Critique my uber math

Gross 58k a year for uber. Drove around 58k miles. Roughly 100 per week for gas. 6000 a year. 2000 a year for routine maintenance. 4000 a year for eventual engine and transmission replacement (needed every 4 years). Taxes 4-6k per year...

Total overhead - 18k
Total uber profit - 40k

Thoughts?
 

Seahawk3

Well-Known Member
Gross 58k a year for uber. Drove around 58k miles. Roughly 100 per week for gas. 6000 a year. 2000 a year for routine maintenance. 4000 a year for eventual engine and transmission replacement (needed every 4 years). Taxes 4-6k per year...

Total overhead - 18k
Total uber profit - 40k

Thoughts?
Your missing quite a bit. Your cellphone and data for 1. Also 4k a year for engine and transmission? That's insane full replacement for both combined shouldn't cost more then 8k. Also I would never replace both in a rideshare car. It would be cheaper to go get a nice used car for 4 to 8k with way less miles. Also your forgetting insurance cost, car payments and depreciation. Car washes or anything bought for the job like a mount or seat covers. After all the above cost your looking at between 20 and 26k profit roughly
 

Mista T

Well-Known Member
Author
Wow, only 2k for maintenance? Those are some amazing brakes and tires! Not to mention oil changes, car washes, lights, insurance....

58k miles is over 1,000 miles per week. You must have a Prius, cuz an electric car won't have the battery capacity and a regular gas vehicle costs more than $100/week in gas. How much is gas out there, $2/gallon?

But hey, if you can NET $40k/yr doing Uber, more power to you! Watch out for accidents and speeding tickets, that will stop your "career" in a heartbeat.
 
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Wow, only 2k for maintenance? Those are some amazing brakes and tires! Not to mention oil changes, car washes, lights, insurance....

58k miles is over 1,000 miles per week. You must have a Prius, cuz an electric car won't have the battery capacity and a regular gas vehicle costs more than $100/week in gas. How much is gas out there, $2/gallon?

But hey, if you can NET $40k/yr doing Uber, more power to you! Watch out for accidents and speeding tickets, that will stop your "career" in a heartbeat.
I'm a little off on the mileage. It's more like 800 miles a week... So around 42k miles.
 

Seahawk3

Well-Known Member
Wow, only 2k for maintenance? Those are some amazing brakes and tires! Not to mention oil changes, car washes, lights, insurance....

58k miles is over 1,000 miles per week. You must have a Prius, cuz an electric car won't have the battery capacity and a regular gas vehicle costs more than $100/week in gas. How much is gas out there, $2/gallon?

But hey, if you can NET $40k/yr doing Uber, more power to you! Watch out for accidents and speeding tickets, that will stop your "career" in a heartbeat.
I put about 900 miles a week on my car and my gas is about 325 a month. Avg 30mpg
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I'm a little off on the mileage. It's more like 800 miles a week... So around 42k miles.
You should keep track of your miles daily log it so at the end of the year you can do a straight up deduction of 58 cents a mile and to mile
 

Friendly Jack

Well-Known Member
Gross 58k a year for uber. Drove around 58k miles. Roughly 100 per week for gas. 6000 a year. 2000 a year for routine maintenance. 4000 a year for eventual engine and transmission replacement (needed every 4 years). Taxes 4-6k per year...

Total overhead - 18k
Total uber profit - 40k

Thoughts?
$40k / 52 weeks = approximately $770 per week.
$770 per week / 70 hours per week = $11 per hour.
$11 per hour to turn your car into a worthless piece of junk = That's whats wrong with Uber.
 

Seahawk3

Well-Known Member
$40k / 52 weeks = approximately $770 per week.
$770 per week / 70 hours per week = $11 per hour.
$11 per hour to turn your car into a worthless piece of junk = That's whats wrong with Uber.
I make roughly $900 a week after fuel and I work 40ish hrs a week
 
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  • #8
I put about 900 miles a week on my car and my gas is about 325 a month. Avg 30mpg
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You should keep track of your miles daily log it so at the end of the year you can do a straight up deduction of 58 cents a mile and to mile
$40k / 52 weeks = approximately $770 per week.
$770 per week / 70 hours per week = $11 per hour.
$11 per hour to turn your car into a worthless piece of junk = That's whats wrong with Uber.
55 hours. If you replace the engine and keep the body in good shape is it still a piece of junk?
 

Friendly Jack

Well-Known Member
55 hours. If you replace the engine and keep the body in good shape is it still a piece of junk?
$40k / 52 weeks = approximately $770 per week.
$770 per week / 55 hours per week = $14 per hour.
$14 per hour to greatly reduce the resale value of your car = That's whats wrong with Uber.
 

SuzeCB

Well-Known Member
Gross 58k a year for uber. Drove around 58k miles. Roughly 100 per week for gas. 6000 a year. 2000 a year for routine maintenance. 4000 a year for eventual engine and transmission replacement (needed every 4 years). Taxes 4-6k per year...

Total overhead - 18k
Total uber profit - 40k

Thoughts?
Mileage deduction alone would have lowered your taxable income by $31,610. THEN you factor in the phone, tolls, extraordinary car washes (like when pax get sick -- regular car washes and cleaning supplies get swept into the mileage deduction), emesis bags, etc.

And you said you grossed $58,000. Is that before or after deducting everything Uber kept, because all that stuff is d edictible, too.
 

TomTheAnt

Well-Known Member
THEN you factor in the phone, tolls, extraordinary car washes (like when pax get sick -- regular car washes and cleaning supplies get swept into the mileage deduction), emesis bags, etc.
Been actually wondering about this... Tolls are deductible even though U/L reimburse them in the fare? Also, I'm using my tolltag to go through tolls. Can I use the transactions on my tolltag account to deduct them or do I actually need to have receipts?
 

Friendly Jack

Well-Known Member
Been actually wondering about this... Tolls are deductible even though U/L reimburse them in the fare? Also, I'm using my tolltag to go through tolls. Can I use the transactions on my tolltag account to deduct them or do I actually need to have receipts?
Tolls are surely deductible, especially since they are included in your 1099 amount reported. I download toll data from the Illinois I-Pass site yearly to substantiate my deduction, but I think that Uber/Lyft documentation of the reimbursement would be proof enough (?) that the tolls were paid.
 

amazinghl

Well-Known Member
Engine/Transmission can last a lot of miles, provided if you change their oil/fluid/filter regularly.
What kind of vehicle is this? SUV will cost more than maintain than a Honda Fit.
 

SuzeCB

Well-Known Member
Tolls are surely deductible, especially since they are included in your 1099 amount reported. I download toll data from the Illinois I-Pass site yearly to substantiate my deduction, but I think that Uber/Lyft documentation of the reimbursement would be proof enough (?) that the tolls were paid.
you probably paid more tolls than they reimbursed. They don't reimburse for tolls you pay on the way to pick up packs, or on the way to or from the area where you want to work.

also, the tolls that are reimbursed get swept into your gross earnings, and if you don't deduct all of that, it is taxed
 

Wildgoose

Well-Known Member
Gross 58k a year for uber. Drove around 58k miles. Roughly 100 per week for gas. 6000 a year. 2000 a year for routine maintenance. 4000 a year for eventual engine and transmission replacement (needed every 4 years). Taxes 4-6k per year...

Total overhead - 18k
Total uber profit - 40k

Thoughts?
I have just calculated everything with your info data plus some more necessarily required costs and fees. For the tax purpose, I don't want to post my detail calculation here, so I deleted them but trust me, I am pretty good at calculation on estimation and planning.
I could roughly say just one thing in here.
If Uber/Lyft driver can make 58K a year ( don't worry about your car, price depreciation calculated is $5000/year) , the income would be pretty much as same as $20/hr regular full time job after tax.
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Been actually wondering about this... Tolls are deductible even though U/L reimburse them in the fare? Also, I'm using my tolltag to go through tolls. Can I use the transactions on my tolltag account to deduct them or do I actually need to have receipts?
Make your own logs or download monthly statement from your talltag account. You just need to keep the documents.
If Uber already deducted toll fares in 1099, you shouldn't use toll fares again for your deduction. 1099 is supposed to be your net income when doing business with them. But I believe that you can just consider transactions fees (that is to deposit into your bank account) as your income deduction. You can state them as transaction fees in others or commission fees.
 
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Fuges

Active Member
[QUOTE="4000 a year for eventual engine and transmission replacement (needed every 4 years).
[/QUOTE]

What?! You set aside $4,000 a year to replace your engine and transmission? At 50k miles a year you shouldn't have to replace with of this for 4-5 years. I've had cars with 300k miles that never had the engine or transmission touched. That's $12k after three years - you would seriously put $12k into a car with 150-200k miles on it?
 
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