Set aside for taxes

[terryandrene]

A recent post by a prospective expediter indicated that his analysis of expenditures would include a 25% set aside for quarterly tax withholding. A good idea to err on the side of too much rather than not enough withholding; however, given the myriad trucker related deductions, not many us need to withhold that much for this business' tax burden.

Would you eyeball a few of the many expediter tax forms you've done and give us a realistic estimate of the percentage of gross revenues which should be withheld by the three(?) main categories of taxpaying, entry level expediters.

Owner/operators that use mileage allowance,

Owner/operators that depreciate, and

Drivers of Owner/operators.

Thanx, Terry

 

[phatTweaker]

I'd like to know the answer to the driver for an owner part of your questions. I live in Indiana if it makes a difference and have been told by a friend who is a regular OTR TT driver that he takes out 26% of his gross just to be on the safe side.
What would be a good safe % amount to hold back from gross if you were new and looking to drive for someone else?
Would it make any difference for a team compared to solo as to how much to save for taxes?

thanks