Deductions?

If you can live decent on what's left A over deduction will come back to you in the form of a nice income tax refund

 

We deducted perdiem each year in taxes. One year we had 306 service days at work more than 105 miles from home. Ergo, perdiem for two people worked out to a hair over 13700 saved and applied against a gross of 65000 turning a multi thousand payroll tax bill into a refund that made even my old jaded and dried out body happy with a song....

 

The perdiem is a nice deduction. I wish the loan specialists were taught to understand that deduction. I have seen other truckers that couldn't take the deduction because it would hurt their chances of getting a loan when buying a new home.

 

Getting a loan? To buy a home?

We had no trouble with loans to buy a home when she got it under the homestead act. Then I come along and got married to her. Two words Ido made me a homeowner as well once the deeds were adjusted. Easiest house ever. But most expensive in this life.

 

I do believe you are confusing her #### taking it payroll versus helper diem deduction on your taxes at the end of the year. If your company is paying part of your paycheck in for #### that will lower your gross income for the year. This is where it affects loans and mortgages and such. If you are doing a per diem deduction on your taxes it affects your adjusted gross income not your gross. So it will not affect your loans and what not.

 

I may be wrong, but I've read the OP as being a question about his net pay not tax deductions. If that is the case it is pretty much impossible to give you an exact range due to differing State local taxes comma but as a single person with no dependents you're probably in the 27 to 28% range plus whatever you pay for insurance.

 

KMac has it correct I think, the OP is asking how much will be deducted out of his pay check for taxes, SS, and insurance.

OP, no one can say for sure as that will depend on the state you are paying taxes in, what deal you have with your insurance, and how you filled out your W4 form.

Do make sure to take advantage of the per diem deduction at the end of the year if your company is not already paying you using per diem.

 

You can use a salary calculator. Nobody knows how many dependents you claim, other deductions, etc.

http://www.adp.com/tools-and-resour...l-calculators/salary-paycheck-calculator.aspx

Even then it's not 100% accurate, but should give you an example.

Either way, you shouldn't be worried. Those withholding for taxes will be on your W-2, and if they are withholding too much, you will get it back in February.

 

This thread is someone getting turned down for a home loan..................No, I take the deduction myself, I opted out of the company per diem scam. I tried about half a dozen mortgage companies last summer, seems that after the housing melt down they started using your adjusted income from your tax forms. Before the crash they never even looked at your tax returns. http://www.thetruckersreport.com/truckingindustryforum/threads/per-diem-and-buying-a-house.239210/

 

Adjusted gross income is after all deductions, child credits, earned income credit, individual deduction, after all that is taken off of your gross income including the per diem that is your adjusted gross income. There is no way they can use that figure for a loan.

On tax end per diem is just a deduction, you have still been paid that money it is a part of your gross income.

When it is paid on your check to you, it is considered reimbursement. That is not income. That is why it lowers your gross yearly amount. You will still have all your other deductions to arrive at your adjusted gross income.