Altair Capital Group

🌟 Understanding Payroll/FICA Tax: What Every Truck Driver Should Know! 🚛💼 Hey Truckers! Today, let's demystify Payroll/FICA Tax: 🔍 What is Payroll/FICA Tax? Payroll or FICA (Federal Insurance Contributions Act) tax is a federal tax primarily used to fund Social Security and Medicare programs. 👥 Who Pays It? Employers and Employees: If you're employed, both you and your employer contribute. The tax is split equally. Self-Employed Truckers: Owner-operators, you're both employer and employee! You pay the combined rate, but good news — part of it can be deducted on your tax return. 💡 Key Points: Social Security Tax: This is a part of FICA, helping fund retirement, disability, and survivor benefits. Medicare Tax: Another component of FICA, crucial for healthcare for seniors. Self-Employment Tax: As an independent driver, this is crucial for you. It covers your FICA taxes, ensuring you're contributing to your future Social Security and Medicare benefits. 🚚 Why It Matters? Understanding and correctly paying your FICA tax ensures you're investing in your future while staying compliant with tax laws. 📚 Need help navigating your taxes? Altair Capital Group is here to guide you through every step! #TruckerTaxes #FICATaxExplained #AltairCapitalGroup

🚚 Understanding Taxes for Truck Drivers: It's About Profit, Not Revenue! Hey Truckers! 🚛 Confused about taxes? Here's a quick guide: 1. Revenue vs. Profit: Your revenue is all the money you earn. But taxes? They're paid on profit, not total revenue. 2. What is Profit? Profit = Revenue - Expenses. It's what's left after paying for fuel, maintenance, insurance, etc. *3. Paying Taxes on Profit: You only pay taxes on your profit. So, if your expenses are high, they reduce your taxable income. *4. Keeping Records: Track all your earnings and expenses. This helps calculate your profit accurately for tax time. *5. Quarterly Taxes: Remember, as a self-employed driver, you might need to pay taxes quarterly, not just once a year. 📊 Need help? Contact us at Altair Capital Group for expert tax advice tailored for truckers! Website 🌐 https://lnkd.in/eqjuacY5 WhatsApp: https://wa.me/12244607493 #TruckTaxesSimplified #OwnerOperatorTips #TruckingFinance