owner operator paid $7000 last year. Is this too much?

I better delete this subscription before i go over the edge and toss the computer out in the street...lmao

The ''goverment mafia'' don't miss a beat to steal the working mans money..

NY self employment tax is a killer.It's unreal the ways the ''government'' create ways to f...... the working man....

IF ANYONE IN THIS WORLD SHOULD BE PISSED I BELIEVE IT IS THE WORKING PEOPLE..WE PAY FOR THE RICH REPUBS AND THE SOCIAL DEMS..JUST PISSES ME OFF AT TIMES BEING A ''HARD WORKING'' MAN GETTING MY A.Z.Z. KICKED FROM ''BIG BROTHER''...LMAO....

THIS TO ME IS 100% LEGAL EXTORTION....

Tax his land,
Tax his bed,
Tax the table
At which he's fed.

Tax his tractor,
Tax his mule,
Teach him taxes
Are the rule.

Tax his work,
Tax his pay,
He works for peanuts
Anyway!

Tax his cow,
Tax his goat,
Tax his pants,
Tax his coat.

Tax his ties,
Tax his shirt,
Tax his work,
Tax his dirt.

Tax his tobacco,
Tax his drink,
Tax him if he
Tries to think.

Tax his cigars,
Tax his beers,
If he cries,
then his tears.

Tax his car,
Tax his gas,
Find other ways
To tax his A.Z.Z..
Tax all he has
Then let him know
That you won't be done
Till he has no dough.

When he screams and hollers,
Then tax him some more,
Tax him till
He's good and sore.

Then tax his coffin,
Tax his grave,
Tax the sod in
Which he's laid.

Put these words
upon his tomb,
"Taxes drove me to my doom..."

When he's gone,
Do not relax,
Its time to apply
The inheritance tax.

Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Excise Taxes
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax (42 cents per gallon)
Gross Receipts Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Personal Property Tax
Property Tax
Real Estate Tax
Service Charge Tax
Social Security Tax
Road Usage Tax
Sales Tax
Recreational Vehicle Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Non-recurring Charges
Telephone State and Local Tax
Telephone Usage Charge Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax

 

very ,very true

 

Nowhere did I say I was the only one who knows the tax laws. All I did was mention my background.

The part you snipped is not the full comment.

I will explain a little further.
The self employment tax is based on the net profit of the business as you stated. The rate is 15.3% up to 102,000, then the rate drops to 2.9%.
The net I referred to is that the taxpayer receives a deduction for part of the self employment tax on the schedule C. The NET of this deduction leaves the self employment tax being charged at 92.35% of the total rate for a net self employment tax of 14.13.

Back to the example of the 7,000.
I do not know if he his married, how many kids, spouse income and withholding, to even begin to guess the return.

 

The Self-Employment Tax is how an independent contractor pays Social Security and Medicare payroll taxes. Normally, the employer and employee split the cost of these payroll taxes, each paying 7.65% of eligible wages. An independent contractor is both the employer and the employee, so a self-employed person pays both halves, or 15.3% total. The tax is composed of a Social Security tax of 12.4% on the first $87,900 of wages, and a Medicare tax of 2.9% on all wages. The Self-Employment Tax is imposed on net profit from a business, farm, or partnership. If your Schedule C net profit (Form 1040, line 12) is $400 or more, you must calculate your Self-Employment Tax on Schedule SE (PDF). You must also calculate Self-Employment Tax if you are a church employee and had W-2 wages of more than $108.28. Clergy, ministers, and members of religious orders must also prepare Schedule SE to figure the tax on the wages reported on their W-2.
There are two Self-Employment Tax calculations. One is the short method, which is calculated on page one of Schedule SE. The other is the long method, which is calculated on page two of Schedule SE.

 

It is a pain being an independent contractor. I have been one most of my trucking career. Had to go back working for someone and man it is not pleasant. In fact, will not run illegal for them and told them many times. They pushed for it again, and I demanded load to the yard to clean out truck.

 

I feel ya..I am pretty much all done with LANDSTAR...So i will be unemployed and not feeling good about these few ''company'' interviews i have been on.

I am trying hard to get away from trucking but as of now,no luck..

I have learned in the past 20 years to actually ''hate'' trucking...There is no money in it anymore,no loyality,no future,but people still think there is...and keep signing the 8,000 school loan with a ''fantasy''...lmfao

 

I spent 20 years in Accounting and taxes. I had employees and the whole lot. I will not go back into that environment. It makes most of the truck companies look rosy.

 

Ha, ha,

You Still Don't GET IT Roadmedic!

WE were talking Earlier about the guy paying Taxes on His GROSS Income!

And I was saying, there's no way, of paying only 7,000 dollars on that Gross of 165,000.. The tax would have been higher than 7,000.

Do your Math ,,,, self employment tax , times (X), the Gross Amount !

Just a rough estimate. It's alot higher than 7,000.

Forget the net part. You're on different wave lengths.

I'm Outta here.

 

Hey 1pissedoffdriver,
You can file having a " Religion Organization".! hee, hee,!

Have all the free handouts of money coming in to you.

And being exempt from taxes too.!!


Ha, Ha, there's an idea for you!

You can get out of trucking and be like,, ahhhh, what's that cult leader that made everyone commit suicide? Out in Pennsylvania???
That made them drink all that poison?

 

I see where you are going to. But, I will say, I am used to dealing with my clients who easily get confused about gross and net. I saw nothing wrong with it, because the guy only knows the gross he made and clearly shows he has no clue what the net would be because he knows nothing about what the accountant did.

We have been discussing two different issues.