Amount owed if any?
New to self employment with Uber eats, at least full year and only income. No money taken or given! So am concerned as to what may lay ahead! Have told myself with mileage(100+) a day, some phone, car int. And 50% of lunches, which are at least the deductions I’m tracking or aware of that I qualify for. So if I make under 40k but more than 30k. With 30k miles, 500 ish in car interest, another 500 ish in meals etc. roughly this is 16k+ in deductions, which is well over any percent state/fed would take or require me to pay! So if, why would I owe, social security,Medicare/aid? Are these not optional? As well as I read I’d would not need to do personal income but for the business in place of. So the business(me) made x amount deduct expenses deductions whatever and this is the business profit and then I am taxed on that amount? Which in my mind would seem very low and or almost an untaxable amount?
