Question by C Z: How much would I pay in taxes? Small business LLC?
Lets say Im opening a new business,I will be working providing a service to just one company, I would have no employees just me doing the work, let’s say I make 100,000.00 a year minus 25,000.00 in expenses a year (Materials, gas, truck expenses, insurances, etc.), what would my aproximate tax be????
not married but with a domestic partner, 2 dependants.
Best answer:
Answer by xtraheavy01
Roughly
A Single member LLC is like A Schedule C
It becomes part of your 1040
So ( assuming single no dependents)
$ 100,000 minus $ 25,000 minus $ 5450 minus $ 3500
Taxable $ 66,050
Tax tables Single
0 $ 8,025 $ 0.00 10 $ 0
8,025 32,550 802.50 15 8,025
32,550 78,850 4,481.25 25 32,550
78,850 164,550 16,056.25 28 78,850
164,550 357,700 40,052.25 33 164,550
357,700 ……. 103,791.75 35 357,700
Tax $ 11690
SE Tax $ 9333
Total
Tax
Liability $ 21,023 <----------------------------That is it. Federal
Plus you have to figure out state,
Knock off $ 3500 of income for the extra dependent
or $ 875.00 in tax
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