View Full Version : question on taxes

03-03-2006, 11:35 AM
just legalized my company and i was told that end of the year when i pay taxes for the company its going to be about 30% of the profits that the corporation pulls in? Is that tru or is it 30% of money you pull out on paychecks and considered "salary"

obviously every state is different but does that sounds right

03-03-2006, 01:19 PM
im no tax expert, but if your a sole proproator, expect to pay 25% of all income taken in,,,,, now there are deductions that will take that down some, its being self employed, if you incorporate i guess it is alot less.... but like i said i am NO tax expert

thats federal not state

03-03-2006, 02:17 PM
Call an accountant. They do not tell people how to cut grass. We should not tell people how to do taxes. Accountants do not cost money-- they save money. They can tell you how to set up your business. Happy 1st year