# Annual tax approximation



## Chitown14 (Aug 6, 2015)

Hi, I was just wondering if anyone knows on average how much taxes would have to be paid annual for driving full time?


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## UberPissed (Aug 13, 2014)

Need way more info, such as family size, and status, income, etc.

However, here are some nuggets of info:

1. You pay self employment tax on every dollar of net profit. THe rate is 15.2%. 
2. you also pay income tax on that income as well. This taxed at marginal rates based on your taxable income (this can be different then your self employment income due to adjustments and deductions.


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## gearhead (Nov 30, 2015)

Here's a good rule of thumb, Uber takes 25% IRS takes anywhere from 15% to 38% depending on your AGI (adjusted gross income). Bottom line it doesn't leave much for the working stiff. Take all the deductions due you, including meals which means if you're working 40+ a week you can take breakfast & lunch Ian's if you work the late shift you can take dinner along with lunch. Remember in 2015 you're allowed 57.5 per mile deduction. In 2016 it's less.


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## UberPissed (Aug 13, 2014)

My advice - work a full time job. Supplement income from UBER by driving a very low cost vehicle (paid for, high MPG) and post losses on the business that will offset your income from your regular job.


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## UberTaxPro (Oct 3, 2014)

Chitown14 said:


> Hi, I was just wondering if anyone knows on average how much taxes would have to be paid annual for driving full time?


This might help you. There's more if you google it
http://www.jacksonhewitt.com/Resource-Center/Tax-Calculator/


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## Wheelman (Jan 5, 2016)

You should be tracking daily stats that include $/mi that includes all deductible miles driven. The IRS will give an expense deduction of $.54/mi in 2016. If your $/mi driving income exceeds $.54, you will have income. If less than $.54, you will have a loss. In my experience, it's pretty close and I'm driving a V8 Tahoe at $.11/mi for gas.


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