The Finances tab combines two views: the Reports builder (covered separately) and the Tax Snapshot — a YTD dashboard of your taxable earnings with set-aside guidance per state.
Estimates only. All tax figures in Wrap Times are estimates for personal planning. They are NOT tax advice and not a substitute for a CPA or filed return. See the Earnings Disclaimer.
Tax Snapshot
- YTD dashboard — total gross earnings, deductible expenses, mileage deduction, and estimated federal / state / SE tax.
- Filing status — single, married filing jointly, married filing separately, head of household. Drives federal bracket math.
- Home state — set in your profile. State income tax is calculated using current brackets for all 50 states + DC.
- W-2 vs 1099 by client — set per client. The snapshot separates each so you see employer-withheld vs self-employment income.
- Self-employment tax — auto-calculated on 1099 income (15.3% of net SE earnings).
- Suggested set-aside — a percentage of net taxable income to reserve for taxes, configurable (Aggressive 25%, Standard 30%, Conservative 35%).
- Tax brackets update annually with each app release.
Per-Project Tax Estimate
- Project Tax Card — open a project to see its slice of the YTD picture: gross, deductions, net taxable, set-aside.
- Mileage deduction — business miles × IRS standard rate. Year-pinned so historical years use the rate that was in effect.
- Out-of-pocket expenses — only non-reimbursable expenses count toward deductions. Reimbursable items invoice to your client and don't reduce taxable income.
- Subscription gated — earnings details require Advanced tier.
Pay Periods
- Per-client setting — weekly, biweekly, semi-monthly, monthly, or per-project.
- Anchor date — the start date for your pay period cycle. The app calculates each pay period from that anchor.
- Pay week start day — separate from work week start day. Some clients run pay weeks Mon–Sun while OT counts Sun–Sat.
- Reports respect pay period — generate a report scoped to the current pay period or navigate forward / backward.
Invoicing
- Generate from project — auto-build an invoice from completed shifts in a pay period.
- Line items — hours by tier (standard / OT / DT), per diem, mileage reimbursement, reimbursable expenses, meal penalties.
- Day rate / weekly flat — single aggregated line items under tour modes instead of hour-by-hour breakdowns.
- Tax rate — optional sales tax line if your jurisdiction requires it.
- Status — track invoices through Draft → Sent → Paid → Overdue.
- Export PDF — share via email, AirDrop, or save to Files.
Currency
- Per-project currency — set the currency code on each project (USD, CAD, GBP, EUR, etc.).
- Default — USD unless your profile sets a different preferred currency.
- Reports in mixed currencies — keep separate or convert at a static rate (your call when generating).
Tips
- Set your home state and filing status first — tax estimates are nothing without these.
- Set up clients as W-2 vs 1099 accurately — affects whether SE tax applies.
- Conservative set-aside (35%) for new freelancers — easier to refund yourself than scramble at filing time.
- Quarterly reminders — enable in Profile to get nudged before estimated tax due dates (April / June / September / January).
- Don't double-count per diem — if your project's per diem is "included in rate", let the app subtract it; don't also log it as a reimbursable expense.