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How many of you are actually paying tax on this income?

Stevie The magic Unicorn

Well-Known Member
If you are, you must be doing something terribly wrong.
I paid taxes when i did uber full time.

But Orlando rates were over $1.00 paid per mile, over double what they are now. A 2x surge back then paid over what a 4X surge pays now.


Taxi?

I get hammered by Uncle Sam every year.

No avoiding it on taxi income.
 

henrygates

Well-Known Member
I thought Uber always issues a 1099 even if it's not technically within the amount that it's required. So the IRS knows all.
 

Leo.

Well-Known Member
If you are, you must be doing something terribly wrong.
Is that so? After all my deductions I ended up owing $1900 on a $13500 income. I feel like I've done something wrong but yet my $13500 is roughly half of what I ''earned'' before all my car expenses.
 

UberBastid

Well-Known Member
Is that so? After all my deductions I ended up owing $1900 on a $13500 income. I feel like I've done something wrong but yet my $13500 is roughly half of what I ''earned'' before all my car expenses.
If it's reported on your Schedule C, Business Income (which is how it should be reported) then you will always owe both halves of the Soc Security tax, 7%. And no deductions count against that.
Sounds like you are about 10%, so 3% of it can be deducted against.
I strive to make my returns believable. I consider them to be an Offer. My Offers are accepted, because they are reasonable and believable.
Not always provable, however.
 

Leo.

Well-Known Member
If it's reported on your Schedule C, Business Income (which is how it should be reported) then you will always owe both halves of the Soc Security tax, 7%. And no deductions count against that.
Sounds like you are about 10%, so 3% of it can be deducted against.
I strive to make my returns believable. I consider them to be an Offer. My Offers are accepted, because they are reasonable and believable.
Not always provable, however.
I'm actually at 14%
So you're saying that 7% is nondeductible so no matter what do you you will owe that Social Security ....And that I could lower it still?
 

Rat

Well-Known Member
If it's reported on your Schedule C, Business Income (which is how it should be reported) then you will always owe both halves of the Soc Security tax, 7%. And no deductions count against that.
Sounds like you are about 10%, so 3% of it can be deducted against.
I strive to make my returns believable. I consider them to be an Offer. My Offers are accepted, because they are reasonable and believable.
Not always provable, however.
Are you saying SS taxes are levied on gross income?
That would be incorrect
 

UberBastid

Well-Known Member
Are you saying SS taxes are levied on gross income?
That would be incorrect
Is it?
I'm not an income tax pro .... but, I thought that deductions just don't work against SS taxes. Half are (normally) paid by employer if you're a W2 employee. If you are self employed you pay both halves.
I'll have to look at my Schedule C a little closer, but I think it's on gross.
 

Rat

Well-Known Member
Is it?
I'm not an income tax pro .... but, I thought that deductions just don't work against SS taxes. Half are (normally) paid by employer if you're a W2 employee. If you are self employed you pay both halves.
I'll have to look at my Schedule C a little closer, but I think it's on gross.
Most businesses have a 5% or so profit margin. The tax would be 3 x the net income
 

Older Chauffeur

Well-Known Member
Is it?
I'm not an income tax pro .... but, I thought that deductions just don't work against SS taxes. Half are (normally) paid by employer if you're a W2 employee. If you are self employed you pay both halves.
I'll have to look at my Schedule C a little closer, but I think it's on gross.
If you have a NET PROFIT of at least $400 you will owe SE taxes of 15.3% on those profits for Social Security and Medicare contributions. When you have a regular job with W2 income, you and your employer split the FICA contributions.
You get credit for half the SE amount on your Form 1040.

Disclosure: I'm not a tax professional.
 
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