[Cam]

CAM, most of us own and drive a truck.

Gotcha, Beachbum. This certainly wasn't what I had in mind when my bus arrived in East Lansing, MI back in the fall of 1981 or when I graduated from the Benning School for Boys back in 1990, but you know what, it's working...I like this.... My old roomate is a lawyer and another good friend just passed the NC bar. I don't envy them.

I'll work at these taxes just like everything else, I guess. The first thing I do is see if I can not drown, after that, you know, I can work on my stroke... I'm not going to lie and deceive (we won't get into logbooks right now). Playing it straight and seizing every advantage available to me, I'll render Caesar his due. I'm with you GMAN, I lean more towards 'obligation' than 'privilege'. But then, I don't work in the tax office doing a cushy job and drawing a nice salary and incomparable benefits and pension, all funded by these same taxes, either 8)

[truckrus]

Dont know the best way to put this butt ummmm.....My parents just bought me a truck n trailer so i can make good money and help out around the house....And my question is....for example if i gross 100k a yr.
how much would i be left with after taxes? Im 22 yrs old and single with no kids?

Originally Posted by truckrus

Dont know the best way to put this butt ummmm.....My parents just bought me a truck n trailer so i can make good money and help out around the house....And my question is....for example if i gross 100k a yr.
how much would i be left with after taxes? Im 22 yrs old and single with no kids?

If the 100k is after you pay for all your expenses and that's your gross salary I would guess 30% for taxes so you would be left with 70k per year.

Prepare to get ripped apart by everyone now. They are going to analyze the crap out of this post!!!!

[Bigmon]

Look at Schedule C if you're a sole proprietor. I list all the things you can write off. If that number is bigger than your gross income then you can show a loss. A loss doesn't mean you lost money. It's an accounting formula.

If you have a Corp. there is s schedule of things you can write off.

[truckrus]

WOW!!! That's all ill be left with? :shock: If i gross 100k after expenses? 30k is way to much money to give away to uncle Sam......THAT SUCKS!!!

[GMAN]

Everyone has a different tax situation. If you are single with no dependents, you will be taxed at the highest level. There are a number of ways in which to legally shelter income. You could incorporate. It can be easier to claim some deductions as a corporation than a proprietorship, but there are other options to consider. My advice is to consult with a good CPA and corporate attorney. They can best advise you in these matters. I believe in going to a professional. When you are just getting started is the best time to establish some guidelines. Anything you pay either of these people is also tax deductible. Good luck.