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US Budget Model Template

A multi-department budget model designed for US companies. Includes a GAAP-aligned chart of accounts, departmental cost centers with headcount-driven personnel budgets, state-level payroll tax and benefits modeling, federal and state income tax provisioning, and a consolidated P&L with cash flow bridge. Handles the US-specific complexities that generic budget templates miss: FICA, FUTA, state unemployment, 401(k) matching, and health insurance. For budgeting best practices, see [US GAAP Budgeting Best Practices for 2026](/blog/us-gaap-budgeting-best-practices-2026).

What's included

Everything in this template

  • Consolidated P&L budget with departmental roll-up
  • Headcount plan with fully loaded cost per employee by state
  • Payroll tax modeling: FICA, FUTA, SUTA by state
  • Benefits budget: health insurance, 401(k) match, HSA contributions
  • Federal and state income tax provision with multi-state apportionment
  • Cash flow bridge from GAAP net income to operating cash flow

Template preview

See the structure

fx=BaseSalary * (1 + FICA_Rate + StatePayrollTax + BenefitsLoading)
Department
Headcount
Personnel Cost
Total Budget
Engineering
45
$8,100k
$9,450k
Sales
30
$5,400k
$7,200k
Marketing
12
$1,920k
$3,360k
G&A
18
$2,880k
$3,600k
Total
105
$18,300k
$23,610k

Step by step

How to use this template

1

Configure company settings

Enter your fiscal year, entity structure, and the states where you have employees. The template loads the correct payroll tax rates and benefit parameters for each state.

2

Build the headcount plan

Enter each position with department, title, state, base salary, bonus target, and start date. The template calculates fully loaded cost including FICA (7.65%), FUTA, state unemployment tax, health insurance, and 401(k) match.

3

Add non-personnel expenses

Enter departmental non-personnel budgets: software, professional services, travel, facilities, and marketing programs. Each line item maps to the GAAP chart of accounts.

4

Review tax provision

The tax tab calculates the federal income tax provision at 21% statutory rate and models state income tax using apportionment factors. Adjust for R&D credits, stock compensation deductions, and other permanent differences.

5

Reconcile to cash flow

The cash flow bridge adjusts GAAP net income for non-cash items (depreciation, stock-based compensation, deferred tax) and working capital changes to arrive at operating cash flow.

Watch out

Common mistakes to avoid

Applying a flat benefits loading factor instead of modeling state-specific payroll taxes

Forgetting that FICA taxes cap at the Social Security wage base ($168,600 in 2025) for the employer

Not accounting for three-payroll months when using biweekly pay periods

Using the 21% federal statutory rate as the total tax rate, ignoring state income taxes

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