OWNER OPERATOR`S PAY STATEMENT. What does it include?

REVIEW OF OWNER OPERATOR`S PAY STATEMENT
Hello, it’s Truck Dispatcher Training. Today I want to talk about the owner operator`s pay statement.
What is it? What does it include?
Let’s start. The first section is “driver gross revenue”, I mean total amount. Near to this must be a driver bonus, because every quarter here a driver takes a bonus. Trailers usually loaded up for drivers are in the van reefer division in Milton or in Maritimes terminal. When drivers come,they hook onto their trailer and off they go. That is how they produce such a high volume of miles (on average they do 12250 miles per a month).
Can you imagine how many miles it will be a year?
You need to consider this point. All this information must be recorded in a year pay statement, it’s called “total mileage”.The second section is “reimbursements”. This includes all costs that were spent. For example, tolls, scales, faxes, parking and other. And of course the company pays for all these expenses. Next is “deductions”. Here a driver within a full year pays disability insurance, buy down in surance, truck lease, hold back and there is an amount plus HST. After that there are fuel-CDN, fuel-US. When you are an owner operator, whatever you paid in fuel or what ever expense, that you have, that you pay HTS for your cooperation gets it back at the end of the year. So you don`t only get your net pay, you also claim many HST from the government.When corporations can do that they aren’t supposed to pay taxes. In Canada, people get alot of HST returns especially on their Canadian fuel. So their fuel is more expensive and that’s why they get their taxes back on 13% fuel HST.Next there is IFTA and truck repair over the year. You know they use the company creditcard and then it gets taken off from their pay. By the way, a lot of money can be spent on the repair. Sometimes it can be 10000-15000 $ and more in repairs over the year.Finally is the total amount, how much a driver actually netted as an owner operator within a course of a full year. So it is a really big salary. I don`t think that you will spend this entire amount per year. I want to give you advice, don’t take this money out for yourself solely and don’t spend it all. You are going to have a crazy bill at the end of the year from the tax man.So there are the advantages of cooperation when you pay yourself a salary.You can pay yourself only what you need. For example if your lifestyle needs 50000$ you pay yourself 50000$, you pay taxes on personal income tax and then the rest stays inside your cooperation.
What can you do with that money?
Whatever you want to do. If you need to accumulate wealth here, take advantage of this cooperation and then pay your self what ever it`s that you need in order to survive through the year. So leave your money with in the cooperation and then start to build the wealth. How can you do this? Start buying assets,not on your personal name but through your cooperation.That’s all for today! I hope the video was helpful. Subscribe to our channel and don`t for get to like this video.
See you soon, bye!