Maybe even add deductions in window when setting up income, to be able to replicate my pay check structure

Yes please! Hard to understand what Projection lab uses as final numbers. Need transparency also dividends and 401 matching should not be taken into the income totals.

I, too, would like to see this implemented

Any luck on this?

Helpful

I haven’t had too much time to think this one over yet, but one of the things that strikes me as tricky is the fact that income tax is computed for everything together. When you’re dealing with multiple tax brackets and various deductions, computing the overall income tax due is straightforward when you consider things in aggregate (which is what PL does and what I think governments generally do), but reporting the exact amount of tax stemming from each income item and/or deduction is not as easy because the order you add those things into the equation affects what bracket each is taxed at. But maybe there’s an obvious method that I just haven’t thought of yet… any ideas?

Getting precision would be tricky but I would think close enough is good enough.

I would take the aggregate tax rate after calculating brackets and deductions and then apply that to each income.

Then apply other voluntary deductions to each income such as pension account deposits to give the net.

Viable? Do others think this is sufficient?

I wonder if there’s a related idea that could be useful. Something I’ve modeled in the past in google sheets. And that would be to graph out the marginal tax rate for additional income of each source type.

i.e. W-2 salary for Person A, W-2 salary for Person B, 1099 income for Person A, 1099 income for Person B, Ordinary Income (passive income / investments) Capital gains, qualified dividends.

Especially when you factor in the different tax brackets at the state level, and the FICA differences between sources, it can be pretty interesting.

Just deployed a big set of changes to the early access site, one of which is aimed at this. (see discord message: https://discord.com/channels/869222901054857216/875173293999685682/988267508287025152).

I could use some help testing out all the new stuff, and I’d like to know if the implementation I came up with for the Net Earned Income summary metric is useful and addresses the need here.

For now, I took Nadav’s approach of applying the aggregate tax rate to each source, in addition to any known payroll deductions / contributions. Is this helpful and a step in the right direction? Or do the tooltips/disclaimers it comes with just muddy the waters?