How Much Money Can I Make Driving For Uber?

How Much Money Can I Make Driving For Uber?
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You want to be your own boss, set your own hours, and do what you want to do. We get it. But first, you need to get an idea as to how much you can be making by driving for Uber. The amount will vary depending on when you drive, where you drive, and how long you drive for, so it’s a bit of a game to figure out just how much you’ll be making. Once you do get an idea as to how much you could be making, you can get out there and start making some serious cash. It’s all up to you.

How much can I really make?

The short answer is that you can make as much as you want. The more you drive for Uber, the more you make with Uber. You receive all of your fares weekly, and they’re all directly deposited into your bank account. Uber has even rolled out Instant Pay, which allows you to transfer your current earnings to a debit card account.

Really, though, how much can I really make?

To find out exactly what you’ll likely be making, you need to figure out how fares are calculated with Uber.

How Fares Are Calculated with Uber

Whenever a rider takes a trip with you, they’re charged a fare. The fare is calculated by seeing how far and how long the trip took to complete. Fares are calculated by taking a base fare and then adding that to time and distance rates. riders also get charged a booking fee.

In select cities, you’ll have different overall fees. So for example, in Los Angeles, it’s $0.15 per minute and $0.90 per mile. In San Francisco, it’s $0.22 per minute and $1.15 per mile. Chicago goes $0.20 per minute and $0.90 per mile. Boston has it set at $0.20 per minute and $1.24 per mile.

As an example, let’s say you’re in LA and you have a rider who wants to go from Downtown LA to West Hollywood. This is approximately 9 miles and 35 minutes away. The fare that the rider will pay is (9 miles x $0.90) + (35 minutes x $0.15) + $1.65 booking fee = $15.00.

What is surge?

During times of high demand for rides, fares will tend to go up in order to make sure that everyone can get a ride. For riders, surge means quick and reliable pickup. For drivers, this means increased fares and a steady supply of riders as well. Prices increase when many people all request a ride in the same area. They also increase if there are not enough drivers in the same area.

When you’re online as a driver, the app will display areas with high demand in shades of red. The deeper the shade of red, the greater the demand. Surge pricing is figured out by multiplying the trip’s fare by a set surge multiplier. This multiplier applies to every aspect of the fare, and not just one or the other.

As an example, let’s say you’re in Chicago and are going from O’Hare to Wrigley Field. This is approximately 33 minutes and 13 miles away. Here’s what you would be earning if the trip surged to 1.5x: You take your $1.70 base + (13 miles x $0.90) + (33 mins x $0.20), and that gives you $20. Then, with a surge multiplier of 1.5x, it’ll be $10. Gross fare is $20 + $10, which equals $30. Your net payout for this would be $30, minus the Uber fee of course.

With Uber, you get to set your ow schedule and only drive when it works for you. There’s no office to commute to, no boss to suck up to, and you’re in charge. The amount that you actually make is totally up to you. What you make as an Uber driver on average depends on where nd when you drive, and how many hours you drive each week.

Drivers across the country are making different amounts depending on where they are. Drivers in San Francisco make $732/week in earnings. Drivers in Los Angeles make $616/week in earnings. Drivers in Chicago make $648/week in earnings. Drivers in Boston make $732/week in earnings. According to a national study, drivers on Uber averaged more than $19 an hour in earnings across the top markets. In New York City, the average is more than $30 an hour.

What expenses does Uber cover?

Uber does offer $1 million of coverage. Uber will cover from the moment that the customer gets in till the moment that they leave. There’s also comprehensive and collision coverage, so Uber will cover a car up to the amount that it costs.

How do drivers with Uber pay taxes?

When you drive with Uber, you’re a totally independent contractor who is running their own business. Taxes are not withheld from state or federal governments. This all means that it’s your responsibility to file your own taxes at the end of the year. Uber has also added a new feature to the partner dashboard that will give all of the partners access to their materials for tax, and every partner will receive a tax summary directly from Uber along with their 1099.

You want to be your own boss, set your own hours, and do what you want to do. We get it. But first, you need to get an idea as to how much you can be making by driving for Uber. The amount will vary depending on when you drive, where you drive, and how long you drive for, so it’s a bit of a game to figure out just how much you’ll be making. Once you do get an idea as to how much you could be making, you can get out there and start making some serious cash. It’s all up to you.

So how much can you make driving Uber? As you’ve seen, it’s really all up to you. You decide when you drive, you decide where you drive, and you set all your own hours yourself. While this list isn’t exhaustive, it should begin to give you some kind of idea about how much you can make driving for Uber. While it can vary widely depending on when you’re driving and where you’re driving, driving for Uber can give you the opportunity to make some serious cash off of your vehicle by driving other people around for a living.

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