![]() Unlike self-employment taxes, income taxes don’t have a one-size-fits-all rate. Income taxesĪs an independent contractor, you still have to pay regular income taxes in addition to self-employment taxes. ![]() We’ll dig into the types of costs you can deduct later. This means you can deduct business expenses to reduce the amount of tax you’ll owe. If you have more than $400 in income from your ridesharing work, you need to pay self-employment taxes.įor the 2021 tax year, the self-employment tax rate is 15.3% of the first 92.35% of your net earnings from self-employment. Self-employment taxes are essentially the self-employed version of Social Security and Medicare taxes. Uber and Lyft drivers actually pay two kinds of taxes when they file their returns: Self-employment taxes How much do Uber and Lyft drivers pay in taxes?
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