Okay, so if you're a Lyft, Uber, Sidecar, or other rideshare driver, here's a quick video on how to file your taxes. Let's start by filling out your Schedule C. Assuming you've created your Sherpa Share account and integrated all of your driver earnings, go to the Advanced Analytics page on Sherpa Share. It's located at sherpa.share.com/driver/analysis. At the top, you'll see "Choose Platform." Let's start with selecting "All." You'll then see your earnings, commission, and trip mileage for all three platforms or however many you've worked for. These are the three important numbers to consider. Let's take a look at your Schedule C and what you'll need to fill out. First, look at Line number 1. To find this number, you'll need to add your earnings (earnings after commission) and your commission to get your gross rideshare earnings. Enter that on Line 1. Under Line 10, add the commission. In this case, it's $810.22. Scroll down to Part 4 on your Schedule C for information on your vehicle. Under 44, enter the total number of miles you drove your vehicle during 2014. Multiply that by the current standard deduction rate of 56 cents per mile. If you've tracked tolls and parking fees separately, add that to the mileage reimbursement. Once you have the total number, enter it on Line 9. Then, add up your total expenses from Line 9 and 10, along with any other lines you've added. Subtract that from your gross income to determine your net profit or loss. This value goes on Line 31. Once you complete your Schedule C and have your net profit or loss on Line 31, go to your Schedule SE or self-employment tax section. Scroll down and use the long Schedule SE underline to enter the net profit or loss from Schedule C. Take the total from...
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2023-2024 sched Se Form: What You Should Know
Form 1040 Schedule SE — IRS Social Security Administration and the Internal Revenue Service have changed the name of Schedule SE to Schedule SE-A (Form 1040) because it has been determined to contain more information for users. How To Determine The Amount Of Net Earnings From Self-Employment Using Section 959 of the Internal Revenue Code Self-Employed individuals must determine net earnings from self-employment by using the section 959 provisions as given to you below: Section 959. Section 959 provides that an amount is “gross income” for purposes of Section 3121(b)(3) of the Social Security Act (“SSA Act”) if it is subject to tax under Section 3121(b)(2) of the Act, provided it meets all the following conditions: 1.) it was gross income from the qualified business activity; 2.) the taxpayer has a spouse; 3.) the income derived from the qualified business activity exceeds 8,750 for the calendar year; and 4.) the taxpayer was not required to pay the income tax. It is important to point out that your net earnings exclude any benefits received from your work, so, even if your net earnings from self-employment are 40,000, that would not qualify as over 40,000 for the “gross income” requirement. However, if your net earnings from self-employment exceeds 40,000, you will also be subject to tax under Section 3121(b)(1) of the Act. Thereafter, you will be required to report your gross income, which include all your other income from other sources. You only need to include your gross net earnings from self-employment in your taxable income. If you have other sources of income, the entire gross income, including the net earnings from self-employment, is taxable to you. Example 1: If you worked as a contractor and earned 30,000 during the year, you must report 20,000 as your net earnings from self-employment. However, you have other sources of income, so only 20,000 must be included in your taxable income. Example 2: You were employed as a part-time teacher for the whole of the year. The 30,000 is your net earnings from self-employment. To be taxed under Section 3121(b)(1) of the Social Security Act, you must have a net earning from self-employment income greater than 28,000.
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