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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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I have a small business and am expecting US$400,000 from an

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I have a small business and am expecting US$400,000 from an overseas payment.
Can you tell me what percentage of business tax I have to pay on this amount for the year please. This will be my only income for the year.
Submitted: 4 years ago.
Category: Tax
Expert:  Lev replied 4 years ago.

HiCustomer Thank you for asking your question on JustAnswer. The other Experts and I are working on your answer. By the way, it would help us to know:

-How is your small business organized? Is it S-corporation? C-corporation? LLC? solo-proprietorship? other?

Thank you again for trusting us with your problem. Please reply as soon as possible so that we can finish answering your question.

 

Customer: replied 4 years ago.
LLC, I am the sole operator.
Expert:  Lev replied 4 years ago.

A single member LLC is not a taxable entity - all income would be passed to you and will be reported and taxed as self-employment income.

 

Here is a raw estimation of your tax liability assuming - you are single, standard deduction, do not have any dependents, no other deductions or credits, no other income, $400,000 is your NET self-employment income (after all deductions)

-- self-employment tax - $23,956

-- income tax - $110,645

Total estimated tax liability - $134,601

 

What might reduce your tax liability?

-- if you have any deductible business expenses - your NET business income will be less - and both your self-employment and income tax liability with be less;

-- if you have a retirement plan - you may make a contribution into that plan and that will reduce your income tax;

-- most likely you will itemize - and that will reduce your income tax liability.

 

Let me know if you need any help.

 



Edited by LEV on 7/5/2010 at 2:31 AM EST
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22702
Experience: Taxes, Immigration, Labor Relations
Lev and 4 other Tax Specialists are ready to help you

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