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Where you're at today
We’ll start with the easy stuff. Let’s take a look at where you’re at today.
💡 Tip: Have your bank account info, investment account info, and retirement account info handy! It’d also be helpful to know roughly what your income is today.
1. Who are you doing this doc for? Yourself and your significant other
Yourself and your significant other
Combine your info with that of your significant other for the rest of this tool (for example, the following values should all be sums of your accounts and your significant other's accounts). For simplicity, we assume that you file taxes as married filing jointly. If you don't want to make this assumption, you can do this separately as individuals, then sum up the totals.
2. How young are you? 0033
00
33
If you're different ages, just choose one of your ages to use as the reference age.
3. How much 💵 do you roughly have?
These should all be in $ USD. Remember that these should be the sums of your accounts and your significant other's accounts. Don't worry, literally no one on this planet has access to the numbers you put in here, including me.
0000000
13000000000000
11000000000000
4700004. How much 💵 do you earn per year today? 000000710000
000000
710000
This is also in $ USD, and represents your total pre-tax annual income that comes from salary, RSUs, side projects, real estate, etc. Remember that this should be the sum of your income and your significant other's income. By the way, for tax purposes we assume for simplicity that you file married jointly.
Note 1: This does not include long term or short term capital gains from investment accounts. Those will be calculated separately later based on your investment account value.
Note 2: This is pre-tax, and pre-contributions to 401K and/or ESPP/stock plans. Tax is calculated later, as well as 401K contributions. For the sake of simplicity, we’ll treat contributions to ESPP as regular income.
You should include the discount as regular income, so if your income is $1,000 and you take $100 to use for ESPP with a 15% discount, then actually your ESPP portion is worth $100 * (115%) = $115, and your total income is $1115).
This information is just for you to have as reference, it’s all included in the calculations later on!
$199,222.50
37%
28.06%
Single Tax Schedule
Labels
If taxable income is over
but not over
Range
then the tax is:
Given
Pctg of amount over
Value of % of amount over
Total
A
$0.00
$9,950.00
$9,950.00
10% of the amount over $0
$0.00
10%
$0.00
$0.00
B
$9,950.00
$40,525.00
$30,575.00
$995 plus 12% of the amount over $9,950
$995.00
12%
$0.00
$0.00
C
$40,525.00
$86,375.00
$45,850.00
$4,664 plus 22% of the amount over $40,525
$4,664.00
22%
$0.00
$0.00
D
$86,375.00
$164,925.00
$78,550.00
$14,751 plus 24% of the amount over $86,375
$14,751.00
24%
$0.00
$0.00
E
$164,925.00
$209,425.00
$44,500.00
$33,603 plus 32% of the amount over $164,925
$33,603.00
32%
$0.00
$0.00
F
$209,425.00
$523,600.00
$314,175.00
$47,843 plus 35% of the amount over $209,425
$47,843.00
35%
$0.00
$0.00
G
$523,600.00
$50,000,000.00
$49,476,400.00
$157,804.25 plus 37% of the amount over $523,600
$157,804.25
37%
$68,968.00
$226,772.25
There are no rows in this table
Married Tax Schedule
Labels
If taxable income is over
but not over
Range
then the tax is:
Given
Pctg of amount over
Value of % of amount over
Total
A
$0.00
$19,900.00
$19,900.00
10% of the amount over $0
$0.00
10%
$0.00
$0.00
B
$19,900.00
$81,050.00
$61,150.00
$1,990 plus 12% of the amount over $19,900
$1,990.00
12%
$0.00
$0.00
C
$81,050.00
$172,750.00
$91,700.00
$9,328 plus 22% of the amount over $81,050
$9,328.00
22%
$0.00
$0.00
D
$172,750.00
$329,850.00
$157,100.00
$29,502 plus 24% of the amount over $172,750
$29,502.00
24%
$0.00
$0.00
E
$329,850.00
$418,850.00
$89,000.00
$67,206 plus 32% of the amount over $329,850
$67,206.00
32%
$0.00
$0.00
F
$418,850.00
$628,300.00
$209,450.00
$95,686 plus 35% of the amount over $418,850
$95,686.00
35%
$0.00
$0.00
G
$628,300.00
$500,000,000.00
$499,371,700.00
$168,993.50 plus 37% of the amount over $628,300
$168,993.50
37%
$30,229.00
$199,222.50
There are no rows in this table
5. Calculate your expenses
What are your current expenses?
The best starting point is tabulating up what your expenses are today* using tools like
or that categorize automatically your expenditures after you connect your credit card and bank accounts. Input these expenses into the “Monthly Cost (today)” column below. *Today : because of abnormal spending habits due to Covid, I recommend you consider “today” expenses from a period of “normal” time i.e before 2020. For example, what I have here are averages from a 4 month period between March and June 2018 when we lived in an apartment in Cupertino, CA.
Important note: Do not include mortgage, rent, or kid related costs here. You’ll have the ability to apply these automatically later on.
Reset all values
If we only have a pet for 3 months out of the year, for example, we would put the slider at 3 for “Pet Stuff”.
Expense Category
Monthly Cost (today)
Months valid per yr (today)
Average Monthly (today)
Clarifying notes (today)
Pet Stuff
$160
00
12$160
Utilities
$300
00
12$300
Groceries
$350
00
12$350
Shopping
$300
00
12$300
Car Related
$300
00
12$300
Entertainment
$150
00
12$150
Food
$1,580
00
12$1,580
Regular travel
$6,800
00
1$567
3 months summer travel
$0
00
0$0
Rent out home
$0
00
0$0
Health Care
$150
00
12$150
House Costs
$150
00
12$150
There are no rows in this table
$4,007
Sum
👉 Cool. That was easy, right? Let’s move on to:
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