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Old 11-12-2012, 02:43 PM
kynobi kynobi is offline
LawnSite Member
 
Join Date: Apr 2011
Location: cincinnati ohio
Posts: 16
Quote:
Originally Posted by sehitchman View Post
Net profit of 6k considered income.
$6000
$840.00 SSI at 14% self employment rate
$300.00 ohio income tax at 5%, you also may have a city income tax where you live
$900.00 fed income tax estimated at 15%
Total Tax of $2040.00 on an income of $6000
This is just a quick estimate with very little info!

If this is your only household income, you will likely not owe any fed income tax. I'd also suggest get a mediocre accountant, and you should be able to eliminate any tax on this much income.
Sheesh. Thanks democrats. Anyone wanna buy some used equipment. LOL.
Thanks for the feedback. Truly appreciated.
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