QuickBooksHelpIntuitCalculate your take-home pay in QuickBooks Self-Employed
by Intuit• Updated 6 months ago
Learn how to calculate your take-home pay or net profit as a self-employed individual.
Your take-home pay or net profit is the money that remains after subtracting all your expenses, benefits, and taxes. Use the following formula to calculate how much you’ve earned so you can make better business decisions using that info.
Take-home pay formula
Take-home pay = Total self-employment revenue - Cost of Goods Sold - Expenses - Interests - Sales Taxes
Use this example as a guide for calculating your net income
| Total self-employment revenue | $100,000 |
| Total Cost of Goods Sold | -$40,000 |
| Operating expenses: | |
| Rent | -$10,000 |
| Utilities | -$2,500 |
| Interest expense | -$1,500 |
| Sales Taxes | -$1,000 |
| Net profit = | $45,000 |
Learn more about common accounting terms you’re not familiar with or find related articles and resources.
Sign in now for personalized help
See articles customized for your product and join our large community of QuickBooks users.
More like this
- System requirements for QuickBooks Online productsby QuickBooks•80•Updated 1 month ago
- Create invoices in QuickBooks Self-Employedby QuickBooks•14•Updated April 08, 2024
- Receipts and QuickBooks Self-Employedby QuickBooks•10•Updated over 1 year ago
- QuickBooks Self-Employed App Overviewby QuickBooks•28•Updated over 1 year ago
- Set up vehicles and mileage tracking in QuickBooks Online to use with the mobile appby QuickBooks•58•Updated 1 month ago