Taxes

Discussion in 'Lease Purchase Trucking Forum' started by Alexp2686, Jun 10, 2020.

  1. Alexp2686

    Alexp2686 Light Load Member

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    I get paid weekly and theyre taking 625 a week out of my check for the truck payment, do I need to pay taxes after the 625 or before?
    Example: 1900 - 625 then the 25% or is it 1900 -25% ?
     
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  3. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    You need to talk to a cpa that know this industry and get your business set up correctly. I hope you aren't doing a lease/purchase.
     
  4. Alexp2686

    Alexp2686 Light Load Member

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    I know I need a cpa, i was just wondering if anyone knew. It is a lease purchase, Its 625 a wk and it includes insurance n plates. Loads pay 430 to 480 for 120 miles, but its alot of heavy containers.
     
  5. Alexp2686

    Alexp2686 Light Load Member

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    It does say i can break it for 500 bucks tho.
     
  6. I glide 47

    I glide 47 Road Train Member

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    Fleases, aren't very popular here
     
  7. Long FLD

    Long FLD Road Train Member

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    9% of your gross pay should get you in the ballpark for the taxes you owe once your deductions are all taken out.
     
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  8. bad-luck

    bad-luck Road Train Member

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    Your taxable income is after expenses. After your truck payment, insurance, permits, fuel, ect.. But so your self a favor, hire a cpa! They will advise you what your estimated quarterly tax payments should be
     
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  9. Alexp2686

    Alexp2686 Light Load Member

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    I see that. From what ive read, some make it work and for some its a nightmare. Most of the people I talked to atbthis company have done well tho. Every driver ive met that works at this company told me theyre doing really good. 2 are on their 3rd truck so idk im keeping my fingers crossed.
    Its a small company with only 31 drivers at my location.
     
  10. Alexp2686

    Alexp2686 Light Load Member

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    The lease is 625 a week and that includes insurance plates permits only thing ill be paying is fuel. I hear you, Im going to meet with a local cpa this weekend. Thank you
     
  11. bad-luck

    bad-luck Road Train Member

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    Baltimore, Maryland
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    Ok, good idea. I am just curious, is there a balloon payment at the end of your lease? Also how long is your lease? Is it a "walk away"?
     
  12. Alexp2686

    Alexp2686 Light Load Member

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    Its 500 for the last payment and to break the lease its also 500. I just talked to another driver yesterday who said he was 6 months from paying his truck off and he loves the company. The lease is for 3 years, but the goodnthing is if youbtake a week off, or only work 3 days they wont take the truck payment.
     
    Rideandrepair Thanks this.
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