Ride-Hailing and Taxi Net Earnings Calculator

To calculate depreciation, divide your car's total purchase price by its expected lifetime mileage, which is typically 200,000 miles. For a more precise figure, subtract your vehicle's current resale value from its purchase price and divide that difference by the miles driven since you bought it. This gives you a fixed cost per mile to subtract from every trip.

Deadhead miles are the miles you drive with an empty car, such as when you are searching for passengers or driving back to a busy zone. Because you pay for fuel and wear during this time without earning a fare, failing to track these miles artificially inflates your perceived hourly wage. A good tracker accounts for every single mile your engine is running.

You should track both to see which deduction method yields a higher tax write-off for your specific situation. The standard mileage rate is easier to track and often more beneficial for fuel-efficient vehicles, while the actual expenses method works better if you had major repairs or high insurance premiums this year. Your calculator should allow you to toggle between both to compare.

You should update your fuel cost input weekly, or whenever local gas prices fluctuate by more than ten cents per gallon. Because fuel is your highest daily operating expense, using outdated prices will skew your shift profitability metrics and lead to inaccurate net wage projections.