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Driver Leased to carrier responsible for SE tax

Discussion in 'Trucker Taxes and Truck Financing' started by xiipercent, Jan 1, 2012.

  1. Jan 1, 2012 #1
    xiipercent

    xiipercent Medium Load Member

    456
    129
    Mar 19, 2007
    0
    Am I truly self-employed?
     
    xiipercent, Jan 1, 2012
    xiipercent, Jan 1, 2012
    #1
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  3. Jan 1, 2012 #2
    Tardis

    Tardis Light Load Member

    211
    118
    Nov 6, 2011
    banned or retired
    0
    Can your "employer" tell you what to do and when to do it?
     
    Tardis, Jan 1, 2012
    Tardis, Jan 1, 2012
    #2
  4. Jan 1, 2012 #3
    G/MAN

    G/MAN Road Train Member

    7,031
    8,624
    Sep 3, 2010
    0
    If you own the truck and lease to a carrier you are responsible for your own taxes and yes you are self employed.
     
    G/MAN, Jan 1, 2012
    G/MAN, Jan 1, 2012
    #3
  5. Jan 1, 2012 #4
    xiipercent

    xiipercent Medium Load Member

    456
    129
    Mar 19, 2007
    0
    i'm prepping my taxes today...

    And am looking back at my best year.2008, as a reference.

    $7262 in SE taxse.

    on $51k AGI

    I think i've made a mistake somewhere.
     
    xiipercent, Jan 1, 2012
    xiipercent, Jan 1, 2012
    #4
  7. Jan 1, 2012 #5
    G/MAN

    G/MAN Road Train Member

    7,031
    8,624
    Sep 3, 2010
    0
    Your self employment taxes should run about 15% of your AGI. I would check to see if you have missed some deductions. You may also want to consider incorporating to save some taxes. There are no self employment or social security taxes on dividends. You could pay yourself a small salary and the rest as dividends. It may also pay you to hire a tax professional to do your taxes. Some are pretty good at finding ways to cut your tax bite.
     
    G/MAN, Jan 1, 2012
    G/MAN, Jan 1, 2012
    #5
  8. Jan 1, 2012 #6
    xiipercent

    xiipercent Medium Load Member

    456
    129
    Mar 19, 2007
    0
    My total tax bite that year('08) was $12164

    that's FeD + SE

    From a total of $73k that hit my direct deposit and $51k AGI
     
    xiipercent, Jan 1, 2012
    xiipercent, Jan 1, 2012
    #6
  9. Jan 1, 2012 #7
    Pedigreed Bulldog

    Pedigreed Bulldog Road Train Member

    7,737
    14,422
    May 7, 2011
    0

    How exactly does that work? You only had $22K worth of deductions? If you own the truck, the total ought to be at least twice that and you should be able to get that AGI down to around 2/3's or less of where you ended up.
     
    Pedigreed Bulldog, Jan 1, 2012
    Pedigreed Bulldog, Jan 1, 2012
    #7
  10. Jan 1, 2012 #8
    xiipercent

    xiipercent Medium Load Member

    456
    129
    Mar 19, 2007
    0
    Adjusted Gross Income $ 44,767.00​


    Federal
    | Taxable Income $ 35,817.00
    ​
    ​
    Tax ​

    ​

    | Total Tax $ 12,562.00
    ​
    ​
    Return ​

    ​

    | Total Payments/Credits $ 600.00
    ​
    ​
    Summary ​

    ​

    | Payment Due $ 11,962.00
    ​
    ​
    | Balance Due $ 12,164.00​

    | Effective Tax Rate 11.84%


    My Line 1 of Schedule C was $217,845
    Line 28 (total expenses) is $166,447

    ​
     
    Last edited: Jan 1, 2012
    xiipercent, Jan 1, 2012
    xiipercent, Jan 1, 2012
    #8
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