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

Do you know how many BIG Corporations Operate Illegal???
Cheat the government.
That's how they get ahead of the Game! That's how these large companies grow!


Our Biggest Crooks are the Politicans... They may even carry 2 social security numbers.

 

OH YEEEEE ME A PART OF A RELIGIUOS CULT? LMAO

I WILL CALL IT P.S.U.C.C....LMFAO

POT SMOKERS UNITED CATHOLIC CHURCH....ROLMFAO

Come in and gather with us.Must smoke pot to get closer to the lord..Must be from ''hippie'' generation to attend...WE CATER TO TRUCKERS....lmao

 

you no the score...to bad people dont get this sad fact..they are living in a ''fantasy world'' that the ''government loves them''...rolmfao....

Kumbaya my lord...the government is going to ''bail us out''...rolmfao


http://www.youtube.com/watch?v=vo9AH4vG2wA

 

Self Employment tax is 15.3% and there are no "exemptions". It is just net income times the 15.3

 

You might want to check out the Schedule SE again. A deduction is allowed for 1/2 of the social security tax to the business owner.

http://www.irs.gov/pub/irs-pdf/f1040sse.pdf

 

Yes, your right, I forgot about the 50% of self-employment tax being deducted as an adjustment to total income. But doesn't that just lower your federal tax? That doesn't lower your self employment tax.

You still have to pay 15.3% on your net (correction - 15.3% on 92.35% of your net)

 

It actually works out to a deduction for the federal income tax and the social security tax.

As I posted earlier, the net effect of this is a tax rate of 14.13%.

 

could you answer my questions I asked under "leaseing truck and co leasing owner. I would sure appreciate it.

Also, could you help me with understanding the per diem.