Take home income of o/ops
#21
01-13-2008, 09:42 AM
Originally Posted by allan5oh
To further clarify, if I did work as hard as most truck drivers, yes my reported income (net) would be over 100k.
I am not trying to be a smart ass, I am just clarifying that you meant NET(take home pay)! Because I make about 100K a year at me current job and I figured I only NET about 60K a year.
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"JUST SAY NO!!!! To Cheap Freight!!" "Big Red One" , 3rd ID, 82nd Airborne, Recondo, Jumpmaster, & Drill Sergeant OOIDA 
#23
01-13-2008, 02:45 PM
Originally Posted by allan5oh
NET as in after all business expenses, but before taxes.
__________________
"JUST SAY NO!!!! To Cheap Freight!!" "Big Red One" , 3rd ID, 82nd Airborne, Recondo, Jumpmaster, & Drill Sergeant OOIDA
#24
01-13-2008, 06:38 PM
Wow, against what kind of gross, if you care to share. I take home $96K net against $169K gross and I don't even have a truck. Before someone asks, that's after taxes, benefits, and 401K.
#26
01-13-2008, 10:06 PM
Originally Posted by GMAN
A friend of mine who is an owner operator just takes a salary each week. Everything else stays in the business. I think he pays himself $800/week. It doesn't make any difference what the company makes. If things are good, then he keeps more in the business. When business is slow then he has money in his account to continue paying himself the same salary. He collects the same salary whether he takes a week off or not. It seems to work for him.
Everything left after taxes, fuel and all other expenses associated with this business is mine, company or not !!
#29
01-15-2008, 01:32 AM
We pay ourselves (team) $904 per month each, if we need extra income in our personal bank account we take a draw (seldom happens). Our Corporation owns and pasy for everything that has to do with trucking, by paying yourself(s) minimun salary you save a bit on payroll taxes. We also have a Trucking Tax Specialist that advises all our tax issues and takes care of quarterly payments etc.
Our Trucking business took in a gross of $250k IN '07, if we paid ourselves that the taxes would be ridiculous, don't pay yourself to little, but definitley don'y pay yourself to much, let the business support those need within the boundries.
#30
01-15-2008, 11:04 AM
Originally Posted by Them Other Truckrz
We pay ourselves (team) $904 per month each, if we need extra income in our personal bank account we take a draw (seldom happens). Our Corporation owns and pasy for everything that has to do with trucking, by paying yourself(s) minimun salary you save a bit on payroll taxes. We also have a Trucking Tax Specialist that advises all our tax issues and takes care of quarterly payments etc.
Our Trucking business took in a gross of $250k IN '07, if we paid ourselves that the taxes would be ridiculous, don't pay yourself to little, but definitley don'y pay yourself to much, let the business support those need within the boundries. |
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