Income & Withholding Spreadsheet
an interactive sheet to track your income & taxes due with multiple streams of income
One of the most necessary evils with multiple paying gigs is figuring out your tax situation. A silver lining of working for the man is the lovely benefit of being able to kinda ignore your taxes 99% of the year. But if you’re making income with another gig (and dear god I hope you are), then you’re going to need to track it throughout the year and PROBABLY-to-definitely pay estimated taxes each quarter.
Here’s the link to the spreadsheet I personally use & have my clients use as well.
The basic premise:
Download/copy the sheet.
The numbers in green are meant to be updated manually & the numbers in black will automatically calculate for you.
Things you can do with this sheet:
Track you monthly & annual income.
Project monthly & annual income.
Calculate your estimated quarterly taxes.
Estimate how much in taxes to set aside each month.
Utilize the Profit First method by setting quarterly profit goals & tracking owner’s pay.
And probably other shit too.
For those who aren’t complete nerds and are confused with the sheet, I’ve made three short videos to explain how to utilize each tab.
How To Income & Withholding Sheet Part 1
How To Income & Withholding Sheet Part 2
How To Income & Withholding Sheet Part 3
If you saw the spreadsheet, watched the videos, and are still super confused then it will probably save you time + money to hire someone to help with it. At SFP we offer hourly & ongoing financial planning engagements that cover topics just like this! Visit our site for more information. <3