New business % of taxes to be witheald?

just started a business and kneed to know the taxes to set aside

In the US? Your income tax depends on how much you make and on your personal situation, so there's no way to estimate that without more info.

In addition to income taxes, you'll owe self-employment tax that will end up calculating to around 14% of your net.

Here are some ballpark figures. If you think your business profit for 2007 will be $25K, set aside 25% for fed and state taxes, if it's going to be $50K, set aside 30%. If you think it will be closer to $100K, set aside 35%. If over $100K, set aside 40%.

You will pay self employment tax of 15.3% on your profit and this profit will be taxed at your ordinary income tax rate, which is dependent on your taxable income.

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

Babysitting; State Pay; & Tax Question.. I'm confused...?

That's taxable income to you. If you are providing the service in your home, you are self employed and must file a return if you earn more than $400 in any tax year. If you are providing the...

Is sales commission still subject to vat, tax and withholding tax???

...

Why do we have taxes?

if you search taxations and google federal reserve fraud, you will have your answer. also google constitution society. it is mostly to pay for the interest on debt the government incurs that the...

Ouch just received my first council tax bill!! Are they having a laugh??

Legally a student cannot be held liable for Council Tax with a non-student therefore only the non-student's name should be on the Council Tax . Providing you've got your 25% discount t...

What exactly is a "revenue tariff"? Examples, please.?

A tariff in this case is a tax on imports. There are generally 2 reasons for taxes on imports. The first is to get the funds to run the government. In the 1800s the US federal government was...

I asked my tin number..because i dont know?

If you have a social security number, that is your TIN. Individuals with social security numbers do not need to obtain a separate TIN. Otherwise, you'll need an ITIN. See the comment abov...

I am looking for someone that is able to do 3yr taxes for me and my husband but cant afford the large fees.?

If your income is below around $40,000, you could go to a VITA site (see irs.gov, and type VITA into the search box) and someone would do the current year, and probably the previous years also, at ...

When was the last time the excise tax on alcohol was raised in the St. of Md?

The excise taxes on beer and wine in the state of Maryland were last increased in 1972; the excise tax on distilled spirits in 1955.

...