operating authority

Discussion in 'Ask An Owner Operator' started by Stroked F550, Dec 27, 2008.

  1. RickG

    RickG Road Train Member

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    I believe if you had no tax liability (didn't have to pay in , got a refund instead ) the previous year you don't have to pay quarterly .
     
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  3. Lilbit

    Lilbit Road Train Member

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    And you can work in estimated income and tax payments from an employed spouse too, and basically plan your whole year. The social security is the one that you have to watch.
     
  4. Roadmedic

    Roadmedic Road Train Member

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    Then, you are an officer. You will have a salary. It will have withholding taxes for federal and state. You will have ss and medicare tax withheld.

    Companies have to pay in the withholding into the government. Depending on the amount of the salary, it could be monthly or quarterly.
    You will have to file quarterly payroll reports.
     
  5. Bigray

    Bigray Road Train Member

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    and let's not forget that their is a company match to any and all employee's withholding's.
     
  6. Roadmedic

    Roadmedic Road Train Member

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    Only on social security tax and medicare tax. These are handled in the quarterly payroll reports.
     
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