Enter all values for this month
Total earnings before any deductions
Time directly earning money
Admin, travel, prep, waiting, etc.
IRS 2024 rate: $0.67/mile. Covers gas, depreciation, insurance.
Gear, tools
Etsy, eBay, etc.
Subscriptions
Materials
Your federal + state income tax bracket
What you earn at your main job
If you invested instead
True Hourly Rate
Takes your gross revenue, subtracts ALL expenses and taxes, then divides by ALL hours worked (including unpaid time like travel and admin).
Self-Employment Tax
As a 1099 worker, you pay 15.3% SE tax (Social Security + Medicare) on top of income tax. Most people forget this.
Opportunity Cost
Compares what you could earn working those same hours at your day job rate. Time has value - make sure you're not underselling yours.
The Honest Truth
Many side hustlers earn below minimum wage when they account for everything. This calculator shows the reality.
Your True Hourly Rate
$22.06/hr
You're earning 50-75% of your day job rate. Consider if the flexibility is worth it.
Gross $/hr
$40.00
Before expenses & tax
True $/hr
$22.06
What you actually keep
Day Job $/hr
$35.00
For comparison
Effective Tax Rate
34.6%
SE tax + income tax
See how your true rate stacks up
Reality check: Your gross rate of $40.00/hr drops to $22.06/hr after expenses and taxes — a 45% reduction.
Where your money goes
Where your costs come from
Set aside $791.51 (40% of gross) for taxes.
Since you have a W-2 job, you can increase your W-2 withholding instead of paying quarterly estimates.
What else could you do with 50 hours?
Side Hustle Earnings
$1,103.06
After all costs
Day Job Equivalent
$1,750.00
50 hrs × $35/hr
Opportunity Cost
-$646.94
You could earn more at day job
Consider: If you worked 50 extra hours at your day job and invested the after-tax earnings at 7%, you'd have $1,460.55 after one year — that's $357.49 more than your side hustle.