Well I think you're on the right track, but I'm unconvinced about the math.
You generate $4.80 for the average fare after paying Uber their cut. We agree on that part.
Where I question your methodology is that you subtract out the 30% rate you pay the IRS [[which I think is a reasonable rate)...leaving you $3.36...but then you subtract out $3.92 in reasonable wear and tear on your car afterward.
I think the arithmetic is right but the sequence of operations is wrong.
I'll let some accounting professionals chime in here, but if you're generating $4.80 after paying Uber, you should subtract out the $3.92 in wear and tear BEFORE calculating the taxes, not after. Why? Because the IRS wear and tear calculation is deductible expense that's fundamental to running your business. The IRS wants to tax your net income, not your gross revenue.
So you generate $4.80, but you subtract out $3.92 before you report taxable income, meaning you're only getting taxed on $0.88.
At 30% -- 25% fed plus 4.3% state -- [[
which would only be that high if you're generating $72,000 in joint income prior to working for Uber), you're paying less than 27 cents in taxes.
So now you're getting $4.80 per fare minus 27 cents in taxes = $4.53 per fare. 5 of those in an hour isn't bad money.
Is it worth it for you? Maybe not. Maybe yes.
The snow tires is a capitalized expense, not an operating expense, so you technically need to spread that cost out over the entire life of the tire. And, arguably, if you were already buying snow tires anyway, is it really an upfront expense?
Look, I have no stake in Uber, or in you driving for them. Is it good money? Like anything else, it depends on your alternatives. Am I going to quit my job as a financial planner to drive Uber cabs all night? No.
But if I had a reasonably nice car that wasn't too expensive to maintain plus really good gas mileage, it's not a total ripoff, either.