Workers in the gig economy could get short changed when it comes to their Social Security checks in retirement. That's because the growing ranks of people who earn money on apps like Uber, Airbnb and Task Rabbit are more likely than traditional employees to misreport their income.
Part of the problem is that independent contractors and gig workers are not always supplied with tax forms, Bruckner said. And taxpayers are 63% more likely to misreport their income when they aren't subject to payroll withholding at a job or don't receive a 1099 tax form, she said."If it's not your primary source of income, you're not going to remember when it comes tax time that you earned $1,000 last summer driving for Uber," Bruckner said.
Nonetheless gig economy workers are responsible for making advance federal and state income tax payments each quarter of the year if their income triggers $1,000 or more in taxes, according to Bruckner. "The amount a person earns is usually accessible via a platform's dashboard but that is not the taxable income - it's gross profit," she said. "Expenses need to be accounted for and deducted from that to get to taxable income."
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