Per Diem pay is coming

OK, NWW...I do that now, so whats the big deal............

 

pick up the form next time you're at a terminal.
They have the sign-up/waive sheet, an FAQ sheet, and the memo explaining it all.

 

hmmm i'll have to check on those forms when i get back to Brooks.

 

Hi all, Jim in truck 3301 here, May is overall a good company, sometimes I get my feelings hurt but hey I do wear my heart on my sleeve!!!
Don't be hating!!!!!

Here is the scoop on per diem from any trucking company....
Part of your mileage pay will be paid as per diem and part will be like any other wage, (taxable income), which will add up to your total wage or cpm.
There are a few things to consider,
1) the amount of per diem will reduce the amount the company puts in your FICA (social security), so you won't accumulate as much for when you retire. Can you say INVEST?

2) it will also reduce what the company pays into unemployment so, God forbid you get laid off (not an issue at May if you DO YOUR JOB!), you will not receive as much for unemployment weekly benefits.

3) it will also reduce the amount the company pays into workman's comp, so again, God forbid you get hurt, you again will receive less compensation.

Something to consider, most OTR companies do not give you the option,
MAY DOES!

I have chosen to opt out of per diem and take the deduction for perdiem when I file my taxes at the end of the year ( you can deduct 80% of the allowable $59.00 per day for each day you are away from home) Hey that is a bunch of cash in my world!!

Having said all that, it boils down to... Take per diem, and have more net disposable income on your weekly check, or take the per diem deduction at the end of the year.
Good Luck and Traveling Mercies!

If ya see a new 2010 Prostar running with 3301 on the hood.... wave a hand, but please wave all your fingers!!!!!!

God Bless you Truckers

 

Ya, I also opted out. Wife and I are hoping to be in a house sometime in the next 3 years, and showing all my income will definately help. Some other reasons as well, but this was the biggest.

 

Did it get your attention? Yes!! Then it worked! BTW it was made by a women and I feel it is tasteful!

 

Just so you know per diem is an amount that the company will pay you pre-tax. How ever May has it set up mostly it is Xcents per mile or something like that. As for claiming the deduction at the end of the year on your taxes you still get too. On your W2 it will show how much they paid in per-diem and your tax person does the math on how much you should have deducted then minuses the amount you was paid over the year and you still get to claim the difference.

Example lets say you are on the road for 320 days out of the year. You get the daily rate of $59 * 0.80 = 47.2 and that comes out to $15,104. Then lets say May paid you over the year the pier-diem amount of $11,000 that would be listed on your W2. The tax person would then take the diference $4,101 and deduct that from your taxable income.

So it just depends on if you want to have the money each paycheck or wait on the goverment to send you a bigger tax return.

This is what I have found out over the past 5 years of driving. Also I got lucky the first year when the company I worked for did not listed the pier-diem on the W2 and I was paid it per check. The tax account I used filled my taxes with the full deduction and I was paid $XXX (can't remember) from the employer tax free. So I got twice the money or deduction that year. Glad the account did it and they have an audit clause in the forms I signed saying if its their fault they will pay the penalties.

I am not currently a May driver, and have never been. I am looking into possibly driving for them, but wanted to share the info.