How It Works
Three simple steps to get accurate calculations
1
Enter Your Driving Schedule
Input your weekly hours and miles to establish your baseline activity level.
2
Add Earnings Information
Include your gross hourly rate and platform fee percentage for accurate revenue calculations.
3
Detail Vehicle Costs
Factor in fuel, maintenance, depreciation, and insurance costs for complete expense tracking.
4
Review Tax Implications
Include your tax rate to calculate net income after all obligations.
5
Analyze Your Results
Get detailed insights into profitability, break-even points, and optimization opportunities.
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Frequently Asked Questions
How accurate is the depreciation calculation?
Our calculator uses industry-standard depreciation rates of $0.15-$0.30 per mile. This accounts for the accelerated wear from commercial driving. For more precision, track your vehicle's actual value decline over time.
Should I include tips in my hourly earnings?
Yes, include all income sources in your gross earnings per hour - base pay, tips, bonuses, and promotions. This gives you the most accurate picture of your total earning potential.
What expenses can I deduct for taxes?
As a rideshare driver, you can typically deduct vehicle expenses, fuel, maintenance, insurance, phone bills, and supplies. Consult a tax professional for specific advice on your situation.
How do I find my actual platform fee percentage?
Check your driver app's earnings statements. Uber typically takes 20-25%, Lyft 20-25%, DoorDash 15-30%. The percentage can vary by location and time of day.
Is the break-even calculation realistic?
Yes, our break-even calculation shows the minimum hours needed to cover all expenses. Any hours beyond this point generate actual profit. Use this to optimize your schedule.
Should I track miles differently for taxes?
Yes, keep detailed mileage logs for tax purposes. You can deduct either actual expenses or use the IRS standard mileage rate (currently $0.655 per business mile for 2023).
How often should I update my calculations?
Recalculate monthly or when major factors change - fuel prices, platform fees, insurance rates, or vehicle maintenance needs. Regular analysis helps optimize your strategy.
What if my net hourly rate is below minimum wage?
This indicates your current strategy needs adjustment. Consider driving during peak hours, focusing on high-tip areas, using multiple platforms, or reducing vehicle costs.
How do bonuses and surge pricing affect calculations?
Include average bonus and surge earnings in your gross hourly rate. Track these over several weeks to get an accurate average, as they can vary significantly.
Should part-time drivers use this calculator?
Absolutely. Part-time drivers often underestimate costs and overestimate profits. This calculator is especially valuable for understanding the true economics of occasional driving.
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Results are estimates for informational purposes only. Consult professionals for important decisions.