Paying Taxes on "Percent of Load" (1099 gig)

Discussion in 'Trucker Taxes and Truck Financing' started by Makeajump, May 27, 2019.

  1. V8-MACK

    V8-MACK Light Load Member

    273
    106
    Aug 18, 2009
    0
    A 1099 works best for green card Kenya’s etc. no tax for 7 yrs,all others it,s not so good. Miles will vary just like any driving job. I worked for a 1099 Chicago co. 2,483 check then a 752 check. No detention or layover pay. 1099 co.s pretty much cover the worst loads available,cheap freight. I have exp going back to the 80,s can,t make anything anywhere. Tried tx. Oil field hauling crude oil and frac sand, Chicago railyards paid 800.00 more a week. So I tried a1099 co., very aggressive co. Get ready to run like the old days. You can claim everything, that is the positive. I realize 3,000- 7,800 a week of 25 yrs ago horizontal drilling is a thing of the past. Even there they said when you haul the drill rig,you get paid 1/8 of your wages. We said where not doing it then. I don,t blame anyone for trying to get his.
     
    Rideandrepair Thanks this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Tombstone69

    Tombstone69 Road Train Member

    1,010
    1,344
    Dec 20, 2018
    Jersey shore
    0
    I think the IRS tax rate is 35%, single, no dependents,isn't it?
     
    Rideandrepair Thanks this.
  4. Rideandrepair

    Rideandrepair Road Train Member

    12,220
    36,393
    Aug 8, 2015
    0
    35% is assuming 15% SSI on gross, and 10% on net after allowable deductions. Ive heard of setting yourself up as an s Corp to avoid some of the SSI. No matter how you slice it. You get screwed unless You save a good portion of the “Big” bucks. Not a good deal at all.Asking for regrets. I would question the morality of the employer, they definitely don’t have your interests in mind, only their own greedy schemes.
     
    Tombstone69 Thanks this.
  5. Tombstone69

    Tombstone69 Road Train Member

    1,010
    1,344
    Dec 20, 2018
    Jersey shore
    0
    The term," fly by night", comes to mind, but I don't want to spread vicious rumors, c'mon.
     
    Rideandrepair Thanks this.
  6. Rideandrepair

    Rideandrepair Road Train Member

    12,220
    36,393
    Aug 8, 2015
    0
    I already work for a cheapskate fly by night, rag tag outfit, Myself! Lol, I wouldn’t want any other poor soul to though.
     
  7. Dave_in_AZ

    Dave_in_AZ Road Train Member

    32,502
    144,747
    May 4, 2015
    0
    Get a new CPA. Your's is a dork.

    Figure 10% of your gross revenue to Uncle Sam.

    So if the load pays you $1500 gross, figure $150 is going to Uncle Sam at the end of the year when the smoke clears and the dust settles.

    States vary. My state tax was like 1% of my gross revenue.
     
  8. mover man

    mover man Road Train Member

    1,700
    1,799
    Feb 21, 2010
    0
    WOW 35% If you pay that quarterly, it will be like being a w2 employee. You will get a fat refund check.
    Every one has different systems, expenses,deductions, etc...
    But really the actual number should be 8-12%.

    But if your only gonna take home, what did you say $1350 a week? Unless your only working 2-3days a week do yourself a favor and stay company.
     
    Makeajump Thanks this.
  9. Tb0n3

    Tb0n3 Road Train Member

    3,535
    6,319
    Oct 5, 2012
    Earth
    0
    What exactly are the deductions an employee can take again? Equipment depreciation? Oh right, you don't own it. Fuel, repairs? Nope. You might be able to get away with food, but that's about all that counts. No, your clothes don't count. No, your household goods don't count.
     
    Makeajump and Rideandrepair Thank this.
  10. Makeajump

    Makeajump Medium Load Member

    441
    355
    Apr 19, 2014
    Texas
    0

    Yep we do get a fat refund every year so we wanted to stay close to status quo on the tax rows so as not to send up any red flags. I have moved on past that offer anyway and will be back to tanker yankin’ soon as a Co. Driver. The local P & D flatbeddin’ was not to my likin’......
     
    Rideandrepair Thanks this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  • Draft saved Draft deleted