Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

If a company has net revenue of $300,000 and single owner,

If a company has net...
If a company has net revenue of $300,000 and single owner , what would be the amount of tax the owner would have to pay
Show More
Show Less
Ask Your Own Tax Question
Answered in 12 minutes by:
3/14/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,744
Experience: Taxes, Immigration, Labor Relations
Verified

Is that company organized as an LLC ? Single member?

Is that self-employment income?
Filing status is Single - correct?

is that for 2017 or 2018 ?

I will estimate tax liability...

Ask Your Own Tax Question
Customer reply replied 1 month ago
LLC , single member, Income from business operations, Filing status Single and it is for 2017

So far - assuming LLC a disregarded entity - and not specifically elected to be classified as a corporation.

All income - self-employment income - reported on schedule C

that amount $300,000 - after all deductions

standard deduct - no dependents ...

.....

Regular Tax:$75,333

Self-Employment Tax:$23,807

Medicare SurTax:$899

Total estimated tax liability = $100,039

.

You may consider some retirement plan contributions to reduce tax pressure.

Also - consider itemized deduction.

Questions?

Ask Your Own Tax Question
Customer reply replied 1 month ago
how would itemized deduction help
Customer reply replied 1 month ago
would paying taxes as a business first help?

Itemized deduction potentially may reduce taxable income for income tax purposes.

"paying taxes as a business" is not an option - as taxable income is passed to the individual owner .

But if you choose S-corporation election for that LLC - that will help to reduce self-employment taxes.

Ask Your Own Tax Question
Customer reply replied 1 month ago
it is S corp , I am sorry we did file the election for that , what would be the difference

There will not be any difference in income taxes...

The difference will be in self-employment taxes - depending what amount you choose to pay yourself as wages.

But if you did not run payroll in 2017 - there will be penalties.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,744
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,744
32,744 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I am filing as a single with itemized deductions. If my
I am filing as a single with itemized deductions. If my income is $150,000, is my tax simply 28% of the total or does it get calculated as 18,713.75 plus 28% of the difference between 150,000 and 91,9… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,971 satisfied customers
I am self-employed (1099-Misc Realtor). If my Taxable Income
I am self-employed (1099-Misc Realtor). If my Taxable Income is $0 even though my adjusted Income is $58,000, is this unusual or something that is so out of balance it could cause a red flag to the IR… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Self employed. after deductions, my taxable income is $4000.
self employed . after deductions, my taxable income is $4000. will i have to pay tax on that amount? thank you … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
87 satisfied customers
I paid ohio estimated income tax on my llc, which is elected
Second opinion] I paid ohio estimated income tax on my llc, which is elected to be an s-corp. I am a florida resident. don't I get to count that tax paid as a credit on my ohio return? my husband is a… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,971 satisfied customers
Paying quarterly estimated taxes for a 2 member LLC (
Paying quarterly estimated taxes for a 2 member LLC ( Husband and wife ) that is operating as a Partnership and did not elect to be classified as a corporation... Am I understanding correctly that thi… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,082 satisfied customers
I paid ohio estimated income tax on my llc, which is elected
I paid ohio estimated income tax on my llc, which is elected to be an s-corp. I am a florida resident. don't I get to count that tax paid as a credit on my ohio return? my husband is an ohio resident … read more
abci168
abci168
Principal
27 satisfied customers
Is a settlement from employment taxable income? My husband
My husband received a settlement from his employer as he was no longer able to work as a patrol officer due to injuries. He had to take medical retirement … read more
Lev
Lev
Tax Advisor
32,744 satisfied customers
My wife self-employed and she didn't payed estimated taxes
my wife self-employed and she didn't payed estimated taxes for 2017. i am filing joint return. … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,082 satisfied customers
I am a self employed with schedule C Income, I over
I am a self employed with schedule C Income, I over contributed SEP in 2015 and 2016 return. How can I correct this error? My SEP( is just a savings account) custodian bank said it is too late to corr… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,082 satisfied customers
I am self-employed, MFJ, with taxable income of $43k. We
I am self-employed, MFJ, with taxable income of $43k. We sold our 2 kids' (both under 18) stock accounts with LTCG's of around $34k each. Since LTCG tax rates are 0% for individs under $37,950, are th… read more
Lev
Lev
Tax Advisor
32,744 satisfied customers
Can a married LLC Partnership file schedule C on their 1040
Can a married LLC Partnership file schedule C on their 1040 with their W2 income? And if so if they fie separate sch C how do they go about it? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,971 satisfied customers
2015 returns- filing head household-itemizing deductions 2
2015 returns- filing head household-itemizing deductions 2 loans for tools paid on that year for business expense-25k-can I claim lump some for that year? 1 loan paid on house mortgage for employee to… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,082 satisfied customers
Is it better income tax wise, to file as a rental or a small
Is it better income tax wise, to file as a rental or a small business when having had an AirBnB last year? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,971 satisfied customers
Single member LLC has filed Schedule C for prior years. As
Single member LLC has filed Schedule C for prior years. As of 01/01/2017 single member LLC is an S Corporation. My question is: a client list purchased in 2008 has been amortized on the schedule C - s… read more
Lev
Lev
Tax Advisor
32,744 satisfied customers
Can I submit the federal taxes with an itemize deduction and
Can I submit the federal taxes with an itemize deduction and the state with a standard deduction form? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Looking for guidance on filing self-employment business tax
Looking for guidance on filing self-employment business tax (federal) … read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,827 satisfied customers
Retirement Plans - A schedule C, self-employed taxpayer has
Retirement Plans -A schedule C, self-employed taxpayer has a SEP retirement plan. She decided, starting in 2018 to hire employees. Does she have to offer the retirement plan to her employees?Thank you… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,082 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x