What Federer might earn after tax and expenses (3,7)

I believe the answer is:

net profits

'what federer might earn' is the definition.
I can't judge whether this definition defines the answer.

'after tax and expenses' is the wordplay.
'after tax' becomes 'net' (I've seen this before).
'and' means one lot of letters go next to another.
'expenses' becomes 'profits' (I am not sure about this - if you are sure you should believe this answer much more).
'net'+'profits'='NET PROFITS'

I've seen this clue in The Guardian.

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