Help with spreadsheet?

I looked at your spread sheet and you show $240,000 as gross income. You use a 25% tax rate of that amount, but you show $180,000. That would be 75%.

240,000*0.25%=60,000.

I think that will change your cpm by quite a bit and you should no longer be in the red.

 

Yes - you screwed up. You pay taxes on the net and not the gross - if per your spreadsheet you plan on the profit being $40,000 then that number would be your net amount. With that amount add in deductions to arrive at your Adjusted Gross Income. After that add in the personal exemption and any potential deductions or credits that you may have to arrive at the figure you owe Uncle Sam including the Self Employment Tax.

As for the lumper that would be reimbursed by the broker or shipper and if it is place that allows you to do it yourself you can pocket the money.

I am sure others will chime in with other things that they notice but luckily you do not owe 25% of your top line - you only pay taxes on what you keep, not what you bring in. At least not yet....

 

Funny, when something is that obviuos and we can see it. I always hate when that happens or when you point it out to somebody and they are ready to punch you in the mouth, because they have been scratching their head for awhile.

I see you are in Graham. I am over in Gig Harbor. Would you be running your own authority and what kind of trailer are you planning on using?

 

Do you see enough good paying loads in and out of Washington or what lanes are planning on running? Do you have customers lined up or are you planning to run of the load boards? I run mostly refrigerated loads and some of the prices I see coming back to Washinton are not that great. We end up running some cheaper freight back to get the truck back home on some occassions, but usually we have regular loads for our regular trips that pay okay. The company makes their money on the outbound trip since they sell their product to their customers and get paid for the trucking part as well.

I am back and forth about getting my own truck. I had an O/O that had me looking into flatbedding, but than did not come through with the mentoring he had indicated. Right now I am really happy with the company I drive for. I make enough money to pay my bills and I am home a lot too. I know myself to well and I would get greedy and would be running like crazy, because I would take any good paying load and forget to live life.