Although the June 7 jobs report showed that U.S. unemployment held steady at 3.6 percent, its lowest level in nearly 50 years, wage growth also was slow.
That might help explain this week's Saturday Shout Out article from MarketWatch that one-third of Americans say they need a side gig to pay expenses.
"A lot of people are working side hustles because even though the economy is strong, wages are stagnant," Amanda Dixon, an analyst at Bankrate, told MarketWatch. "For a lot of Americans, expenses are rising, but there are no raises at work."
Side gigs include everything from working as a bartender to running online blogs or social media accounts. The most common side hustles in 2018 were home repair and landscaping, selling products online, crafts and child care.
Taxes on side hustle income: Do you depend on the gig economy of some or most of your income? Either way, you'll owe taxes on that side hustle money.
These Don't Mess With Taxes posts provide info and tips on handling taxes on freelance earnings:
- 5 tax tips for freelancers, gig economy workers
- Things to consider if the new tax law has you thinking about becoming an independent contractor
- Employee or contractor? The IRS has some guidelines on when each work status applies
- IRS watchdog says federal tax agency needs to improve efforts to collect taxes on gig economy income
- The scoop on paying estimated taxes
- Report all your income even if you don't get a 1099 form
If you're just getting home from your weekend side job, check them out after, of course, taking a break and winding down from your added employment.
Advertisements
