Although internet applications already provide your estimated income tax for a given income, filing status and tax year, they can be cumbersome when you are considering multiple “What-If” scenarios, including:
- Changing Filing Status (e.g. getting married)
- Predicting Taxes for Hypothetical Future Tax Rates and Brackets
- Calculating Both Federal and State Income Taxes Simultaneously
Fortunately, Gregory Taketa the Data Decanter has formed an easy Spreadsheet on which you can estimate your Federal and State (up to 9 brackets) Income Tax Liabilities.
- Compare Taxes for Different Filing Statuses
- Estimate State Taxes if 9 or fewer Tax Brackets
- Estimate Marginal Tax Rates for Financial Decisions (Should I pay off loans first or invest in stocks, given my tax situation?)
- Estimate impacts for many hypothetical Tax Brackets and Rates:
Disclaimer: Gregory Taketa is not a Tax Professional at this time, and he is not responsible for any consequences arising from your use of this application. Please consult your Tax Advisor before making a decision. This application may contain rounding errors and other errors. You may contact email@example.com to report errors.
As an example of possible further analysis, my file provides a small case in which you and a partner are wondering whether there is a financial benefit to getting married. Many experts say that normally Married Filing Jointly is useful when your incomes are disparate and not so useful when your incomes are close. By inputting various incomes for you and your partner, you can see the Estimated Tax Differences to draw your own conclusions (again, please consult your Tax Advisor before committing to a decision).
This is one of many applications Gregory Taketa the Data Decanter can create to help you make tough decisions.
This MS Excel file is a self-contained case study exploring how structuring the # of available positions can be helpful or destructive to a company for a given candidate pool.
Recommended for every intelligent hiring manager!
SPOILERS: Under my assumptions, creative firms need only offer 1 position, while standard-intensive firms need to offer more than 1 position in order to reduce mismatch costs.
- Create a Monte Carlo simulation when marginal probabilities (priors) change upon certain triggers (e.g. when you get hired, you get a 10% bonus to the probability of being the top candidate in a future job).
- Reinforcing Bayesian inferences to find that the “experienced” candidates you hire may not be what they seem.
These 2 issues listed above grant you a distinct challenge which you might not find in many other MS Excel learning offerings.
- A basic understanding of Conditional Probabilities (e.g. Multiplicative Identity and Bayes’ Theorem)
- A basic understanding of IF and OR functions
- A good sense of humor!
Welcome to Cask Studies, where you can properly age your skills without getting old. Even sour grapes can become fine wines here.
Love Thy Neighbor (Negotiation – Reservation Price)
A fictional case study by Gregory Taketa. Negotiators and Financiers can enjoy this simple, quickly applicable case of using a financially beneficial asset literally next door: your neighbor! Here, we explore how a lousy water user in a drought (i.e. a Californian) can save money by striking a mutually beneficial deal with a water-conserving neighbor. The frightening thing is that you really can implement this deal within 24 hours!
Bad news: you’re in a drought.
Worse news: you suck at water conservation. You use more than 100 gallons of water daily than your neighbor.
Worst news: the more water you use on average per day, the higher the rates. There is significant pressure to make the highest water users pay outrageously higher rates than their more efficient peers.
But wait! A flash of inspiration: what if you just pay your more virtuous neighbor to use some of their water? Their rates would not go up much higher, and you would rather pay those rates than the nasty ones the Utility Company meant for you.
[End Preview – Please Download the CASE PDF & CASE DATA XLSX near the top of this article to become great at Quantitative Negotiations]