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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
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Answered in 12 minutes by:
3/14/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,360
Experience: Taxes, Immigration, Labor Relations
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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...

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Customer reply replied 5 months 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?

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Customer reply replied 5 months ago
how would itemized deduction help
Customer reply replied 5 months 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.

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Customer reply replied 5 months 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: 33,360
Experience: Taxes, Immigration, Labor Relations
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