Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
What is your question?
I'm trying to figure out a rough figure for tax liability for end of year. I am an employee of a company and have an Scorp on the side ..
Here's the data:
Scorp Revenue: $68,000Scorp Salary (I was told this is the minium an officer can take): $12,000Scorp expenses: $23,000W2 wages from a full time job: $ 102,000Also, have no dependents, no mortgage, no tax deductions besides the business.
Can you give me a rough amount I would ultimately owe the IRS at end of year?
Does the expense include the salary
I don't think so ..they are the Schedule K expenses
Let me get a rough estimate for you
I mean form 4562 expenses, not Schedule K
On the 1120 S, the expenses are listed as "Other deductions attach statement)
Ok thanks for that information
Also, I live in Virginia ...can you include state/local taxes (just a rough figure).
I am showing your federal tax to be about $32,651
does that include state/local?
No that's just the IRS
I have to find a VA calculator
State and local would probably be a $500 more per month, correct?
A rough estimate is about $8,195
based on 147,000 of income
okay, that 's what I needed to know...thank you
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If I contributed $12,000 to a Simple IRA, how much would that reduce my taxes each year?