Self employed Walmart Spark Driver
Good afternoon, I am looking into working as a Spark Driver for Walmart. I am considered to be an independent contractor and held reliable for my own tax's. I have always had a W-2 job in the past. I do have 2 dependents and have always received the EIC. If I were to pursue this job, how would it effect the EIC?! Would I still be eligible?! I'd be making about the same amount of money as my current W-2 job. Thank you.
Quick Answer:
Working as an independent contractor, such as a Spark Driver, means your income is considered self-employment income. This type of income **can** qualify for the Earned Income Credit (EIC), similar to W-2 wages.
The main difference for EIC purposes is that your "earned income" from self-employment is generally your *net profit* after deducting all ordinary and necessary business expenses. This means expenses like mileage, vehicle maintenance, and phone costs will reduce your gross income to arrive at the net profit reported on Schedule C.
Your eligibility for
Note: This answer is provided for convenience only. It is important that you speak to a CPA about your individual tax situation.
