Taxs?

Discussion in 'Business Operations' started by competitiveimageland, Mar 2, 2005.

  1. competitiveimageland

    competitiveimageland LawnSite Member
    Posts: 192

    what kind of percentage can expect to be paying on every $100

    this is my first year running registered and insured so i need to know what to expect
     
  2. Eho

    Eho LawnSite Member
    Posts: 205

    Depends on how much you make and what tax bracket you are in. also, being you own business you have to pay 15% social security
     
  3. competitiveimageland

    competitiveimageland LawnSite Member
    Posts: 192

    im working full time and make 45000 as a mechanic for the township last year the biz took in about 22000 so im clueless in what im goin to be payin , i asked the guy who did my taxes what percentage , he wasnt to helpfull he told me 45% i think he i talkin out his a$$ or at least i hope he is
     
  4. dfor

    dfor LawnSite Senior Member
    Posts: 824

    Without looking at last years taxes. 30-45% is in the ballpark. And the 30% is on the low side. This is after you deduct all your expenses.
     
  5. NCLawnMedic

    NCLawnMedic LawnSite Member
    Posts: 78

    30-45% is safe unless you can deduct dependents. Don't forget to deduct every little expense as well. There is a list of business deductions on the IRS website for reference.
     
  6. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Posts: 8,745

    I always figure about 35% (that is federal and state)
     
  7. clay duncan

    clay duncan LawnSite Senior Member
    Posts: 445

    i pay 37% after expenses. actually i pay 7% more than someone that is not self employed. the additional 7% is the other half of social security which is paid by the employer. sucks doesnt it....
     
  8. lawnman_scott

    lawnman_scott LawnSite Fanatic
    Posts: 7,547

    yeah but wait till those big checks start rolling in. By then of course they will probably be about $400 a month, and wont get it till your 75.
     
  9. clay duncan

    clay duncan LawnSite Senior Member
    Posts: 445

    yeah, and a loaf of bread will costs $25.00.
     
  10. chriscampbell

    chriscampbell LawnSite Member
    Posts: 44

    My account tells me to figure that 1/3 of my profits will go to the government. That kind of number makes it hard for the small business man.
     

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