Since it’s the new year and only three months until tax season, I decided to do some financial planning for the year. So, I dug up a couple of spreadsheets that my dad gave me about six months ago. By the looks of these empty budgeting and tax spreadsheets, it was pretty clear that I had neglected to budget or keep track of my earnings for the entire year. Part of this was because I was lazy and figured Mint would do all of my financial planning for me. Then I started thinking about things I might want to do in the next year, like find a new place, travel and start an emergency fund. In order to make sure I can actually do all of this I had to do some financial planning.
These spreadsheets really helped me out so I’m hoping they can be of use to other people in my situation. I am filing as a single non-dependent in NYC so if you fit those criteria, you will be able to use these without a problem. If you live in another city or state, or are filing with a different status, feel free to make a copy and edit it for your tax brackets.
The workbook includes an Annual Taxes Spreadsheet and an Annual Budget Spreadsheet. At the end of each month, you should fill in the Salary and Witholdings for that month — taken directly from your pay stub — and the spreadsheet will calculate your affective tax rate, how much you should be paying in taxes, and how much you actually pay. The Budget Spreadsheet, given your yearly salary, will calculate a rough estimate of how much you will actually be taking home each month after taxes. It also includes cells for planning out your spending habits for each month. For the Annual Taxes spreadsheet, I’m applying the Federal and NY State standard deductions and personal exemptions for someone in my situation. In both sheets, when I calculate federal, state and city income taxes, I am using the rates given here, here and here respectively (also for someone in my situation).
Without further ado, here is a link to the woorkbook in Google Sheets:
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