11/30/2022 0 Comments Format for drivers salary slip sample![]() As an independent contractor, you provide transportation services to individuals. As a driver for either company, you are an independent contractor rather than an employee. If you drive for Uber or Lyft, you are self-employed. This guide will cover how self-employment taxes work, how to count your driving income, how to track tax deductions, and how to pay estimated taxes. And, importantly, Uber and Lyft won’t pay a portion of your taxes for you. When you sign up with the company, you don’t fill out a form to withhold taxes throughout the year. Unlike many employers, Uber and Lyft don’t provide benefits like sick leave or health insurance. To prepare to file, you can fill out the Rideshare Tax Organizer and find free tax filing locations in your area or visit. You’ll find your rideshare income information on your driver dashboard. You’ll need to file Schedule C and Schedule SE with Form 1040. Make estimated payments throughout the year to avoid a penalty. Your taxes are NOT automatically taken out of your income. Compile a list of these tax deductions with receipts and keep a mileage log so you’re prepared to file. You are eligible for tax deductions for business expenses that can reduce your taxes. The Roadmap to Rideshare Taxes Cheat Sheet explains self-employment tax concepts in an easy-to-follow map. This means you may have a larger tax bill when you file. You pay self-employment taxes in addition to your regular income taxes. Understand how self-employment taxes work.These are the key steps to filing your taxes: It’s important to understand the tax implications of your side (or full-time) gig. As a self-employed worker, you are treated as a business by the IRS. Working for Uber or Lyft is about more than just driving. ![]()
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