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Help is on the way for Uber, Lyft drivers and other gig workers as economy sputters

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“That shift in the economy, we’re not going back, so I think hey, when we get through this people are going to be renting out rooms again and sharing their vehicles and participating in opportunities. So I don’t think there’s any necessarily turning back on the gig economy, I think it was such a shock to the system of many folks that were participating in it that saw this as their full time job. And there really isn’t a nice safety net, although some of the programs may be addressing and supporting them,” Goldberg said.

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Economy

Picking a Pandemic Side Gig Takes Hustle | Personal Finance

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Many platforms charge registration, listing or commission fees, which can cut into your earnings. Some gigs also require you to pay expenses like gas and insurance for your vehicle. If you’re a rideshare driver, delivery driver or mover, your personal auto insurance policy doesn’t cover you for commercial risk, Kristof says.

“Some online platforms automatically cover you with a commercial policy. Others do not. So you should always look for that if you’re working for an online platform,” Kristof says.

Still, that won’t necessarily cover you in all circumstances, such as when you’re en route to pick up an order. Talk to your insurance company to ensure you get the proper protection.

You’ll also want to find out whether you’ll be classified as an employee or independent contractor. This determines how you’ll pay taxes and whether or not you’ll be entitled to certain benefits. Independent contractors need to set aside a portion of their pay for taxes themselves. Employers automatically withhold income taxes for employees and usually offer health insurance, 401(k) matches or paid time off.

Weiler Reynolds says freelancers or contractors may also have to pay taxes quarterly, which can be a bigger time investment.

Don’t forget to make safety a priority. Find out what protective measures the company or local government requires while you’re on the job. If you’re unable to avoid contact with others, prepare to take appropriate precautions, such as wearing a mask or gloves.

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Economy

How to Work as a Consultant in a Gig Economy – TAPinto.net

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Economy

California Voters to Decide Gig Economy’s Fate – Voice of America

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