Then maybe they've changed how they do it. It's been 7 years since I had personal experience.
Schneider per diem
Discussion in 'Schneider' started by bamamac, Apr 29, 2017.
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Perhaps, I, along with a whole lot of other people, misinterpreted per diem.
From what we all understood, one's per diem not only lowers one's federal and state income tax brackets, but also lowers one's Social Security & Medicare tax bracket.
What this means is that employers would be LEGALLY able to avoid paying their share of extra Social Security taxes, along with their share of Medicare taxes, because the extra money is all in per diem.
Also, this would reduce the employers extra share of contributions for unemployment compensation, workman's compensation, and their extra share of employer's contribution to employees 401(K) plans or whatever other retirement plans that the companies have to offer.
In the long run, the employees are ARTIFICIALLY being put into a lower income tax bracket as far as Social Security, Medicare, unemployment compensation, workman's compensation, and 401(K) along with other retirement contributions are concerned.
SADLY & UNFORTUNATELY, per diem is MANDATORY at many trucking companies.
God bless every American and their families! God bless the U.S.A.!
OTR & LTL - over the mountains - through the woods - coast to coast - sea to shining sea
The OTR & LTL truck drivers of America are positively the driving force of our economy.JOHNQPUBLIC, p608, SQ200 and 1 other person Thank this. -
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I'll dig out that years w2 , snap a pic , make the appropriate edits to hide unneccessary info and post it.
gentleroger, bamamac and LtlAnonymous Thank this. -
So is it worth having Per Diem or not? Seems like the majority says no.
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Imo, no. You wont find a CPA that will tell you to take it over claiming it at the end of the year
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claiming it your self you get it for the day. 80% of 64 dollars I think it is now?
the only "benefit" I can see is having more in your pocket now starting out at a lower rate but screwing yourself later.
31k came off with self claimed per diem and other deductions this year for my wife and I and 90% of that or more was because of trucking.........JOHNQPUBLIC Thanks this. -
gentleroger, LtlAnonymous and scythe08 Thank this.
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LtlAnonymous Thanks this.
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The last company I worked at I got per diem in the manner that it is intended , Every day that I spent away from home I received 55.00 in addition to my salary, at the end of the year I received a 1099 for the per diem , actual expenses were deducted and any over/under was paid or refunded on my taxes. Tucking companies have just reduced your salary and their tax burden, they doll it up by saying you take home more pay.
91B20H8 and LtlAnonymous Thank this.
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