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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14426
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Accounting question for scorp

Resolved Question:

Accounting question for scorp
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

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.

MyVirtualCPA :

What is your question?

Customer:

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 ..

Customer:

Here's the data:


Scorp Revenue: $68,000
Scorp Salary (I was told this is the minium an officer can take): $12,000
Scorp expenses: $23,000
W2 wages from a full time job: $ 102,000
Also, have no dependents, no mortgage, no tax deductions besides the business.

Customer:

Can you give me a rough amount I would ultimately owe the IRS at end of year?

MyVirtualCPA :

Does the expense include the salary

Customer:

I don't think so ..they are the Schedule K expenses

MyVirtualCPA :

Okay

MyVirtualCPA :

Let me get a rough estimate for you

Customer:

I mean form 4562 expenses, not Schedule K

MyVirtualCPA :

okay

Customer:

On the 1120 S, the expenses are listed as "Other deductions attach statement)

MyVirtualCPA :

Ok thanks for that information

Customer:

Also, I live in Virginia ...can you include state/local taxes (just a rough figure).

MyVirtualCPA :

I am showing your federal tax to be about $32,651

Customer:

does that include state/local?

MyVirtualCPA :

No that's just the IRS

MyVirtualCPA :

I have to find a VA calculator

Customer:

State and local would probably be a $500 more per month, correct?

MyVirtualCPA :

A rough estimate is about $8,195

MyVirtualCPA :

based on 147,000 of income

Customer:

okay, that 's what I needed to know...thank you

MyVirtualCPA :

You're welcome. IF you would, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

MyVirtualCPA :

The rating feature is located at the bottom of your screen

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14426
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 2 other Tax Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Lynn,

Thanks for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs. It was a pleasure working with you today.
Customer: replied 1 year ago.

Quick question..


 


If I contributed $12,000 to a Simple IRA, how much would that reduce my taxes each year?


 

Expert:  Megan C replied 1 year ago.
Thanks Lynn for your follow up. You would reduce your tax by approximately $3,360 by contributing that amount to a SIMPLE.

Please let me know if you need anything additional. If not, please rate this response as "excellent" so that I may receive credit for assisting you today.
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14426
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 2 other Tax Specialists are ready to help you

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