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Response to Demonaut (Reply #60)

Mon May 9, 2016, 07:46 PM

71. I am glad you understand that it is a desperation thing

Save all your receipts, you are going to need to save every penny you can on your taxes. Which you ARE putting money aside for, correct? As an independent contractor, you are responsible for self employment tax. Yes, you gotta pay both employee AND employer share of social security, plus quarterly withholding on federal and state tax.

As well, you need an "Oh, S**t!!!" fund of at least $2000 (preferably $3000+), when your wheels go down. How quick can you get back on the road if your ride breaks down or is in an accident?

Do you have a rideshare policy or rider for your car insurance? Uber's insurance will not cover any period that you are not on a run, or at least enroute to a run. And it only takes care of other people, not you. Damage to your car is on you and your insurance (who may cancel you, refuse the claim, and possibly even sue for fraud if you lie about doing rideshare).

Good luck, roll safely.

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