If you’ve ever stopped and looked at your Lyft earnings statement, unsure what the newest line balance means – you’re not alone.
With a never-ending glossary of terms, it can be confusing to know what is what. We’re breaking down everything to know about your statement, including what each term means.
Lyft offers a much more detailed look at your weekly earnings, so not all statements look the same, but here are some common items a Lyft driver might see on their weekly breakdown or statement.
Activity
Below the earned amount, Lyft lists the activity that a driver engaged in during the week. This is where you might find totals like the number of rides given or the time active on the app.
Trips
Trips in the Lyft app are just the total number of active trips you perform during a week. Every time you complete a trip, your total trips will go up by one.
Online Time
If you’re asking yourself what online time is in the Lyft app compared to active time, you’re not alone. Your online time is the amount of time that you were logged into the app and not doing a job. It can include when you log in and get set up for the day or any lull between rides.
Booked Time
Booked time is the time you spend actually working and engaging in a job. So if you were driving to pick up a passenger or transporting them, this would fall into the active time category. If you were to be logged into the app and never get a job during the day, you would have 0 booked time.
Earnings
The earnings section on a Lyft statement help to break down everything you need to know monetarily. It’s an all-in-one detailed overview of your earnings and even losses throughout the week.
Net Earnings
The net earnings on your Lyft statement are one of the most important figures to understand. As with any net income, the net earnings are the amount that a driver will have earned after all necessary fees and costs are covered. Compared to a gross income, the net income is considered your take-home pay.
Ride Earnings
Lyft earnings statements have a section called ride earnings which specifically details how much you’ve earned from rides alone. This number excludes any bonuses, promotions, or tips.
Tips
The tips section on your earnings statement will outline how much a driver has earned during the week from tips alone.
Ride Adjustments
Ride adjustments are earnings that Lyft has modified. This can look different depending on the situation. For example, in California, Lyft drivers must make 120% of the minimum wage. If unachieved by the driver, Lyft can adjust this.
TLC Rate Adjustments
Similar to the ride adjustments, the TLC rate adjustment is a modification by Lyft for drivers of New York. This is in accordance with New York law which states that Lyft drivers must make a minimum income as well as other assistance.
Miscellaneous Earnings & Reimbursements on Your Lyft Earnings Statement
There are a number of other associated expenses and costs that may pop up in your earnings statements from time to time. If you’re not sure of a term on your earnings statement, check the breakdown below.
Tolls
If you need to pay a toll while on an active ride, you will be reimbursed for the cost. Typically, the rider is charged the amount of the toll in their fare, and the amount will be reimbursed as outlined in your earnings statement.
Cancel Earnings
When a rider cancels their ride with a driver for whatever reason (outside of the grace period), the driver will be provided a convenience fee for their trouble. This fee can be found on the cancel earnings line of your statement.
Lost and Found
Passengers are notorious for leaving their belongings behind, despite your best warnings. If a passenger leaves something behind and you need to return it, fees are imposed to help cover your inconvenience and the cost of the commute. That reimbursement can be found in the lost and found section.
Damage
If a rowdy passenger were to cause any damage to your vehicle, the damage fee, as determined by the company, will be reimbursed here. The amount will depend on where the damage occurred and how big or small it is.
Commercial Insurance Credits
Rideshare drivers require specific insurance for their vehicles when working. If you live in a place where it is required, you may receive a commercial insurance credit to help cover the cost of insurance.
Airport Pickup Bonus
Living near an airport does have some perks, especially for rideshare drivers. Because demand is high (and hassle), you may be eligible for a bonus if you pick up a passenger at the airport.
WAV Bonus
The amount of wheelchair-accessible vehicles on the road is minute. Because of this, drivers who offer a WAV for those in need may be eligible for a bonus.
Paid Sick and Safe Time
Rideshare companies have started to offer paid sick and safe time in response to the coronavirus. If eligible, drivers may be able to receive up to 14 days of paid sick and safe time.
Long Pickup Bonus
A long pick up occurs when the time it takes a driver to get to a pickup is longer than the assumed time it would take. Whether it is because of construction, traffic, or another reason, drivers may begin earning a bonus for time over that predetermined pickup estimate.
CA Earnings Adjustment
California mandates that rideshare drivers make 120% of the minimum wage. Because of this, any earnings below this will be adjusted.
Mapping Bonuses
Lyft offers bonus zones on a map that allows drivers to earn more with every trip. Whether it be a $2 bonus or $5, those zone bonuses will show up on this line.
Snow Bonuses
Drivers in certain locations may be able to collect a snow bonus for rides given during snowy or inclement weather.
Bonuses & Rewards on Lyft Earnings Statement
Lucky for drivers, there are a number of bonuses and rewards that can help to up earnings throughout the year. Here are just a few that might pop up on your earnings statement from time to time.
Bonus
Any general bonus payment a driver has earned during the week can be found here.
Streak Bonuses
If you accept multiple back-to-back rides during a busy time (as determined by Lyft), you may be eligible for a “streak” bonus!
Top Driver Bonuses
If you’re deemed a top driver in your area, you may be eligible for a top driver bonus. The bonus amount will show up here but can vary.
Ride Challenge Bonus
Rideshare apps sometimes run challenges to boost turnout. The guidelines can look different for every challenge run. Generally, they require that you complete X amount of rides in X amount of time.
Preferred Bonuses
When you accept a preferred ride, you will be compensated with a small bonus. Preferred rides are an option presented to riders who want extra comfort in the car they choose.
Lyft Rewards Cash
If you give a ride during peak time or other promotions, you may be eligible for Lyft Rewards Cash.
Driver Referrals
Have someone in your life that may want to drive? You’re able to receive a driver referral bonus within one to two billing cycles.
Guarantee Bonus
Some localities require a minimum income for rideshare drivers. Because of this, any gap between your earnings and the minimum required by law may be supplemented by your rideshare app.
Platinum Bonus
With the different reward statuses and levels, drivers may be eligible to receive a bonus for achieving a new level, like platinum.
Busy or Bonus Guarantee
If you’re not able to get a ride within a set amount of time, Lyft may reimburse you for the time spent waiting. The time is set at 5 minutes but is not a universal option.
Rental Fees
If you’re currently renting a vehicle through Lyft or an affiliate to rideshare, you may see associated rental fees right in the app.
Rental Rate
This is the amount that you’re paying for your rental each pay period. Usually, Lyft will subtract the amount of your rental rate from your earnings automatically.
Fuel Surcharge
The cost of fuel for the rented vehicle upon return is not equal to what it was when initially rented.
Loss Damage Waiver
The cost of the waiver covers loss and damages associated with the rental car. This is not required.
Rental Taxes & Fees
Taxes and fees associated with your rental.
Rental Misc
Any remaining expenses associated with your rental that do not fit into another rental fee category.
Taxes & Fees
A few remaining miscellaneous taxes and fees may pop up on your next earnings statement.
Express Pay Fee
Need money sooner than payday? You can withdraw your earnings sooner, but it will cost you. The express pay fee is a small fee put on early withdrawals.
GST/HST Taxes
Additional taxes may be placed on earnings in certain locations. The Goods and Services Tax (GST) and Harmonized Sales Tax (HST) are two examples of local additional tax deductions for drivers.
The Bottom Line on Lyft Earnings Statements
Lyft bonuses and terms are constantly changing, making it as important as ever for you to take the time to learn and improve your understanding of Lyft pay. This guide acts as a jumping-off point, but don’t forget to read up on promotions that may add a new pay line to your statement.
New to the Gig economy? Read our ultimate guide here.