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Millennial Money: 3 Things To Know If You’re New To Gig Work

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FILE - In this July 1, 2020 file photo, Instacart worker Saori Okawa loads groceries into her car for home delivery in San Leandro, Calif. Many new gig workers aren’t aware of the tax obligations associated with their new status as independent contractors. Delivery drivers, grocery runners and freelancers need to pay income and self-employment tax on their earnings, which can amount to 30% of their earnings. (AP Photo/Ben Margot, File)

Many new gig workers aren’t aware of the tax obligations associated with their new status as independent contractors. Delivery drivers, grocery runners and freelancers need to pay income and self-employment tax on their earnings, which can amount to 30% of their earnings. Potential gaps in insurance coverage can also be an unwelcome and expensive surprise. You can head off these issues by planning ahead and reading the fine print. Tracking expenses, saving for self-employment taxes and reviewing insurance coverage should be top priorities for those new to the gig economy.

 

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