1099 Job

Discussion in 'Trucker Taxes and Truck Financing' started by BoyWander, Jul 2, 2012.

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  1. Jul 3, 2012 #21
    boxcutter

    boxcutter Bobtail Member

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    His ins. will cover truck not you. he has to carry workman comp or occ ins for you. He should pay for this not you. Is he running his own authority or leased to a bigger company. He is required to have wc or occ for you.
     
    boxcutter, Jul 3, 2012
    boxcutter, Jul 3, 2012
    #21
    bullhaulerswife Thanks this.
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  3. Jul 3, 2012 #22
    bullhaulerswife

    bullhaulerswife Forum Leader/Admin Staff Member Administrator

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    OK, here's the deal, on a 1099, you can count on about 28% going to the IRS.

    15% self employment
    and 13% for your social security tax

    Also, you need to look at the insurance policy, some don't carry a lot of medical on their policies.

    I know a driver that did this, and was injured on the job, but not in the truck, unloading the truck. NOTHING was covered, and it was all on him. He had a severe injury that got infected as well and laid him up. He had NO income, because he didn't have any reportable income to unemployment for the past 18 months, being a 1099.

    THIS scenario is a very expensive gamble on your part. YOU need to look at the big picture.
     
    bullhaulerswife, Jul 3, 2012
    bullhaulerswife, Jul 3, 2012
    #22
    RickG, chalupa, misterG and 4 others Thank this.
  4. Jul 3, 2012 #23
    MNdriver

    MNdriver Road Train Member

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    I added the information for Independent Contractor.

    http://www.irs.gov/businesses/small/article/0,,id=99921,00.html

    http://www.irs.gov/businesses/small/article/0,,id=179115,00.html

     
    MNdriver, Jul 3, 2012
    MNdriver, Jul 3, 2012
    #23
    bullhaulerswife Thanks this.
  5. Jul 3, 2012 #24
    RickG

    RickG Road Train Member

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    Regarding accidents . Suppose you cause damage or injury . YOU are the responsible company .
     
    RickG, Jul 3, 2012
    RickG, Jul 3, 2012
    #24
    bullhaulerswife Thanks this.
  7. Jul 3, 2012 #25
    bullhaulerswife

    bullhaulerswife Forum Leader/Admin Staff Member Administrator

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    This is also a good point. They can come after you for damages as well.

    This scenario is NOT a win for the driver, ever!
     
    bullhaulerswife, Jul 3, 2012
    bullhaulerswife, Jul 3, 2012
    #25
    Brickman and 123456 Thank this.
  8. Jul 3, 2012 #26
    RickG

    RickG Road Train Member

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    A contractor should have a contract to make it legal. That should be an interesting document.
     
    RickG, Jul 3, 2012
    RickG, Jul 3, 2012
    #26
  9. Jul 3, 2012 #27
    Autocar

    Autocar Road Train Member

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    That's why gypo companies like to do the 1099 deal, no contracts, no paperwork, easy to hide.
     
    Autocar, Jul 3, 2012
    Autocar, Jul 3, 2012
    #27
  10. Jul 3, 2012 #28
    bullhaulerswife

    bullhaulerswife Forum Leader/Admin Staff Member Administrator

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    Not anymore with the IRS really cracking down and scrutinizing the 1099's.

    If you really don't have any itemized deductions beyond the standard deduction, then you are going to be looked at. Especially in this industry, with fuel being a huge expense as it is.

    Somewhere there is an article about this, I'll see if I can dig it up...... and I'm sure that Roadmedic will be along shortly to give his knowledge on the subject as well.
     
    bullhaulerswife, Jul 3, 2012
    bullhaulerswife, Jul 3, 2012
    #28
  11. Jul 3, 2012 #29
    aiwiron

    aiwiron Road Train Member

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    No you are not unless a waiver has been signed, the truck insurance covers that and required by law to have insurance from the owner of the unit not the independent.
     
    aiwiron, Jul 3, 2012
    aiwiron, Jul 3, 2012
    #29
  12. Jul 3, 2012 #30
    aiwiron

    aiwiron Road Train Member

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    Contracts are only good as the persons in the contract, or whoever has the better lawyer. If the contract is not legal then it is null and void.
     
    aiwiron, Jul 3, 2012
    aiwiron, Jul 3, 2012
    #30
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