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Are you a gig worker?  Do you have a side hustle to make yourself some extra cash?  Do you know that you are supposed to report that cash to the IRS as reportable income and possibly pay self-employment taxes on those monies?

The IRS wants to raise public awareness of the tax rules for gig workers. The Service knows that many of them are unaware of their tax obligations. They don’t see themselves as self-employed and fail to pay self-employment tax.

Just so you know, the IRS is looking for you…

There is a battle on for the self-employed and nobody wants to claim them and have the extra tax liability.  Uber and Lyft’s stock prices dropped big time, when Biden called the independent contractors, employees.

What taxes are we talking about specifically? FICA, or sometime known as Social Security and Medicare, as an employee your employer has to match your payments for both.  As a self employed individual, you have to cover both sides of FICA, which is 15.3% of the amount earned up to $147,000 in 2022.

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