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Grange95's profile
Grange
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@Grange95

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Grange

@Grange95

Recovering lawyer, Huskers & Packers fan, poker degenerate, scurvy fighter, sarcastic SOB ... Mostly here for the dogs.

West Des Moines, IA
craakker.blogspot.com
Joined April 2009

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    1. LV Cabbie Chronicles‏Verified account @LVCabChronicles 9 Sep 2019

      Rideshare Math: Booked $192.40. 9.5hrs. 206 miles. Using the IRS milage deduction, which accounts for fuel, maintenance & depreciation, and doesn't account for increased rideshare insurance costs is .58/mile. 206 x .58 = $119.48 192.40 - 119.48 = $72.6 ÷ 9.5 = $7.64 per hr.pic.twitter.com/CmFtH950tK

      12 replies 3 retweets 25 likes
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    2. jasonssimon‏ @jasonssimon 9 Sep 2019
      Replying to @LVCabChronicles

      You made 192.40/9.5 hours=$20.26/hour you are taxed on $72.6 of that as you can deduct the $112 as expenses....

      2 replies 0 retweets 1 like
    3. LV Cabbie Chronicles‏Verified account @LVCabChronicles 10 Sep 2019
      Replying to @jasonssimon

      I'm not sure what your point is. I never said that there were no deductions one could take. I was just pointing out that my bottom figure hadn't even contemplated any tax liability yet, and if any, it works in opposition to said figure.

      1 reply 0 retweets 0 likes
    4. jasonssimon‏ @jasonssimon 10 Sep 2019
      Replying to @LVCabChronicles

      My point is that your post suggested that you calculating a reduction of your income based on the federal mileage rate. I’m saying that number doesn’t come off your income, but rather reduces the amount of gross income subject to tax.

      1 reply 0 retweets 0 likes
    5. Grange‏ @Grange95 10 Sep 2019
      Replying to @jasonssimon @LVCabChronicles

      I think he’s using the IRS rate as a proxy for certain expenses (e.g., gas, maintenance, repairs, depreciation). Those expenses are real which is why they are deductible. So there is a real hit to income.

      1 reply 0 retweets 0 likes
    6. jasonssimon‏ @jasonssimon 10 Sep 2019
      Replying to @Grange95 @LVCabChronicles

      Agree, but they don’t reduce income 1:1 because they reduce the taxable income...

      3 replies 0 retweets 0 likes
      Grange‏ @Grange95 10 Sep 2019
      Replying to @jasonssimon @LVCabChronicles

      Those expenses (maintenance, repairs, depreciation) come out of income in big chunks at unpredictable times. That’s why the IRS deduction smooths (amortizes) those real expenses out over the relevant time period.

      6:18 PM - 10 Sep 2019
      0 replies 0 retweets 0 likes

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