How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jason M. Tyra, CPA Your Own Question
Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 178
Experience:  Principal at Jason M. Tyra, CPA, PLLC
92489302
Type Your Tax Question Here...
Jason M. Tyra, CPA is online now
A new question is answered every 9 seconds

I am doing a business plan business I wish to setup up. I

Customer Question

HelloI am doing a business plan for a business I wish to setup up.I have calculated that I will earn $2100 gross per weekI will have to pay weekly expenses of $350 rent, 100 on fuel and $200 on other business expenses. I will also be paying 10% of my earning towards my super, so say $210 (is this tax deductable?) But I can adjust this depending on whether or not it is tax deductableI am just wanting to know how much tax I will pay approximately per? Taking into account that I will be contributing to my super and my other expenses.Basically I am trying to work out a figure for how much I should put away for super. I really need to net about $1200 - $1400 a week
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Jason M. Tyra, CPA replied 1 year ago.

Hello,

I'm not sure what you mean by "super" here, but if you are a US taxpayer then almost all of your ordinary and necessary business expenses would be deductible under Section 162. The resulting net income is taxable at the ordinary income rate, plus you will also owe self-employment tax at the end of the year. The ordinary income rate ranges between 10% and 39.6%, depending on your total income. Self employment tax is 15.3%.

Customer: replied 1 year ago.
I live in australia. Super is our retirement fund. Similar to your 401 i think you call it
Expert:  Jason M. Tyra, CPA replied 1 year ago.

Ah- I'll have to opt out, then. I can tell you all about US tax law, but know nothing about Australian.

Customer: replied 1 year ago.
That's fine. Thank you