Taxes Quarterly/Anually

You are required to pay quarterly estimated taxes on your projected years earnings by the Federal Government. I don't know what state you are from, but in Indiana you are required to file quarterly also. If you don't file quarterly you will be required to pay a penalty by the Feds and Indiana Department of Revenue.

 

P.S. You can go online and read the exact verbage on the IRS website, as well as your home state department of revenue website.

 

I save 8% of my gross every paycheck,next one coming is 09/17/12.You can go to irs.gov and print out the form 1040-es.They will have information how to send it.Good Luck

 

Remember that you have to pay self emeployment tax that is about 15% of your gross. This is for social security. You are required to pay both what you would pay and what an employer would match. 8% seems like a low figure to me. I save 30% of my gross so I have more that enough to pay my taxes quarterly. This also leaves me a little cushion in case I need somethimg for the truck.

 

Yes but that is your gross before fuel repairs etc.

 

Correction,my post is for O/O not company drivers.8% of your gross is more then enough before deductions.