Running with JCT, Part Deux

Did you have the Dynasis APU?

 

On a brighter note, found fuel here in Alabama for $3.11 per gallon. Top off another 40 gallons and burn that low cost diesel.

 

From what I can remember he had one of the auto Freightshakers and that sad sad excuse of an apu (Dynasys).

Good luck to you in your future endeavors BJ

 

I have two questions.
1- How is the FSC figured, says its .44? How does that go to help me per mile?
2- How much do I need to put back for quarterly taxes?

 

The fuel surcharge is calculated using a simple formula. It starts at $1.299/gallon and increases every 6¢ . What that means is if the national diesel average, as reported by the U.S.Department of Energy, is $1.299/gallon, the fuel surcharge would be 0. Every 6¢ the national average goes up, the surcharge goes up 1¢. Currently it is 40¢ per mile.
It is used to offset the high price of diesel. If you fuel at our below the national average and get at least 6 mpg, the effective price (or cost) of your fuel will be $1.299/gallon.

Here's an interesting figure:
Based on 2500
If the national average is $3.89, the fuel surcharge would be 43¢ per mile. If you buy fuel at $3.539 and get 8 mpg, your effective price per gallon is $0.10 per gallon.
That means the you are getting paid $1.19 for every gallon purchased. The goal each week is top have the surcharge cover the cost of your fuel and put money back into your pocket.

 

Steel, what do you think about what is the safe amount % in putting back towards taxes? Quarterly?

 

That's a difficult one. As most taxpayers fall in the 15% tax rate on net income, I would hold back that amount. Be careful not to over estimate. It is not 15% of gross, but net. That is the amount after all your deductions (truck payments, fuel, per diem, etc.)
Consult your CPA or if you use ATBS, get with them. Each of us is different. It took me one full tax year to figure mine out accurately.

Keep in mind that if you overpay, you'll get a refund when you file your taxes.

 

I keep 15%of gross because as steel said better safe then sorry lol.

 

Please always wear your seat belt. I was friends with the driver in this article. We had served together in the Army. He leaves behind a finance. A very sad thing to happen this time of year.

 

My condolences. Sorry to hear about your friend.