Re:The Hidden Costs of Being an Uber Driver
by eurleif on Wednesday February 25, 2015 @07:11AM
(#9106345)
>As an independent contractor you are responsible for 100% of your FICA tax (social security and medicare tax).
You can deduct half of the self-employment tax from the gross income on your income tax. So, for example, if your income tax rate were 25%, you would effectively pay 87.5% of FICA, not 100%. There may also be deductions on state taxes.
You can deduct half of the self-employment tax from the gross income on your income tax. So, for example, if your income tax rate were 25%, you would effectively pay 87.5% of FICA, not 100%. There may also be deductions on state taxes.