Uber drivers earn money on a dual per mile and per minute formula, while Uber collects service and booking fees that vary by geography each time a trip is taken. In total, I drove 11 trips on Uber and 16 trips on Lyft, for a total of 27 trips. So there you have it. Whatever the reason, once you start driving for Uber, you are designated as an independent contractor and have to file tax returns at the end of the year. A 2018 Prius Two Eco is currently retailing for $25,165. Here's what the drivers earn: Pay Per Hour: $8.55 - $11.77. That is how one week of being a part-time Uber and Lyft driver went. Average Uber driver income is $364/month ; US Uber and Lyft drivers’ median hourly rate can be as low as $8.55 (The Guardian) 40.9% of Uber drivers are women as of 2019, up from 36.1% in 2017 ; Female Uber drivers have been found to make 7% less than male drivers – or $1.24 per hour less At some point, the “no profit… Tax Deductions/Mileage Tracking. Both Uber and Lyft, for all their size and world dominance, have yet to come close to figuring out how to become profitable. Revenue of $4.1 billion, growing 37% year-over-year or 39% on a constant currency basis Rides Adjusted EBITDA of $742 million, with continued margin expansion Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the fourth quarter and full year ended December 31, 2019. It is the elephant in the room. 5) Neither Uber Nor Lyft Will Make A Profit In 2020. Overall, Uber says it lost $8.5 billion in 2019 — a sign of just how steep Uber’s path to profitability will be. Since most drivers drive for Uber and Lyft’s lower end service, we’ll assume most UberX drivers have lower-end cars like the Prius and we’ll show you how to calculate the depreciation on it. Most Uber drivers are either employed in a full-time job and using Uber to make more money, or are fully self-employed using Uber as their main source of income. Most drivers don’t understand the importance of rideshare taxes, and oftentimes overlook important elements such as deductions, write-offs, and properly classifying themselves when filing a tax return.. Tax deductions are SUCH an important factor to maximize Uber earnings that we did an entire unit on Uber driver taxes alone. Still, I had to say it. Sooner or later, though, Uber has to realistically prove to investors that it may be able to turn a decent profit at some point in the future. CNBC spoke with the company's drivers … This is not a revelatory prediction. As Uber's initial public offering unfolded earlier this month, drivers across the country went on strike to denounce low wages and lack of benefits.