Financial Calculator

Gig Income Allocator

Know exactly how much to set aside for taxes and retirement from every payment.

Invoice Details

Invoice Amount Received$1,000.00

The total gross amount paid.

Est. Income Tax Rate25%

Your estimated effective tax rate.

Sales Tax / VAT

Included in invoice?

Sales Tax Rate10%

Percentage applied.

Retirement

Save a percentage.

Contribution Rate10%

Percentage of subtotal.

Allocation Breakdown

Income Tax Reserve

$250.00

Sales Tax (Hold)

$0.00

Retirement Reserve

$100.00

Safe to Spend

$650.00

Managing Gig Income

As an independent contractor or freelancer, you are responsible for managing your own taxes, sales tax (VAT/GST), and retirement savings.

Income Tax

Unlike traditional employment, tax isn't automatically withheld from your pay. You need to save a percentage of every invoice to cover your tax bill at the end of the year.

Sales Tax (VAT / GST)

If you are registered to collect sales tax, you must charge an extra percentage on your services and pass it on to your local tax authority. This money is never yours to keep.