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Saving For Tax Time

Discussion in 'Trucker Taxes and Truck Financing' started by AbbandonZK, Sep 29, 2016.

Page 1 of 2
  1. Sep 29, 2016 #1
    AbbandonZK

    AbbandonZK Light Load Member

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    May 6, 2013
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    My new employor pays .31 CPM plus .10 in per diem. However in addition to that they do not remove state taxes out of my paycheck. So yes the paycheck is 4-700 but I already know it's not supposed to be that. I've been putting away 100$ out of each check for taxes and whatever's left over from the last paycheck but I can't tell if I'm over saving or under saving.

    What's the best way to budget for the mess that not removing state tax and per diem is going to leave me with come April?

    I'm sitting on 1.7K in CC debt and will have to soon pay for my grandfathered $350 a month insurance.
     
    AbbandonZK, Sep 29, 2016
    AbbandonZK, Sep 29, 2016
    #1
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  3. Sep 29, 2016 #2
    w.h.o

    w.h.o Road Train Member

    3,583
    4,094
    Jan 10, 2011
    Chicago, il
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    It's better to over save then under. If you can keep doing 100 a check, you should be good and have extra to have fun with
     
    w.h.o, Sep 29, 2016
    w.h.o, Sep 29, 2016
    #2
  4. Sep 29, 2016 #3
    Ridgeline

    Ridgeline Road Train Member

    22,636
    120,636
    Dec 18, 2011
    Michigan
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    Do they take federal out?

    I was told by me accountant that if I take federal out, stare has to come out too.
     
    Ridgeline, Sep 29, 2016
    Ridgeline, Sep 29, 2016
    #3
  5. Sep 29, 2016 #4
    johnhardin

    johnhardin Bobtail Member

    14
    9
    Sep 13, 2016
    Upstate, SC
    0
    Last edited: Sep 29, 2016
    johnhardin, Sep 29, 2016
    johnhardin, Sep 29, 2016
    #4
  7. Sep 29, 2016 #5
    TROOPER to TRUCKER

    TROOPER to TRUCKER Anything Is Possible

    7,678
    12,749
    Dec 15, 2014
    Charlotte, NC
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    Dude get another gig is that even minimal wage?
     
    TROOPER to TRUCKER, Sep 29, 2016
    TROOPER to TRUCKER, Sep 29, 2016
    #5
  8. Sep 30, 2016 #6
    AbbandonZK

    AbbandonZK Light Load Member

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    May 6, 2013
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    They take federal out just not state tax.

    I can't I need 2 years just to even get my foot in the door with any of the tanker companies. I almost have a year and a half of ticket and accident free driving. I don't want to go back to dry van.

    They also want the original bills of lading after they pay us? This seems strange they claim its becuase they are a food grade transporter.
     
    AbbandonZK, Sep 30, 2016
    AbbandonZK, Sep 30, 2016
    #6
  9. Oct 1, 2016 #7
    Cowpie1

    Cowpie1 Road Train Member

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    Nov 25, 2008
    Kellogg, IA
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    State tax is usually not nearly as high as federal, depending on state one lives in. Check with your state revenue folks and see what the tax rates are and set aside accordingly for tax time. The ordeal seems a little strange.
     
    Cowpie1, Oct 1, 2016
    Cowpie1, Oct 1, 2016
    #7
    thejackal Thanks this.
  10. Oct 1, 2016 #8
    RustyBolt

    RustyBolt Road Train Member

    2,073
    3,334
    Feb 21, 2015
    Bement, IL
    0
    If you feel that you need to get 2 years in before you change jobs, so be it. But I would be putting apps in everywhere. Some places will overlook their posted 2 yr minimum requirement if you have a clean CDL. You are getting raped at .31+.10 You'd be better off running for a 1099 company. Well, maybe not. lol
     
    RustyBolt, Oct 1, 2016
    RustyBolt, Oct 1, 2016
    #8
    thejackal Thanks this.
  11. Oct 1, 2016 #9
    Cowpie1

    Cowpie1 Road Train Member

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    Nov 25, 2008
    Kellogg, IA
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    I have to agree on that one.
     
    Cowpie1, Oct 1, 2016
    Cowpie1, Oct 1, 2016
    #9
  12. Oct 5, 2016 #10
    hbfarm3

    hbfarm3 Bobtail Member

    29
    8
    Aug 2, 2010
    toano,va
    0
    Depending on state there may not be a state income tax
     
    hbfarm3, Oct 5, 2016
    hbfarm3, Oct 5, 2016
    #10
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