Side Hustle Profit Calculator
Calculate your true gig income after taxes and expenses.
Important Notice
These calculators are for educational and informational purposes only. Results are estimates based on the information you provide and should not be considered financial, tax, or investment advice. Your actual results may vary. For personalized guidance, please consult a qualified financial advisor, tax professional, or other appropriate expert.
People Also Ask
Do I have to pay taxes on side hustle income?
Yes. All self-employment income over $400 is subject to self-employment tax (15.3%). It is also added to your regular income for income tax purposes at your marginal rate.
What expenses can I deduct for gig work?
Common deductions include mileage (67 cents/mile in 2024), phone/internet (business portion), supplies, equipment, software subscriptions, home office, and professional services. Keep receipts and records.
How much should I set aside for taxes?
A common guideline suggests setting aside 25-30% of net profit for taxes. This covers self-employment tax (15.3%) plus income tax at your marginal rate. Higher earners may need to set aside more.
Is my side hustle worth it after taxes?
Calculate your effective hourly rate after all taxes. If you gross $25/hour but net $15/hour after taxes and expenses, compare that to alternative uses of your time - or negotiate higher rates.