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50+ Sample Income Worksheets
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What Is an Income Worksheet?
An income worksheet is a working file that lists and arranges the different items pertaining to one’s income. It typically comes in the form of a spreadsheet or table.
In a recent online article, Time Magazine has come up with 8 proven passive income ideas that people can take advantage of, especially in a post-pandemic time. Jannese Torres-Rodriguez suggests the following ideas: dropshipping or online retailing, blogging, digital courses, e-books, digital downloads, affiliate marketing, real estate investing, and investing in the stock market. Of course, each idea comes with its own set of benefits and challenges. But for anyone who is looking for alternative income streams that does not involve traditional employment, perhaps the ideas are worth looking into to.
Types of Income Worksheets
Because income can cover several areas, there are also different kinds of worksheets that you can use based on the type of income. The following are some examples of various income worksheets:
Sources of Income
People gain profit in a number of different ways. The common notion of most people is that income only means a monthly payout for people with steady jobs. However, there are other ways of making a living that have nothing to do with a 9-5 job. The following are some examples of typical sources of income:
How to Create an Income Worksheet
All you need to create an income worksheet is the basic information. Regardless of the type of income worksheet you plan to make, keep in mind the simple steps below. These steps can help make your worksheet effective and organized.
Step 1: Identify Your Sources of Income
To begin crafting your worksheet, first identify your profit streams. Using the information given above, make a comprehensive list of where you currently get your income. If one of your goals is to explore another income channel, you can also include it in your worksheet to help you get started on the plan. Feel free to arrange it in whatever order you see fit. You may also categorize your sources of income according to active or passive income.
Step 2: Create a Table or Spreadsheet
The easiest and most common way to create a worksheet is by using an Excel spreadsheet or creating your own table. Format it according to your liking; but make sure it’s clear and comprehensible enough for you to use on a regular basis. You have the option to print your own copies of the worksheet or you can also keep tabs of everything online for easier monitoring.
Step 3: Fill in the Necessary Information
The content of your income worksheet would depend on the type of worksheet you’re aiming for. For a typical employee, a monthly income spreadsheet would contain items including the account (e.g., checking, savings, credit card), date, description, category of transaction (e.g., essentials, groceries, bank transfer, bills payment), income or the incoming cash flow, expense or the outgoing cash flow, and the overall balance after transaction. For a rental income worksheet, you can add in the property address, the tenant’s contact information, move-in and lease renewal dates, and security deposit amounts in addition to the basic income information.
Step 4: Update the Worksheet Regularly
An important step is to constantly update your income worksheet whenever there is movement of either incoming or outgoing money flow. You shouldn’t neglect the consistency that is required in maintaining an income worksheet. It not only keeps your document up-to-date, but it can help you track personal progress and establish spending patterns.
How should I divide my income?
People often say that to reveal a person’s true nature, you only need to see how they act when they’re given a lot of money, and how they act with little to no money at all. There are people who can handle money well; and those who are irresponsible when it comes to their finances. But the good news is financial literacy, or learning how to handle personal finances, is a teachable skill for any adult. A good way to start is by managing your income properly. You can divide your income into needs, wants, and emergency funds. Pay your bills on time and set aside a portion of your income as savings.
What does income mean?
If you split the word ‘income’ into two, it contains the words ‘in’ and ‘come’. It is basically self-explanatory, and it emphasizes the incoming monetary value that is credited to you, the earner. Income could mean anything received or gained in exchange for labor, service, or sales.
What are the three different types of income?
According to WCG Inc., there are three basic types of income. These are active, passive, and portfolio income. Active income is your wages, tips, or commission where you actively participate in the gaining of profit. Passive income, like rent or royalties, does not necessitate the same kind of effort that active income requires. Lastly, portfolio income is the profit you gain from investing. These typically include dividends and capital gains.
What is monthly net income?
Monthly net income is your income post-deductions. Gross income is subject to different deductions including income tax, healthcare contributions, loan premiums, instances of absences and tardiness, etc. Oftentimes, net income can also be referred to as one’s take-home pay.
Income worksheets can play a vital role in managing your finances well. Whatever your source of income and whether that be active, passive, or portfolio income, it is always good to stay on top of it by consistently tracking and monitoring your progress. Take the first step towards better financial decisions today by downloading an income worksheet template above!