

[22] Set this to S-Corporation to set the tool for calculating tax liability in an S-corp taxation scenario.
Currently, the other types don't do anything special to the tool.

[23] Insert a manual Yearly Net Income year for what-if scenarios.

[24] If you live with someone else, add their portion of the rent here. This cell will be taken into account for
both Rent and Buy scenarios.

[25] State tax rates or brackets can be found here: https://taxfoundation.org/state-individual-income-tax-

rates-and-brackets-for-2020/

[26] Note that this uses a formula based on income.

[27] Check current rates and get a more accurate estimate: https://www.bankrate.com/mortgages/30-year-
mortgage-rates/
[28] Uses publicly available coverage stats: https://www.mgic.com/rates/mortgage-insurance-coverage-
requirements - other banks may have different charts.

More on PMI: https://www.investopedia.com/mortgage/mortgage-guide/mortgage-insurance/

[29] Uses Denver's 2020 rate

[30] Based on a researched estimate. Actual quotes will always be different.

Assumes $300,000 house value, $1,000 deductible, and $100,000 in medical liability.

[31] All monthly repair, maintenance, and utility costs are based on estimates. Repair and maintenance are
specifically based on Investable's (https://getinvestable.co/) major/minor capex estimates.