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Do independent contractors leasing pay more in taxes?

Discussion in 'Questions From New Drivers' started by Drivingotr4life, Mar 26, 2018.

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  1. Mar 26, 2018 #1
    Drivingotr4life

    Drivingotr4life Light Load Member

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    Tax time. So federal including state taxes is s3lf employment tax on top of that?. 15% self employment on top of 15% (30%)federal and on top of state??? So I'll pay more just being an independent contractor??!!!!


    Yes there are a lot more deductions but still ic tax rate is higher than a company guy?
     
    Drivingotr4life, Mar 26, 2018
    Drivingotr4life, Mar 26, 2018
    #1
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  3. Mar 26, 2018 #2
    Paddlewagon

    Paddlewagon Light Load Member

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    Yes,because when you are an independent contractor,you are the employee AND the employer,so you get stuck paying ALL the taxes.
     
    Paddlewagon, Mar 26, 2018
    Paddlewagon, Mar 26, 2018
    #2
    tscottme Thanks this.
  4. Mar 26, 2018 #3
    MysticHZ

    MysticHZ Road Train Member

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    Actually, pay being equal an IC will pay less taxes ... more so under the new tax laws.
     
    MysticHZ, Mar 26, 2018
    MysticHZ, Mar 26, 2018
    #3
  5. Mar 26, 2018 #4
    Aamcotrans

    Aamcotrans Road Train Member

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    And you pay all of the fica as well 15%
     
    Aamcotrans, Mar 26, 2018
    Aamcotrans, Mar 26, 2018
    #4
  7. Mar 26, 2018 #5
    Ryan423

    Ryan423 Light Load Member

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    No, they make less than company drivers.
     
    Ryan423, Mar 26, 2018
    Ryan423, Mar 26, 2018
    #5
  8. Mar 27, 2018 #6
    Ridgeline

    Ridgeline Road Train Member

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    I don't know where people get their info but as an ic, you pay more taxes if you do it wrong. Write offs and deductions are important.
     
    Ridgeline, Mar 27, 2018
    Ridgeline, Mar 27, 2018
    #6
    Justrucking2 Thanks this.
  9. Mar 27, 2018 #7
    Drivingotr4life

    Drivingotr4life Light Load Member

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    Oh yeah I have mad deductions. In fact I'm wondering at what point does irs audit you???
     
    Drivingotr4life, Mar 27, 2018
    Drivingotr4life, Mar 27, 2018
    #7
  10. Mar 27, 2018 #8
    Drivingotr4life

    Drivingotr4life Light Load Member

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    W
    So what percent total am I gonna owe off my total taxable income after all deductiins?
     
    Drivingotr4life, Mar 27, 2018
    Drivingotr4life, Mar 27, 2018
    #8
  11. Mar 27, 2018 #9
    Ryan423

    Ryan423 Light Load Member

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    Me thinks you should hire an accountant.
     
    Ryan423, Mar 27, 2018
    Ryan423, Mar 27, 2018
    #9
    SingingWolf and ncmickey Thank this.
  12. Mar 27, 2018 #10
    Drivingotr4life

    Drivingotr4life Light Load Member

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    I have one
     
    Drivingotr4life, Mar 27, 2018
    Drivingotr4life, Mar 27, 2018
    #10
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