Self-Employment Tax Explained | Gig Economy Taxes | Uber, Lyft, GrubHub, Instacart 1099 Taxes

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Self-Employment Taxes Explained|| If you have income from 1099, gig economy, or freelance work, you are subject to self-employment tax. These taxes are not withheld from your payments, so you have to make your own payments to the IRS. This causes people lots of concern and worry, so I explain some important things you need to consider to file your self-employment taxes. I talk about how to estimate your self-employment taxes, 1099 tax deductions, and what to do if you owe money to the IRS.#1099taxes #selfemploymenttax #tax
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24 июн 2024

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Комментарии : 472

@Lladyk95 4 года назад

why don't they teach us this in high school

@DJServe1 3 года назад

cuz they don't care

@michelleabiodun5106 3 года назад

Every time I come across challenges like this, I ask myself the same question. SMH.

@cherisestilwell1808 3 года назад

Well in the 90s they taught us in highschool

@vickyandersen8660 3 года назад

@@cherisestilwell1808 you guys are lucky 😔

@jonfitz8280 3 года назад

The smartest people are on the streets the dumbest are in school the ones who know thru learning and the ones being told by one person

@BornAgainStudiosSD 3 года назад

Thank you for this video. Budgeting and doing your taxes should be a mandatory class high school. They can easily add this to math classes. They might have had it when I was in High School and I probably fell asleep.

@halokit9000 2 года назад

I’m taking economics as a junior right now and we’re talking about taxes and our teacher made sure that we knew he wasn’t required to teach it to us, he chose to because he knew it was important. I’m very thankful for that.

@BrandonSmith-rb1bf 2 года назад

😅 Me too!

@GMoney-B 3 года назад

Thank you so much for making this easy to understand and also helping me to realize I don't need to freak out and be afraid so much of doing this for the first time.

@Thatprettygirl_207 4 года назад

Such a great video. I’m just getting into this type of job and I’ve never done my taxes before, so it’s great to know I should be tracking mileage and all when I start. Thanks!

@chandeliirX919 Год назад

I am getting ready to start working from home 1099 and this video helped me a lot. It was very straight to the point! Thanks!

@kevinsjournal 4 года назад

Thanks for making this guide!! Really wish they taught this in school, grateful for RU-vid and internet these days

@DmhH 3 года назад

I'm filing my taxes now for insta cart and I couldn't find the mileage but now that I have to choose between two that's good to know because I kept all of my gas receipts. Thank you so much for this informational video!

@lexbynature7777 4 года назад

You were reading my brain lol. You answered all the questions I had and gave my knowledge security of what I already knew.

@iago7379 4 года назад

Great video, eu explained really well. Thank you!

@davidhawes. 2 года назад

You are amazing, Queen! Thank you. Your smile and knowledge helped more than you intended! You’re amazing!

@matthobbie5733 5 лет назад

This video was very informative as I have just started a new job being a food deliverer... Thank you so much for answering most, if not all, of my questions/concerns!

@ShanaGreen 5 лет назад

I’m glad the video was helpful to you!

@SunsTo7 3 года назад

Thank you ,this was well explained and a pleasure to sit through.

@FinancialLiteracyaMust 5 лет назад

Thanx, great video, extremely helpful. Before gig economy, I've always used Turbo Tax. This is my 1st 1099 & I will try Turbo Tax & see how it goes. Thank You again.

@ShanaGreen 5 лет назад

I'm glad it was helpful!

@Mvb2024 2 года назад

How did it go? How is it going? Is 1099 the right way to go? I’m looking into a job that’s 1099 but I’m intimidated by all this tax info

5 лет назад

Thank you so much Shana, I needed this it is my first time having to file this way. So helpful!

@ShanaGreen 5 лет назад

I’m so glad this was helpful!

@daniellecullen8486 2 года назад

This video is so helpful! Thank you so much!!

@mikemoore466 Год назад

Thank you so much for this info Shana. Great video.

@elafalasadi7308 3 года назад

Very helpful tips!! thank you so much!! I just can't believe that I have a college degree but never was taught about this in school.

@Moongal96 3 года назад

thanks for this info! We i started the video and saw we have the same couch, i knew it would be good :)

@coletteonenda9854 3 года назад

Appreciate you for this!!

@MamaGypsyFelice 2 года назад

You did a wonderful job presenting the information. Thank you you helped me understand

@webtech4161 3 года назад

Very helpful information! Thank you!!

@JoeHenkel 3 года назад

Fantastic! Great video!

@coollene66 5 лет назад

This is my first time doing 1099. I'm been doing grubhub since August 2018. I work part-time. Thanks for the information.

@ShanaGreen 5 лет назад

Thank you for watching!

@DD-OO Год назад

Very informative! Thank you!😊

@pedrogog9268 4 года назад

Great video! I started using house of gigs for my gig income but would love to know about a mileage tracker.

@Bev_van_goth Год назад

Thank you for keeping these topics short and simple because everyone else talks too long or they're using big terms which is annoying.

@Nikkisheknowz9581 2 года назад

Thanks so much this video was extremely helpful your awesome!!!

@blackbro1854 5 лет назад

GREAR INFO my sista. I learned a lot. Keep up the good work.👏🏻👍🏻👌🏻🙏🏻

@ShanaGreen 5 лет назад

Thanks!

@outlaw6 3 года назад

Thanks for the info this definitely helps out a lot this always been in the back of my mind cuz I just started to Uber eat probably four or five weeks ago

@BWAcolyte 3 года назад

I'm not entirely certain about the quarterly filing process and what software to use to track expenses and income. That would be a really helpful video.

@michealindigowarrior9617 3 года назад

Thank you very much for this clear informative breakdown...new subscriber here. ✌

@therealosea Год назад

Thank you for this instructional video!

@BintuKabbahoney 4 года назад

Omg why did I stumble upon this while doing my taxes!!! Shana great video❤️

@ShanaGreen 4 года назад

Lol thanks Bintu!

@maefoxworth8644 3 года назад

Great information. Thank you!!! I made notes and saved these videos. Tell your uncle thanks as well. I am going to go over this. But for now, what online bank has a high yield savings account. This idea is the best!

@ShanaGreen 3 года назад

T-mobile. However, I’m about to do a video about a bank that’s for self-employed and helps with filing taxes!

@fereyes7 4 года назад

thanks for the info, good work

@mw6343 4 года назад

Thanks for this info...love and appreciate your spirit! God bless... :)

@mackiewilliams3524 Год назад

THANK YOU!!!!!! You just file them together and thats it! Thank you! I'm starting my own side gig and all I wanted to know is if there's any extra stuff that goes with it if I'm small (not claiming any write offs and not dealing with a ton of money)

@lizpickard3044 5 лет назад

Hi! Thanks for the awesome introduction to this stuff! Super helpful. Just wanted to let you know that your link to the tax estimator is actually a link to a budget template. Thanks again!

@ShanaGreen 5 лет назад

Thanks for letting me know. I’ll fix it later. Thanks for watching!

@Badbostonbitch 4 года назад

Very helpful! Thanks

@donthomasakadont 3 года назад

Thank you for this share!

@honeybeejourney Год назад

Very informative. Thanks.

@CiaraLynn 3 года назад

nice video, love from canada!

@thisolesignguy2733 2 года назад

Thank you, this was helpful although I was hoping to see how it's done more than anything. Like watching you pay your quarterly payments, or how you go about it. but this was a bit helpful

@EricMeatlikeaking 4 года назад

hi. i am a new subscriber good info thank you.

@Yobydobie 3 года назад

I just got my first paycheck as a legal process server. I have been so stressed about taxes as a self employed worker but this has calmed me down so much. I can sleep tonight😅

@jordanmendiola7025 4 года назад

Comprehensive information!

@wolfgarden4849 4 года назад

Grear video! I've been a 1099 for 2018 and 2019 and haven't filed any quarterly estimated taxes (1040 ES). I’ve only filed the yearly 2018 and 2019 tax return. Were the quarterly fees paid (with the late fees) with the federal tax returns I filed for each year? Or do I need to file a 1040 ES for all the ones I haven’t filed since 2018?

@Lisa-nt7wt 3 года назад

Your hair is so lovely !

@TariqLawPC 2 года назад

Great info!

@deanster721 Год назад

Great video!

@sleepn_on_me2473 3 года назад

everlance video is vague and superficial.This is more concrete and specific. THANK U!!!!

@sylviaramirez6171 4 года назад

Thanks for your awesome help

@zacbretzing836 5 лет назад

Thank you for making this video! I’ve been trying to find videos on taxes for a while now. This was very helpful! You mentioned that you have to pay your taxes quarterly. How do I do that? Would I have to use a tax preparation service every quarter? Or do I just send money to the IRS? I’m new to this so I still have a lot of questions. Thank you again so much for the video it was really great!

@ShanaGreen 5 лет назад

Thanks for watching! Yes, you just go to the IRS website and your state tax website and select the option to pay estimated taxes. And keep the records to submit during tax time in April

@zacbretzing836 5 лет назад

Is there a quarterly deadline? Thank you again for your help I really appreciate it!

@justinpettit3432 3 года назад

Yeah I was confused on the quarterly part too.

@zacbretzing836 3 года назад

Justin Pettit i made a video about the quarterly tax info on my other channel if you'd like to check it out. I'll add a link.

@GardensAndGames 2 года назад

One important caveat when talking about using an accountant's services: They are only working in your best interest if they are acting as a fiduciary advisor. Otherwise they may be trying to pitch investments or products that they are incentivized to sell you.

@haileynicole3441 3 года назад

1.) So if I just started instacart, when I make over 400 dollars, how to I know how to calculate my quarterly estimate? And do I not have to do a quarterly until I make over 400? 2.) I have a tax guy through my parents too so I’m not in direct contact with him. When yearly tax returns come around, how do I show him my mile deductibles, is there’s like an official way like what do I give him?

@rkfernandez21 3 года назад

thanks so much for this video

@Je.rone_ 5 лет назад

Really great video glad i found your channel...3:36 answer: I'm a license tax professional, and this year I'll have to report uber/lyft income for 2018. I study accounting and taxes like my life depends on it, so The hard part for my taxes will be the investment income/losses not so much uber/lyft. Notwithstanding any of that, i didn't make estimated payments so I'll likely owe some, albeit a small quantity

@ShanaGreen 5 лет назад

Yep, I have another video coming out about the investments part in a few weeks. It's mostly about encouraging ppl to invest so that you can reduce your taxable income. A lot of ppl don't know they can do this when they are self-employed.

@Je.rone_ 5 лет назад

@@ShanaGreen well i will be 👀 watching

@robertteague2852 5 лет назад

Black Vit

@kiuballchan 3 года назад

Love your smile !

@phirstplaceg1515 11 месяцев назад

Very Informative info

@aaronelliottsr.2585 3 года назад

Thank you so much!

@lynnloui35 3 года назад

Omg thank you i was looking for this because i have a job but was about to do all these side hustles then it dawned on me..what the hell am i gonna owe at the end of the year if i make good money? Nobody talks about it!!

@hawkjones4763 3 года назад

I liked and subscribed I want to see more of your videos you are smart cute young lady and you explain very well detail. And that smile is a bonus. They really got this stuff complicated. Thanks to you it's a little better. Keep on getting your shine on Sunshine.

@dr.mohamedaitnouh4501 3 года назад

great video ... thank u beautiful Shana ...

@irunz2644 4 года назад

Very helpful thank you

@LisaGonzalez-rm1lr 3 года назад

Where do you send your quarterly payment? I'm doing door dash. I am also on disability needed to supplement my income

@claireworld1 3 года назад

ОТЛИЧНОЕ ВИДЕО.СПАСИБО ЗА ПОЗИТИВ:)

@joes0406 3 года назад

Yeah they add penalties and interest, which surpasses the original amount you owe. I spent years trying to iron things out

@honeydip1031 3 года назад

I didn’t know I was supposed to pay quarterly. How do I calculate how much to pay according to how much I make every three months?

@habitsofanutritionist1662 Год назад

Very, very helpful video

@Ruskie-Bro 2 года назад

Thanks for the video

@erinbennett431 4 года назад

This is helpful and you broke it down really well. My question with quarterly taxes though is how exactly do you pay them? Is it online or do you have to mail it in?

@ShanaGreen 4 года назад

Hey Erin! You pay online. Go to the irs website to pay federal quarterly taxes and google your state + department of revenue to find the website to pay your state quarterly taxes.

@MORNINGSTAR190 4 года назад

@@ShanaGreen where they take the money from??? The Money u have in your wallet or the salary???? I'm doing instacart

@jd6473 4 года назад

Hey there, pretty lady! Thanks for the great info!

@Imjcarp 2 года назад

Question! If I drove 20k business miles with grubhub this year and apply the standard mileage rate of .56 cents it comes out to $11,000 . I only made $15k all year which means I owe about 3k in taxes. Do I get the other 8k as my refund?

@miraclelove991 5 лет назад

Hello, Your videos are great. But can you do one with combined incomes? Lots of people are working as employees with W-2's and have a small business(self-employed) on the side.

@ShanaGreen 5 лет назад

Hi Miracle! That's exactly the situation I am in. I actually have 3 different types of income that get viewed differently by the IRS. I can see if I can get it done, but I'm not sure it'll be before taxes are due.

@trinahorton8839 5 лет назад

What an awesome video! Thank you! Now that I know I need to pay quarterly this year ( been doing Amazon flex since Nov 2018) I guess I'm late! 🤪 Do I still file through a service like turbo tax or a professional preparer or do I need to contact the IRS because I'm late?

@ShanaGreen 5 лет назад

No, you go to IRS Direct pay website and the website for your state to pay fed and state estimated payments.

@trinahorton8839 5 лет назад

Thank you so much! You are clearly saving me who knows how much in interest!

@Habibi1980 4 года назад

Does Instacart send a statement when payment is due ? How will I know when to pay ?

@michelleperez3123 3 года назад

So I have door dashed since 10/13. I have made roughly around $825. What I failed to know is that I should be tracking my mileage. This is all new to me. What do I do if I have not done that yet ?

@dabol4423 4 года назад

so i am new to the gig economy and im wondering. I live in virginia but i would be working in dc and maryland. if i want to open a LLC and work throught the corp, do i need two llc's or i can pick dc or md and claim out of state income how does it work?

@mauricedavis5606 3 года назад

Okay, so I just got a job at vetor marketing and I’m basically giving presentation on products. They told me that they will take half of my taxes and I have to pay the other half in tax season and that I would get a 1099. So I’m so confused on all of that could you please explain what I would need to do thank you I would really appreciate it

@dangdeionn 3 года назад

I’m using Lyft booked miles . Is this accurate . Because From my calculations .. I am actually making more money using mileage deduction .

@hairheroelite 3 года назад

Great Video

@imfate1715 5 лет назад

I’m using the standard Mileage deductions and tracking my miles with an app. And it tells me how much I should be saving. Now it’s clear that I’ll be saving a lot and should be paying less than $1000 a year in taxes after those deductions. But do I still need to file quarterly?

@ShanaGreen 5 лет назад

Yes you should file quarterly. Your taxes are based on a lot of factors (e.g. other sources of income, credits for children or education). I’m not sure which app you’re using but it probably isn’t factoring in your entire tax situation. I would use a calculator to determine how much to pay in taxes. I believe I have one linked in the description. If not, I have a video called how to save for taxes and it talks about saving for and paying for quarterly taxes.

@kgkaitlyngarza 3 года назад

What is the app?

@lazaejenkins 2 года назад

What app?

@raheemonibudo6761 2 года назад

@@kgkaitlyngarza I use Stride

@raheemonibudo6761 2 года назад

@@lazaejenkins I use Stride

@NiaMSnow 3 года назад

I needed this because I did tiktok

@charlesscott27 4 года назад

Which state do you live in and does it have a state income tax requirement ?

@Acestrup 3 года назад

is a quarterly report a 1099 as well as the 1099 that youre saying is sent at the end of the year?

@austinbull 3 года назад

Shana- Great video, I have a question though: if someone I know needs help with labor for their small business for a day, and they pay me like $90 cash for helping out, do I have to have a W2 from them for taxes? Or is that "independent contractor" and 1099 type work? And do you get a different 1099 from every person who hires your services, or is it just one 1099 that you put everything on?

@ShanaGreen 3 года назад

that would be a 1099. You get one from everyone that hires your services IF they spend over $600 with you.

@austinbull 3 года назад

@@ShanaGreen Cool, thanks for responding!

@allsionparker8449 2 года назад

THANK YOU ☺️

@weakcannow 4 года назад

When and how do you pay your quarterly taxes

@zaidasantiago3125 4 года назад

You can pay directly to IRS quarterly. Need your taxes done? let me know. Thanks

@Dollhousebarb 3 года назад

Hey how are you doing? I’m 19 years old and I wanna start dashing but I’m scared for tax time and owing the irs a lot of money I was wondering if I start doordash could I just put 20 -30% away of the money I make and when it’s time to do taxes give that money to the irs that I have set aside?because I really don’t wanna track my expenses or anything I just wanna be able to set money aside so when it’s time for taxes I can pay like that I’m confused and I don’t wanna mess anything up or get sent to jail because I messed up my taxes how do I know how much I’m suppose to pay the irs when I do my taxes or you don’t you just gotta fill out the 1099 form and send the money you have kept away please help I don’t wanna do doordash if I don’t know what to do during tax time

@enrique242004 4 года назад

You’re dope! 🌮

@angelellis7690 3 года назад

Last year was the first year doing bitesquad. So this year I’m doing the taxes myself for the first time Ever.

@bossmanxll1023 4 года назад

Hi my english is not good. I would like to ask some questions. I wonder if you have example of grubhub 10k , postmate 1k and doordash like 100. It will sent me only grubhub and postmate to file the taxes correct and what happen to other companies like doordash. Do i need to find those too? another question is i live in LA, So the % that i need to give it back to government would be 15.3%+ Ca% right? Thankyou

@justtryingtorelax2374 3 года назад

If I do doordash and another delivery service like grubhub or postmates do I count that as the same thing? Or do I have to file them separately?

@671brayan 4 года назад

Is there any way I can contact toy for a few questions? Please I'm super scared and worried on how im going to do this. Im still sup confused and need some clarification.

@teerich842 2 года назад

Am i able to use the miles from the app to file,if i didn't use a mileage tracker app?

@hokinsont3681 2 года назад

Do you pay taxes on your gross or your profit- income after expenses? And do you pay the IRS quarterly? How much do you know how much to pay quarterly?

@LizBee 4 года назад

Do you recommend Nanny do 1066? Or a W-2?

@DSickMusic 4 года назад

I usually file my taxes on my own with Free Tax USA. quick and easy

@karibiddix2292 3 года назад

If I started working for UE in January 2021, do I start paying the quarterly taxes in April 2021 or not until April 2022?

@portchops71 4 года назад

Hello Steve I just watch one of your videos on RU-vid and I have a few questions if you don’t mind me asking. This is my first year working with DoorDash, GrubHub and Postmates. I use all three of them at once to make more money. Here’s my questions. (1) Do I need to do each of these 1099separate or can I just do all three together? (2) I’m I using a Schedule C? (3) When I was working with an employer, I got 1040 at the end of the year. I usually qualify for EIC (Earn Income Credit) and the Child Tax Credit. Would I still would qualify for these credits? (4) How would I pay the IRS their taxes if I want to pay each quarter? Is there a form I send them with my payment so I get credit for paying my taxes? (5) Also, how would I send my tax payments to the State, Social Security, and any other taxes I need to pay? I know that there are a lot of question here, but I don’t look good in orange. Lol

@ShanaGreen 4 года назад

See my responses below: (1) Do I need to do each of these 1099separate or can I just do all three together? You will get a separate 1099 from each company in January. (2) I’m I using a Schedule C? Yes (3) When I was working with an employer, I got 1040 at the end of the year. I usually qualify for EIC (Earn Income Credit) and the Child Tax Credit. Would I still would qualify for these credits? Yes, your income is earned. It doesn't matter if you're self-employed or not. BTW you didn't get a 1040 from your employer. You get a W2 from your employer and you file your taxes on a 1040. You will probably still use a 1040 as a self-employed person in addition to a Schedule C. (4) How would I pay the IRS their taxes if I want to pay each quarter? Is there a form I send them with my payment so I get credit for paying my taxes? Go to you the IRS and pay your quarterly taxes online. Same for your state. (5) Also, how would I send my tax payments to the State, Social Security, and any other taxes I need to pay? Google your state department of revenue. Pay your taxes there on a quarterly basis. Your federal taxes cove social security and are paid quarterly. See my responses above.