After-Tax Income Calculator (New York—2023)

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Do you know your after-tax annual income?

What about how it would change if you took a job with a different salary? How it’s impacted by where you live? How it changes when you get married and file taxes jointly? How much it changes with a bit of side-hustle income?

I made this sheet to help answer those questions for myself. It helped me feel more informed and confident in my financial plan, so I thought it might be helpful for others, too.

After-tax income may be the most critical number to start with for personal or family financial planning.

It’s the amount available to cover annual expenses. When combined with expense tracking, it reveals your exact personal "net income," the amount you can add to your savings each year.

How It Works

STEP 1: Enter Annual Income by Type (for 1 or 2 people)

  • Annual Employment Income
  • Annual Self-Employment Income
  • Current Investable Savings
  • 401k contribution amount (optional)

STEP 2: Select Primary Residence Location (options below)

  • New York City
  • New York State—outside NYC
  • Texas/Florida (for comparison)

STEP 3: See Precise After-Tax Income Estimate!

  • All calculations are based 2023 tax brackets

Use This Sheet To:

  • Compare job offers: instantly calculate real after-tax income from each
  • Understand the value of "side-hustles": quickly see the impact of potential self-employment income on your overall after-tax income
  • Plan large expenses: see the total annual amount available to cover large recurring expenses like mortgage payments, rent, auto loans, etc.
  • Project your annual net income: track your expenses (not included) and subtract the total from the after-tax income you find in this sheet
  • Make key financial decisions with your partner or spouse: quickly view different after-tax income and savings scenarios based on dual- or single-incomes, filing single or jointly, and investment weighting decisions
  • Inform retirement options: forecast whether and when you can retire early by zeroing out employment income to see your after-tax income purely from your investment portfolio (and adjust primary residence location to account only for the applicable taxes where you plan to live in retirement)
  • Inform any other important financial decisions

DISCLAIMER: This Spreadsheet Template provides estimates only and does not constitute tax advice. Please consult a tax professional.

LICENSE DETAILS: Purchasing this Spreadsheet Template licenses you to use it for yourself and/or your spouse. Please do not share it with anyone else.

100% PRIVACY: you'll receive a Google Sheet "copy" link, which will automatically prompt you to create your own sheet instance that is completely private to you; we can never see what you enter, only people you share your Sheet with can.

MONEY-BACK GUARANTEE: If you are not satisfied within 7 days of purchase, please contact me for your money back:

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Instantly calculate after-tax income
Includes: federal, state, and city taxes (including Social Security and Medicare contributions) based on income type
Include multiple income sources
Supports employment income, self-employment / independent contractor income, and investment portfolio income for 1 or 2 people (filing individually or jointly)
Select tax jurisdiction
Appropriately applies local taxes based on selection: New York City, New York State (outside NYC), Texas/Florida (zero state income tax)
Adjust 401k contribution
Updates calculation of total and non-retirement after-tax income figures
Individual or joint filing (and savings comparison)
Supports 1 individual’s income OR 2 people’s income, with precise estimated savings from filing taxes jointly with spouse vs. individually
Effective tax rate calculation
All results include Effective Tax Rate for reference (plus an optional ”Calculations” tab that breaks it down)
Dedicated tabs for each of the below features
Investment portfolio income customizations
Dedicated “Portfolio” tabs for each person appropriately account for both ordinary interest taxes and capital gains taxes. OPTIONAL: update portfolio weighting, projected yields, and withdrawal rate
Standard vs. itemized deductions
Enter itemized deductions in “Deductions” tab to see tax liability difference and potential savings compared to standard deduction
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After-Tax Income Calculator (New York—2023)

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