Taxes

Discussion in 'Lease Purchase Trucking Forum' started by Alexp2686, Jun 10, 2020.

  1. Alexp2686

    Alexp2686 Bobtail Member

    12
    4
    Jun 10, 2020
    0
    I get paid weekly and theyre taking 625 a week out of my check for the truck payment, do I need to pay taxes after the 625 or before?
    Example: 1900 - 625 then the 25% or is it 1900 -25% ?
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

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

  3. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

    5,629
    16,254
    Jan 13, 2013
    SW Arkansas
    0
    You need to talk to a cpa that know this industry and get your business set up correctly. I hope you aren't doing a lease/purchase.
     
  4. Alexp2686

    Alexp2686 Bobtail Member

    12
    4
    Jun 10, 2020
    0
    I know I need a cpa, i was just wondering if anyone knew. It is a lease purchase, Its 625 a wk and it includes insurance n plates. Loads pay 430 to 480 for 120 miles, but its alot of heavy containers.
     
  5. Alexp2686

    Alexp2686 Bobtail Member

    12
    4
    Jun 10, 2020
    0
    It does say i can break it for 500 bucks tho.
     
  6. I glide 47

    I glide 47 Road Train Member

    1,326
    1,349
    Jun 3, 2017
    0
    Fleases, aren't very popular here
     
  7. Long FLD

    Long FLD Road Train Member

    4,462
    13,548
    Mar 4, 2015
    Fairmont NE
    0
    9% of your gross pay should get you in the ballpark for the taxes you owe once your deductions are all taken out.
     
    Alexp2686 Thanks this.
  8. bad-luck

    bad-luck Road Train Member

    1,284
    1,438
    Nov 16, 2013
    Baltimore, Maryland
    0
    Your taxable income is after expenses. After your truck payment, insurance, permits, fuel, ect.. But so your self a favor, hire a cpa! They will advise you what your estimated quarterly tax payments should be
     
    Alexp2686 Thanks this.
  9. Alexp2686

    Alexp2686 Bobtail Member

    12
    4
    Jun 10, 2020
    0
    I see that. From what ive read, some make it work and for some its a nightmare. Most of the people I talked to atbthis company have done well tho. Every driver ive met that works at this company told me theyre doing really good. 2 are on their 3rd truck so idk im keeping my fingers crossed.
    Its a small company with only 31 drivers at my location.
     
  10. Alexp2686

    Alexp2686 Bobtail Member

    12
    4
    Jun 10, 2020
    0
    The lease is 625 a week and that includes insurance plates permits only thing ill be paying is fuel. I hear you, Im going to meet with a local cpa this weekend. Thank you
     
  11. bad-luck

    bad-luck Road Train Member

    1,284
    1,438
    Nov 16, 2013
    Baltimore, Maryland
    0
    Ok, good idea. I am just curious, is there a balloon payment at the end of your lease? Also how long is your lease? Is it a "walk away"?
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

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

  • Draft saved Draft deleted