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  #1  
Old 03-18-2002, 06:43 PM
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Guardian Guardian is offline
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How much TAX do I owe?

Lets say last year I grossed $75,000 with a net of about $40,000. And last year we were still sole prop. We paid estimated thru the year. Married/4

What would you expect to owe? (ballpark)
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Old 03-18-2002, 06:52 PM
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65hoss 65hoss is offline
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I would say you better get a CPA involved. With deductions, mileage, insurance, cost of biz, wife, kids, etc. there is no way to know this.
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Old 03-18-2002, 07:01 PM
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jaybird24 jaybird24 is offline
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Yeah definitely get an accountant. I run quik books pro and that pretty much breaks it all down for me, but with all the laws and such I never have a clue what I owe. Usually they can even help you save more than what they charge anyway.
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Old 03-18-2002, 07:16 PM
bruces bruces is offline
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Re: How much TAX do I owe?

Quote:
Originally posted by Guardian
Lets say last year I grossed $75,000 with a net of about $40,000. And last year we were still sole prop. We paid estimated thru the year. Married/4

What would you expect to owe? (ballpark)
Impossible to have a clue. Have to know personal deductions, other income, etc. Get to your tax preparer.

You can probably count on at least 15% income tax, 15.3% self employment tax, plus whatever your state tax rate is if this is all you have.
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  #5  
Old 03-18-2002, 07:29 PM
RYAN RYAN is offline
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I think I may be in somekind of the same ballpark. I paid $10,000 federal. I do not have any kids though, And my wifes income may of may not have had an impact. I would use my numbers give or take a couple grand.
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  #6  
Old 03-18-2002, 07:34 PM
Kent Lawns Kent Lawns is offline
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Taxes are simple. (You just need to abide by the 3,741 laws)


Take what you earned.
Subtract your deductions.
Pay tax on the rest.

And hire a CPA to walk you thru the process.
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  #7  
Old 03-18-2002, 07:45 PM
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Guardian Guardian is offline
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I have an accountant. I use quickbooks PRO.

I just found out from my acct how much I owe. I thought I may owe $2000-2500. Based on last years numbers. He says I owe $6200 this year. Seems a little high

I think its that damn 15.9% self Empl tax

$6200 hurts
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  #8  
Old 03-18-2002, 07:56 PM
KDJ KDJ is offline
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Quote:
Originally posted by Guardian
I have an accountant. I use quickbooks PRO.

I just found out from my acct how much I owe. I thought I may owe $2000-2500. Based on last years numbers. He says I owe $6200 this year. Seems a little high

I think its that damn 15.9% self Empl tax

$6200 hurts

You should be glad we don't have state tax. ( yet )
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  #9  
Old 03-18-2002, 08:42 PM
Kent Lawns Kent Lawns is offline
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One of the advantages of being incorporated is that you can take half your net in salary (and pay the 15.3%) and the other half in dividends (and pay only income tax on that portion.)
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  #10  
Old 03-18-2002, 09:36 PM
sheppard sheppard is offline
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Location: Tallahassee, FL
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Incorporate!

I say again! Incorporate!

Specifically S Corporation. Always makes better sense to do this financailly than going S.P.

Still will need a CPA however. They should save you a bundle.

Cordially,
Sheppard
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