If you just started this year as an Uber Eats driver, it might be difficult for you to figure out your Estimated taxes for the year. You would have to figure out your Profit and Loss statement, so you know what your net profit is for your business and then from there you can estimate your taxes. To figure out your Profit and Loss you can do this on paper or use a bookkeeping software like Quickbooks. If you are doing this on paper, you will need to know how much you have earned so far from Uber eats and that is your earned income. You will subtract all your expenses related to your business. After you do that you will have either a loss or income (or net profit).
So for example:
You earned so for half a year: $5,000.00 Uber Eats
Your expenses are: 2,000.00
You are left with $3000.00
The self employment tax is tax at 15.33 percent so you taxes would be $459.90.
If you plan to earn almost the same for the rest of the year you could double those taxes and pay quarterly payments.
Since we are almost in September there are 2 quarterly payments left. For September and December.
If you only make $3000 then your left with the 2 payments of $229.95 each. Once on September 15 and the other for December that IRS allows you to pay in January.
