What Types of Taxes Are Applied to Uber Drivers?
If you are thinking about becoming an Uber driver, then you need to learn about paying taxes as an Uber driver. Because you are an independent contractor instead of an employee, Uber does not withhold any taxes from your earnings. You will need to withhold them yourself because you will have to pay both income tax and a self-employment tax.
If you are thinking about becoming an Uber driver, you are probably excited about the prospect of making some extra money working your own schedule. You're also probably wondering about taxes, because Uber isn't like traditional jobs. To learn more about the kind of taxes you will owe with Uber, keep reading.
Your Tax Status at Uber
When you drive for Uber, you are not an employee. Instead, you are an independent contractor. In other words, you're self employed. That means that Uber doesn't withhold any of your earnings to pay your taxes, like normal employers do. That means that you should withhold a portion of your Uber earnings yourself, so you don't get an unpleasant surprise at tax time, because you will not only have to pay your usual income tax, you will also have to play a self employment tax.
Uber's Tax Forms
In order for you to pay the right taxes as an Uber driver, Uber will send you the following tax documents:
- 1099-K: If you gave 200 rides or more and earned $20,000 or more as an Uber driver, the company will send you a 1099-K. This form describes your gross trip profits. This is for the customers' payments to you.
- 1099-NEC: This form breaks down all your miscellaneous payments, promotions, and referrals for the year. This is for Uber's payments to you.
- 1099-MISC: This form summarizes any prizes, legal settlements, and other miscellaneous payments you have received.
- Tax Summary: This is a breakdown of both your earnings and your business expenses.
You can find the Tax Summary and your 1099 forms in the Tax Information of your Driver Dashboard anytime after January 31st. You can also find your 1099 forms by going to Account, then Tax Info, then Tax Forms.
How To Pay Your Taxes as an Uber Driver
To pay your Uber taxes, follow these instructions:
- Get your 1099 form. You can't do your taxes without this form. Uber should send you yours no later than January 31st.
- Make an expense list. List out all of the business expenses you had in the last year. This should include everything from gasoline to water bottles for your passengers.
- Fill out the Schedule SE and Schedule C forms.
- Calculate your profits for the year.
- Fill out the 1040 form.
- Send the payment you calculated you owe to the IRS.
Contacting Uber
If you need any help with your taxes or have any questions, you can get help from an Uber representative. You can find one on Uber's help forum. There is, unfortunately, no way to reach one by phone.
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