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Calculating How Much Uber Takes from Drivers

Have you ever wondered how much Uber makes from drivers? It’s difficult to know exactly how much Uber makes in profit vs. drivers’ profits, but senior RSG contributor Will Preston tackles this challenging question and shares his analysis below.

I made a little over $200 driving 400 miles last weekend in about 12 hours of driving. But the question I wanted to answer is how much did I actually make – and how much did Uber make – after we take all expenses into consideration.

New Lyft Driver - Earn 1500:week

How much Uber makes from you will depend on when and where you drive, and how much you make in tips will also factor in to your calculations. For the purposes of this article, I’ll break down some key concepts to understand before getting into the spreadsheet I created to determine how much money Uber makes off of my driving. I’ve included a copy of the spreadsheet for you to run your numbers as well – let us know what you come up with in the comments.

Have you ever wondered how much Uber makes from drivers? It’s difficult to know exactly how much Uber makes in profit vs. drivers’ profits, but senior RSG contributor Will Preston tackles this challenging question and shares his analysis below.

A $545 Tax Deduction Every Week?

Full-time rideshare drivers can put up to 1000 business miles a week on their car. Rack up your mileage deductions and track your business miles with QuickBooks Self-Employed.

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I Got a Huge Settlement Check From the Lyft Lawsuit!

Recently, some drivers who signed up for the Cotter vs. Lyft class action settlement received compensation from the result of the class action lawsuit. For many of us, it was a surprise (although a good one). Senior RSG contributor Christian Perea gives us an update on this lawsuit, who it applies to, and an update on future lawsuits.

On Wednesday, many old-school Lyft drivers in California woke up to an extra $10 to $6,900 in their bank accounts! But we had no idea what it was for and that it was a payout for the Cotter case.  The email announcing it (along with details) came a few hours later.

Recently, some drivers who signed up for the Cotter vs. Lyft class action settlement received compensation from the result of the class action lawsuit. For many of us, it was a surprise (although a good one). Senior RSG contributor Christian Perea gives us an update on this lawsuit, who it applies to, and an update on future lawsuits.

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Uber Instant Pay For Drivers: Here’s How It Works (Updated)

Harry here.  Rideshare driving is one of the most flexible jobs in the world, and now even the pay is getting more flexible with the nationwide roll-out of Instant Pay.  Today, senior RSG contributor Christian Perea updates us on what’s going on with Uber’s Instant Pay.

Uber Instant Pay is now available to all drivers on the Uber platform. In the past, it was a pilot program for select drivers and required the use of a GoBank checking account.  But now the program has been expanded to everyone and also allows you to use your personal debit card.

If you’re not familiar with the program, Instant Pay allows drivers to cash out their earnings on demand (instead of having to wait for a week!). The program disburses funds to the driver upon the driver’s request, has no minimum cash-out amount, and costs just $0.50 for each disbursement when you withdraw to your personal debit card.

You can also request an Uber debit card that links to a business account setup through a partnership with GoBank. Disbursing to the GoBank card does not incur a fifty cent fee, however it involves all of the responsibility (and headache) that comes with having another checking account.

Uber Debit Card from Gobank for Instant Pay

Uber Debit Card with GoBank

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All The Ways Uber and Lyft Drivers Can Get Paid Instantly

Harry here (sorry we had some trouble with our e-mail service today, so we’ll send the round-up tomorrow and here’s yesterday’s post).  There’s been a slew of instant pay options released lately and today, RSG contributor Jonathan Knope compares the top options from Uber and Lyft and walks you through the process for ActiveHours and DailyPay if you’re looking for a great third party option.

We’ve all been there: Your car needs a new part, or you get an unexpected bill in the mail, or you’re short on rent. What do you do? You could throw the charges onto a credit card – but that’s a dangerous game, and almost always ends up costing you more money in the long run. You could grab a payday loan – but that’s even worse than credit cards.

Fortunately, for those who are rideshare drivers, there are some pretty unique options that have launched over the past few months.  Today, we’re going to look at some of the top options for Uber and Lyft drivers for getting paid instantly and see how they stack up.moneynowsb

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