Share with me the tax rate % you pay in taxes.

Discussion in 'Business Operations' started by shortgrass01, Feb 13, 2007.

  1. shortgrass01

    shortgrass01 LawnSite Member
    from SC
    Posts: 160

    Hi- I was wondering what to expect when paying taxes. The government always took out around 21% when it came to my paycheck. then I always get money back at the end of the year. Yay- but now I will have to pay in quarterly. From the info I've seen so far it looks like around 13% of net profit? what think i would just add 10% to by Invoices to cover taxes - In theory.. Flame away-lol help:hammerhead:
     
  2. Woody82986

    Woody82986 LawnSite Silver Member
    from DFW, TX
    Posts: 2,128

    Um, why would you add a % to invoices to cover taxes? Then you just have to pay additional taxes on THAT 10% extra...
     
  3. shortgrass01

    shortgrass01 LawnSite Member
    from SC
    Posts: 160

    yeah, unless it is quoted as taxes, then ill have to pay on the 10% wouldnt i, lol
    someone was telling me i cant charge taxes for services, still checking that info
     
  4. Woody82986

    Woody82986 LawnSite Silver Member
    from DFW, TX
    Posts: 2,128

    Ok I am confused... are you talking about the taxes that the customer has to pay for your service, or are you talking about the taxes you have to pay on your income?
     
  5. Ric3077

    Ric3077 LawnSite Bronze Member
    Posts: 1,113

    Don't forget your employer was paying taxes on each pay check of your too...now you will have to pay the employers share AND the employees share.
     
  6. Grits

    Grits LawnSite Silver Member
    from Florida
    Posts: 2,994

    I was talking to a cable contractor friend about this the other day. I thought it was bull crap. Is this true? I sure hope not. About how much does the employer pay? It doesn't seem like the gov could tax your paycheck twice.
     
  7. Ric3077

    Ric3077 LawnSite Bronze Member
    Posts: 1,113

    I think it is the same as you...that is why companies like paying employees "under the table" so they don't have to pay TAX on the wage. (I do not recommend this)
     
  8. Grits

    Grits LawnSite Silver Member
    from Florida
    Posts: 2,994

    That is insane!!!!!!!! This is BS. No wonder there are so many non-legit business owners. The fncking gov. makes it as hard as they possibly can. I thought America was based on people like small business owners. Our government sucks!!!:usflag:
     
  9. shortgrass01

    shortgrass01 LawnSite Member
    from SC
    Posts: 160

    I actually refering to both, taxes customers pay on invoices and the percentages that i have to pay on profit. I will be finding out soon if -no one knows.

    Again I heard that customers dont have to pay tax on services??? unless your selling a product.. then it would be 6% here. I use to work of a private comp, like truegreen, and never saw them put any taxes on invoices??? so I'm still trying to figgure out all this business red tape.
    thanks guys.
     
  10. Ric3077

    Ric3077 LawnSite Bronze Member
    Posts: 1,113

    This depends on your state law...some states do some states don't...check with your accountant.
     

Share This Page