|
|
| *The Commerce Journal>>>Other Taxes |
Taxes and self employement tax calculation? |
We are an S Corp. and we take S Corp. Draws [net pay]. How can i calculate how much taxes and self employment tax i am going to pay? income for 2007 will be $50,000 Self-employment tax is 15.3% of 92.35% of net self-employment income. If income for 2007 will be $50,000 then SE tax will be 50,000 x 92.35% x 15.3% = 7,065. On top of that will be regular federal income tax on taxable income at whatever your tax bracket is (can't estimate regular income tax, as I don't know what your filing status is, standard deduction or itemized deduction, how many personal exemptions you get), also you will have to pay state income tax (which I can't estimate either, since I don't know what state you're in). Sounds like you need an accounant. Or at least a copy of Quickbooks. How have you been making quarterly estimated tax payments if you don't know how much to estimate? No one could answer, because you don't mention expenses or how many shareholders there are etc. One way is to get last year's tax forms, which will be pretty close, plug in the numbers (estimating where you need to), and then you'll have a ballpark estimate. |
| Tags |
| Boston Austin Atlanta Other - Business & Finance Other Taxes United States Taxes United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes Ireland Taxes |
| Related information |
what kind of crashes are you asking about? If you are talking about business crashes, the last one that I can remember was the bailout of the savings & loan industry back in the late 1980... Only if the Inuits lived in either England, Scotland or Wales. That's the only place that has council taxes, and Inuits (formerly called Eskimo's) usually live in Canada. So I would ... Who knows. Most businesses in Nigeria are internet scams, that are illegal, so there's no tax.... Sales tax is typically a state tax, so the federal government does not earn money from state taxes. The majority of the federal government's income is from income taxes on both individu... No, the dog does not pay inheritance tax. Nor do her grandchildren who were left $5 million each. Her estate will pay estate tax at 45% of the total transfers over $2 million. This is... Because the companies don't feel that handicapped persons or older persons can do the job of a younger healthy person. It's discrimination, which is illegal, but the companies can wo... yes, you round up when the cents are .50 or higher, and round down when .49 and lower, and don't do anything if the cents are .00... While you might be able to claim a boyfriend or girlfriend as a dependent if they lived with you all year and had no more that the personal exemption amount for income for the year ($3,400 f... |
Commerce Categories--Copyright/IP Policy--Contact Webmaster |