# Spreadsheet to Figure Taxes, Income



## BroccoliBundini

I put together a spreadsheet I use to track taxes and earnings from my weekly Uber statement.

If anybody is interested, you can download it here:

https://docs.google.com/spreadsheets/d/1d0S0FY3Dm5nBgysId8Zj0NRyKKxO78nONCuDsOtPzww/edit#gid=0

You'll have to know your own state and local income tax rates. Or just guesstimate or leave them blank.


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## zaner

Good spreadsheet, I like the federal tax breakdown!


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## Nautilis

Nice work! Thank you for sharing this


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## Larry B

Cool BroccoliBundini, and cool name too. I looked at the formulas and they seem a bit complex for taxes. But it looks like you factored in the ability to write off the 56 cents a mile into how much tax is being paid correct?


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## BroccoliBundini

Hi Larry B,

Yes, it does account for your 56 cents per mile. The spreadsheet multiplies the mileage you enter by .56 and applies it in the relevant places.

And you're right, calculating your federal taxes is kind of complex. There are three major calculations:

*First:* Is your Social Security/Medicare (FICA) tax, which is 15.3%. But for various reasons, you don't actually pay 15.3%. Rather, you pay: (Your income after Uber expenses x .9235) x .153 = FICA.

Let's say that after deducting your 56 cents per mile, you made $20,000. 
20,000 x .9235 = $18470
$18,470 x .153 = $2,825.91 -- this is how much you owe in FICA tax.

*Second:* The good news is that you can deduct half of your FICA tax from your reported federal income. So the next calculation is (Your income after expenses - (FICA x .5) = Reported Income

So in this case...
$2,825.91 x .5 = $1,412.95
$20,000 - $1,412.95 = $18,587.05 this is the amount you'll use when calculating federal taxes. But in reality, you will probably take other non-Uber-releated deductions on your 1040. This is all approximated.

*Third: *Figure out how much federal income tax you owe. This is an incredible pain to calculate because of the way your tax brackets work. Easiest thing to do is go to last year's tax table and look up your income: http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

In this case, $18,587 in earning for a single person means $2,340 in taxes.

So you owe $2825.91 in FICA taxes and $2,340 in federal taxes, or $5,165.91 total.

Maybe I'll add a link to the tax table to the spreadsheet.


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## TheDudeAbides

Thanks for sharing this! I will be using it to set aside tax money.


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## U for Uber

Is this still a valid spreadsheet? It being 2 years later, just making sure. Thanks!

Also found this one on reddit, http://i.imgur.com/abNAQ5D.png. I'm new so just unsure on what exactly to track and to help me come tax season. And it's obviously important to track.

Thanks again!


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