1099 her

Discussion in 'Trucker Taxes and Truck Financing' started by johnnyboyloco2500, Mar 9, 2020.

  1. bigtravelr

    bigtravelr Light Load Member

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    12.4% is what you pay in social security for self-employment tax when you file your schedule c for $1099 on the tax return
     
    truckdriver31 Thanks this.
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  3. Ridgeline

    Ridgeline Road Train Member

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    This is where an llc would help, make her an employee under one ... pay the right taxes.

    Personally if you are going to live together in a truck, marry her,.
     
  4. bigtravelr

    bigtravelr Light Load Member

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    Don't most people use an LLC to dodge taxes by paying themselves a low salary and then taking the distribution which is self-employment tax-free
     
  5. Nostalgic

    Nostalgic Road Train Member

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    Only if you file as S-Corp, and you still have to pay yourself a "reasonable" salary. Slavery isn't cheap.
     
  6. crzyjarmans

    crzyjarmans Road Train Member

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    On a W2 he’d be required to pay some of the taxes on her, where a 1099 she’s on the hook for the full amount of taxes,
     
    rachi Thanks this.
  7. ed4207

    ed4207 Bobtail Member

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    First look into common law marriage in your state. You are likely already married in the eyes of the law. Might as well make if formal and maybe get a new toaster. Then pay for an hour with your accountant to see if incorporating would pay.
     
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