As a cpm (no overtime) company driver; are you filing tax exempt status?
If filing tax exempt; do you, in general, owe taxes in April?
Any reputable links explaining exempt vs non-exempt for cpm c/d will be nice.
P.S. My initial thought was non-exempt. Started researching it and got confused
with all of the "no overtime" language.
Tax exempt or non-exempt
Discussion in 'Questions From New Drivers' started by CSDixon, Apr 22, 2017.
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Most company drivers (W2 not 1099) have taxes and FICA withheld just like any other job and have to file every year.
Bean Jr. Thanks this. -
If you’re a company driver taxes will be withheld like any other job. You will need to file a return in April like any other job.
If you get hired on as a sub-contractor (1099) you need to pay your own taxes and the IRS will want you to file quarterly returns.
It might feel like you are a charity with the low wages most starting jobs have but you’re not. Why would even think you would be tax exempt?Bean Jr. Thanks this. -
You are confusing overtime exempt vs. non-exempt status perhaps........that is not related to a tax exempt status.
So, claim yourself as one, or if married claim two exemptions on your tax withholding form, and your employer will calculate how much to withhold based on an IRS table.
All you have to do is fill out IRS form W4 for your withholding and give it to your employer, and you are done till tax time.
Hope this helps. A cpm paid driver is taxed the same way as an hourly paid driver is, and has the same withholding of taxes on each pay check.CSDixon Thanks this.
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