Are you planning on a Husband/Wife team? If not, I'm sure you would have potential Teammates lined up around the block willing to be your co-driver! I'd imagine any Company would split the pay however both drivers agree on the split. What is the Maximum allowable income you can earn without losing any benefits?
According to the Office of Personnel Management, I can make up to $15,700 before I start losing benefits. I am looking at a father / son team driving scenario.
According to the Office of Personnel Management, I can make up to $15,700 before I start losing benefits. I am looking at a father / son team driving scenario.
You would need to speak with the recruiter and/or payroll with you prospective employer for an accurate answer.
In a lease situation, you could form an LLC or Sub-S - and have the company pay the corp.
Otherwise - it's typically a 50/50 split of total miles to the truck, between the teammates.
You could ASK - but it also means your son would be taking the larger burden of the TAX LOAD.
Rick
You could ASK - but it also means your son would be taking the larger burden of the TAX LOAD.
True, But with a bigger paycheck ALWAYS comes bigger Taxes!
I'm not positive but it's my understanding that if you take the per diem option (at least with crst) they will pay you something like .22c a mile that is taxable so your reportable wages would be very low. Then they figure out The per diem and pay that as non taxable and non reportable. In the end you end up making a few dollars more per check but a LOT less on paper.
Something like that may work out for you.
Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.
Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.
Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.
We have a ton of information on our wiki page on per diem pay
If I'm not mistaken, it sounds like the OP is willing to allow his Son a bigger piece of the action. Very nice Dad!
If I'm not mistaken, it sounds like the OP is willing to allow his Son a bigger piece of the action. Very nice Dad!
Very nice dad indeed. Just thought I'd give home something else to consider or look into.
I'm not positive but it's my understanding that if you take the per diem option (at least with crst) they will pay you something like .22c a mile that is taxable so your reportable wages would be very low. Then they figure out The per diem and pay that as non taxable and non reportable. In the end you end up making a few dollars more per check but a LOT less on paper.
Something like that may work out for you.
Please be careful with advice like this.
Per Diem pay is not FREE MONEY. It is UNTAXED INCOME - but IS REPORTED, It must be DEDUCTED ON YOUR 1040 - but taking the PER DIEM DEDUCTION (or itemizing).
While it does not show up as WAGES - it is still INCOME/OTHER.
Rick
Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.
Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.
Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.
We have a ton of information on our wiki page on per diem pay
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Will companies allow the team drivers an uneven split such as 20/80 or 30/70 for the total miles? I am a retired federal employee and if I make too much money I will lose my FERS Benefit Supplement. OR Can a team get paid as a partnership / LLC and split the pay as they want without being leasees / owner operators?
Owner Operator:
An owner-operator is a driver who either owns or leases the truck they are driving. A self-employed driver.