Read this thread from page 1. Wanted to say thanks for sharing your experience, the good and the bad. I'm a company driver out of the Markham terminal and I've been heavily considering aiming for IC status in a couple years. Taking notes on how to set myself up for success. I hope things have picked up for you since moving into your new rig.
Company Driver to IC
Discussion in 'Superior Carriers' started by ncdriver1, Apr 28, 2016.
Page 14 of 16
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dwells40 Thanks this.
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As the business owner when I take a draw there is no employer side of taxes to pay, so if I drew an extra $1000 per week as an owner I would save that $200 and only owe regular income tax ($1000 salary + $1000 business income as owner).dwells40 Thanks this. -
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johnnyboggs said: ↑I just googled it and i think i understand it now. If an owner takes a draw, he only pays income tax on that money. He doesn’t pay the medicaid and SSI. Is that right?Click to expand...
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johnnyboggs said: ↑We were posting at the exact time that’s precisely what i gathered from Google. I had A business and was set up as a sole proprietor. I’m 99% certain that as a sole proprietor I paid payroll taxes on 100% of my business’ profit. It was ALL considered payroll. If you set up as an S corp what would prevent you from paying yourself $100/week and taking the rest in a draw in order to save the payroll taxes? There’s probably an obvious reason that I’m missingClick to expand...
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