TAXES WHAT WILL UNCLE SAM TAKE

Well that depends on too many factors...
Are you filing as a business or an individual
What state are you in? Did you pay that withholding, too?
Like at what percentage did you set your withholding (if business) or your number of exemptions (personal)?
And for goodness sake WHY would you not claim your lease payments, fuel, maintenance and per diem? And where are the rest of your deductions? IRA? Truck insurance? Phone bills?

There are just too many questions to be able to help you on these boards. Get a good experienced trucking accountant and start keeping your records.

By the way, the accountant is a tax write off, too.

 

1966, ladies and gentleman,,,,THE BEATLES.

 

you need to pay quarterly starting NOW. If you haven't been this route before talk to an accountant it is worth the expense.

 

No you are filing as a business, on schedule c. That's where you will take all your business deductions, including per diem.

You'll pay your SSN taxes on the net from schedule c. Then pay your federal income tax on form 1040 after deducting your standard deduction, personal exemption and 50% of the self employment tax from schedule c.

 

You can generally play by this rule: your gonna pay about %30 of your adjusted gross income... aka your profit after all expenses, allowances and deductions like per diem

Dont forgot, if you have no health insurance theres still about a thousand dollar fee, i paid $1800 last year i think for two...

So say you gross 140k- and after fuel, lease payments, perdiem, etc you have a 60k profit.... expect to pay about 30% on that number which is about 18k give or take...

Remember there is a few other allowances like claiming your self which takes about 3k off the adjusted gross income or A.G.I

Then add back insurance penelty

 

You can see how the new tax bill president trump is proposing would be a nice relief... he is proposing a 12,000$ allowance to be subtracted from the gross income... paying taxes on 12,000 less money

 

I never pay quarterly.....forget thatttttt