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Help with taxes

Discussion in 'Questions From New Drivers' started by RandomNoise, Jan 2, 2021.

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  1. Jan 2, 2021 #1
    RandomNoise

    RandomNoise Bobtail Member

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    Jan 2, 2021
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    I am a new driver (California) and am working my first CDL job. The company does not take out taxes from my pay and I want to make sure I don't get screwed over when it's time to file with the IRS. Does anyone have an suggestions on how I should calculate how much to set aside?

    Thanks!
     
    RandomNoise, Jan 2, 2021
    RandomNoise, Jan 2, 2021
    #1
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  3. Jan 2, 2021 #2
    Jenn72

    Jenn72 Medium Load Member

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    Jun 7, 2019
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    The IRS has a form 1040-ES that you fill out and pay quarterly. You can do it by mail or online.


    Why isn't the company withholding taxes?
     
    Jenn72, Jan 2, 2021
    Jenn72, Jan 2, 2021
    #2
    tscottme and RandomNoise Thank this.
  4. Jan 2, 2021 #3
    tarmadilo

    tarmadilo Road Train Member

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    It’s been several years since I worked that kind of job, but I found that I got pretty close if I put around 25% of my paycheck into savings. It probably wouldn’t be a bad idea to save a little more if possible, nothing wrong with having a cushion. As mentioned, you have to pay quarterly.
     
    tarmadilo, Jan 2, 2021
    tarmadilo, Jan 2, 2021
    #3
    RandomNoise Thanks this.
  5. Jan 2, 2021 #4
    RandomNoise

    RandomNoise Bobtail Member

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    Jan 2, 2021
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    It's a smaller company so I'm not sure if they classify their drivers as independent contractors. I've only had normal office jobs so I'm not familiar with how trucking companies are supposed to work...I still have a lot to learn!:biggrin_2554:
     
    RandomNoise, Jan 2, 2021
    RandomNoise, Jan 2, 2021
    #4
  7. Jan 2, 2021 #5
    RandomNoise

    RandomNoise Bobtail Member

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    Jan 2, 2021
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    Yeah, I was thinking maybe 30% would be safe.
     
    RandomNoise, Jan 2, 2021
    RandomNoise, Jan 2, 2021
    #5
  8. Jan 2, 2021 #6
    Old Man

    Old Man Road Train Member

    4,597
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    Apr 3, 2009
    Oklahoma City, OK
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    Don’t get hurt, you don’t have workers comp.
     
    Old Man, Jan 2, 2021
    Old Man, Jan 2, 2021
    #6
    OldeSkool, Brettj3876, Deadwood and 1 other person Thank this.
  9. Jan 2, 2021 #7
    RandomNoise

    RandomNoise Bobtail Member

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    Jan 2, 2021
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    Very true! Gotta sign up for health insurance ASAP.
     
    RandomNoise, Jan 2, 2021
    RandomNoise, Jan 2, 2021
    #7
  10. Jan 2, 2021 #8
    FozzyNOK

    FozzyNOK Road Train Member

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    RUN! Go find a real job before you and your entire future get wrecked!
     
    FozzyNOK, Jan 2, 2021
    FozzyNOK, Jan 2, 2021
    #8
    wis bang, OldeSkool, Brettj3876 and 5 others Thank this.
  11. Jan 2, 2021 #9
    RandomNoise

    RandomNoise Bobtail Member

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    Jan 2, 2021
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    Is it normal for even smaller trucking companies to withhold taxes or treat drivers as independent contractors? I've only been with this company for a month :eek:
     
    RandomNoise, Jan 2, 2021
    RandomNoise, Jan 2, 2021
    #9
  12. Jan 2, 2021 #10
    sandieca

    sandieca Bobtail Member

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    Apr 27, 2017
    Utah
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    I use ADP and they take it out of my bank. acocount
     
    sandieca, Jan 2, 2021
    sandieca, Jan 2, 2021
    #10
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