Running the numbers

Or you could buy an older truck that does not have any of the egr bs and put more money into your pocket.

 

The $1.05/all miles is a bit low - like real low. What was your plan on the truck purchase and were you going to lease to a company or obtain your own authority?

 

The wages seem a little low. Where are you gonna get your work from?? And your fuel numbers are off. When I was putting numbers together I based it off 5.5 mpg because you don't know what kinda mileage your gonna get with any used truck. But like I said you should do better revenue wise if you tell us what you're plan on pulling

 

Your taxes are wrong..its not 20%.

It's higher.

(8535) x weeks left in year = YTD estimate

your tax bracket goes up at the end of the year, but so do your deductions throughout the year.

This is for a W2 paycheck, I'm not sure how your paycheck works. But, in any case, those big paychecks have big taxes, and I don't think they're at 20%.

 

I've yet to file for first year as 1099, which is what they're looking at, but I think the business rate is 15% - on income after all deductions.

 

Exactly. Estimate higher fuel cost with lower MPG for cushion. My estimate was .40cpm, this year has been .30cpm.

 

That's ridiculously low. You had to have deducted EVERYTHING to pretty much destroyed any NET to get you down to a 15% bracket. But nevertheless, smart. Good job. Now you wait for your paycheck! Woohoo!

 

For self employed the tax rate for medicare and social security is about 15%.
That does not include income tax state or federal.

 

if your a 1099 it's called self employment tax and it's 15% for the 1st $118,000 then 2.9% after that
PLUS federal and state income tax...... some states that you THINK don't have state income tax do if you make over X amount