[rss245z]

I got the following from a calculator:
Salary Type Amount based on monthly salary
Salary $3,320.00
Deduction Type Amount
Federal Income Tax $212.58
Social Security $205.84
Medicare $48.14
New York $132.86
State Disability Insurance (SDI) $2.60
Total Deductions $602.02
This Check (Take Home) $2,717.98
Note I found this calculator at:

Paycheck Calculator

[GMAN]

Originally Posted by rss245z

What about insurance e.g liability/collision?
When you are paid hourly say $18/hr how does that play out being paid daily? I understand I must pay the employer's share but how does that translate lets say 12*18*5*3 =12,960/quarter - expenses say $3000 in
taxable of 9,960 what comes out of that? fica(SS),state withholding,workmans-comp, federal withholding? If have no intention of taking unemployment do you have to pay it? Just trying to get an idea what goes
If controlled it does not seem too heinous. Just so long as the filing happens on time and correctly

If you are saying the truck owner is ducking their responsibility that seems to be the case but a small truck owner has a problem financially and I have no idea who pays the liability insurance. Any idea what I may be left with? Collision remains with the truck but liability??

Typically, the liability, collision and cargo insurance is the responsibility of the carrier or owner of the truck, providing you are running under your own authority. If you own the truck and lease your truck to a carrier, then the carrier usually pays the cargo and liability insurance and the owner of the truck pays collision, unless you don't want to pay it. Some carriers will lease on an owner operator and have the truck owner or owner operator pay their portion of the liability and cargo insurance. Each situation is different. Most states require that independent contractors and employers have workers comp insurance. Some will allow you to purchase an occupational accident policy, which is often less expensive to purchase and pretty much covers the same thing as worker comp. Most states based the workers comp rules on the number of employees. If you are an independent contractor, you may be required to pay for workers comp or an occupational accident policy. An occupational accident policy normally costs around $150/month. I have seen some for as high as $190/month. If you own a truck and lease it to a carrier you may also be required to furnish bobtail or unladen liability insurance, which covers you when you are not attached to the carrier's trailer. If you run your own authority and own the equipment, you may not be required to have bobtail or unladen liability.

[GMAN]

Where some get into trouble as an independent contractor is when they don't pay their taxes. Rather than putting money aside for taxes, they spend it. I am amazed at how few people actually save money. Everyone should budget for taxes, along with everything else. As an independent contractor, you should be paying your federal taxes along throughout the year. If you fail to pay as you go, you will have to pay everything at the end of the year. That can be difficult for many people today. When I was growing up, most everyone saved money for a "rainy day." Few people seem to save money today. They live from paycheck to paycheck with little or no regard for their future. I don't advise anyone as to how they should work, when it comes to taxes. But, if you choose to work as an independent contractor, you should understand that you will have to write a check for your own taxes. Some prefer it that way.