Plan a month from sales to take-home pay, and see how many sales it takes to reach your income goal.
Your monthly plan
Your month
| Revenue | — |
| − Variable costs | — |
| = Gross profit | — |
| − Fixed expenses | — |
| = Profit before tax | — |
| − Tax reserve | — |
| = Take-home | — |
Margin
The share of the selling price you keep as profit. A $100 sale with a 30% margin leaves you $30.
Markup
How much you add on top of cost. A 30% markup on a $100 cost makes a $130 price, which is only a 23% margin.
Break-even
The point where sales cover every bill. Below it you lose money; above it each sale adds profit.
How to use Monthly Earnings Planner
- Enter how many sales you expect this month and your average sale price.
- Enter the cost of each sale and your monthly fixed expenses.
- Set a percentage to reserve for taxes.
- Enter the take-home income you want. The planner shows your projected pay and the sales needed to reach the goal.
Frequently asked questions
How much should I set aside for taxes as a self-employed owner?
Many self-employed people reserve 25% to 30% of profit, but your rate depends on your income, state and deductions. A tax professional can give you a precise number.
How many sales do I need to reach my income goal?
Sales needed = (fixed expenses + goal ÷ (1 − tax rate)) ÷ (price − cost per sale). The planner does this math for you.
Why does my take-home look lower than my profit?
Take-home subtracts a tax reserve from profit, so the money you set aside for taxes isn't counted as spending money.
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