Operating Costs

Ok sorry I’m a rookie. So I go thru adp to pay my self as an employee (W2) of my company. I go thru adp because I fear I might mess up on paying my taxes daduct something wrong. I also have my health insurance my 401k and IRA thru my company. So I basically work for my company. My company bank account is separate from my personal account. So when I’m doing maintenance I pay myself 20.00 dollars an hour and stuff like that. Would you recommend doing something different?

 

This is the best way to do it IMO

 

That explains a lot. Nobody paying a truck note has an operating cost of only 42 cpm.

 

I’m glad someone else thinks like me. I have no idea my cost of operation. Never cared too. I just coast along with life and it’s expenses. I outbound from Florida 2 sometimes 3 times a week to The Carolinas or Georgia and just come right back. Sometimes Small Triangles but yeah. I’ve been out here O/O with my million mile Volvo since 2014. Doing just fine.

 

Post them

 

I pay myself a salary through my account. Costs $50 a month. I pay myself as a w2 employee. I then pay my payroll taxes monthly.
If I need or want more money I have them pay it as a dividend on a separate check.

dividends get taxed at a different rate than payroll.

I’m my previous life we paid hourly employees. It cost an additional %21 over there wage to cover employers tax contributions, unemployment and worker’s compensation insurance.

 

I'm in the same boat. Some of us have been around this business long enough to know how to make money without a spread chart. Just like cooking, some need a recipe and some know how much of what to put in.