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Hi from just answer. I'm PDtax. I'll assist.
If you can post what you want me to review, I can look at it this afternoon.
I typically recommend S corp status, which allows a split of the taxable income into a wage and 'business profits', not dividends, if your business will make in excess of $20,000 per year. That would allow you to claim a wage of $13,000 and save the social security tax on $7,000, which is a saving of $1,000 or so annually.
As the income goes up, so must your wage, but the amount not subbject to social security taxes goes up too.
The work you have in mind, as a consultant for $750 per day, is an excellent use of a S corp. You could set the wage to be $250 per day, for example, which would save significant social security tax dollars and make payroll math relatively easy.
If you had gross income for 2016 available, it would be easier to do the payroll math, but let's set your wage at $800 per week. That's a wage of $41,600 per year. Income tax withholdings will be approximately 20%, or $160 per week combined Fed and the state of your residence. Social Security and Medicare will be 7.65%, or $61.20 per week. Your net pay would be approximately $580 per week. these are approximate because I do not know your filing status or number of exemptions.
You could draw additional funds from the S corp as you wished, as you would report that income at year end and pay income tax at that time.
I hope that covers things for you. Thanks for asking at Just Answer. Positive feedback is appreciated. I'm PDtax.
Hang on. There's a lot you are asking here. And i looked at your link, and saw no spreadsheet to work with.
I mentioned distributing profits to you. "You could draw additional funds from the S corp as you wished, as you would report that income at year end and pay income tax at that time." is just that. They are not dividends. they are taxed as regular income dollars.
If your income will be that substantial then pay yourself the maximum social security wage of $118,500. Base your withholdings on that amount.
I suggest that we work on your first question until you are satisfied, then adxdress things like 401(k) distributions in another question thread.
I found the spreadsheet you referred to.
I can do this, but will need to ask for an additional fee through our Offer of Additional Service. This is a sizable project.
Please confirm the amount of wages you want to use, as we have discussed several levels, when I work the figures through that model.