Quotes 911

Formula for fuel cost (these are FAKE NUMBERS )

Run is 1000 miles

1000/5.0 = 200 gallons
200 gal x 3.85 = 770.00

770 fuel costs / 1000 miles = 0.77 ( 77 cpm ) fuel cost

That is for fuel costs only per mile at your figures . This does not take in account idle cost . For loads less than 1000 miles or more just plug in the actual load miles to calc your cpm for fuel ..

This does not take in account for

Truck
Insurance
IFTA
2290
Idle costs
Maint fund
Escrow

Or your wage ...

 

For accounting purposes in a S Corp with an owner/driver, not paying yourself premium wages and taking more profit eliminates paying SS and Medicare on more of your income. But yes, you are correct, too many work for less than they would make as company drivers.

 

No it does not and your assuming every one is a S corp

You could be - S corp , LLC , Sole Prop

If Sole Prop you pay self employment taxes which is same as SSI

 

I'm not saying any way is way to go but ... You cannot assume ones corporate make up .

 

Tax and book and two different animals. For book you need it all added in. For tax you minimize it. For caculating cost's you use book and move to tax for the most beneficial. I just can't believe how much some give up without even knowing it. I'll fire someone and give them a job if they want to drive for household costs,no benefits and even give some profit sharing to them.

 

S/P pays all on personal income. LLC is a pass thru,then taxed on personal income. Try an S-corp(1 truck) and call 50%personal income and 50% gain and see what happens if you're audited.

 

Your fighting the wrong guy ... I never said I was an S-Corp

 

Assumptions about what someone means with regards to "household" might be wrong too. I don't have an education beyond a high school diploma but I know exactly what I'm doing.

 

Never said you were. Just pointing out that tax structure has nothing to do with book cost.

 

Well if household expenses include income taxes,medical insurance,savings,retirement and just extra cash for toy's and vacations,ect then it would be a wrong assumption.