Need some advice

[Gunstra]

Hey all,

I am taking a job that pays me as an Independent Contractor and a percentage of the load. The company covers all fees such as road tax, fuel tax, provides the truck and plates and insurance and etc. I simply drive the truck and get paid a %. My question to you is this, is there any software for truckers to figure their taxes such as federal, social security, state taxes, local taxes and etc? I want to keep on them and pay them quarterly as to not get penalized for not doing so.

Any information you have would be great, it is for the state of Indiana.

Brent

[BanditsCousin]

I believe you don't need to make 1/4ly playments your first year as a 1099 contractor. At tax time next year (most likely in April, 2010) your estimated payments will be based on what you did in 2009.

If you start in '08, contact a tax professional. I'm sure someone can chime in shortly with a better answer.

[Mountain Flyer]

I think Bandit's Cousin is correct. If it were me, I'd sock away a big pile of cash in an interest bearing account (such as it is nowadays :-( ) and when you file next year they will tell you what you owe. But you won't be penalized for not paying the estimated tax on the first year... the way I get it.

Good luck, hope you can make some bucks.

[GMAN]

If you want something truck related then I would check out Truckers Helper. They have a version which will calculate your taxes and pay. There are also other generic accounting packages that will also do your taxes. I believe Quick Books Pro has a payroll feature which will calculate your taxes. You could also use a spreadsheet, such as Excel to do your calculations. All you need to do is do a couple of formulas and then all you have to do is input your pay and everything is automatically calculated for you.

[luckyky00]

I get paid percentage..sometimes it's great..but when you have to deadhead...not so great!