How much are you paying on taxes?

[Crazymcnick]

How much are you guys being taxed and the end of the day? I'm just talking State Tax and well as Fed Tax, Etc. Not employee benefits, gas, equipment what have you... I'm trying to plan out how much money I'll be giving back to this wonderful government at the end of the day... 15-25%?

Thanks Guys
Tom

 

[rhyde]

Good lucking figuring that one out in addition to income and payroll there’s a wide range of regulatory taxes, license, permits added to things and while you don’t pay them directly these are added to the cost of goods and services some are hidden so deep most don’t know they exist. Did you know there’s a tax on every business insurance policy and my state just added one to all health insurance polices..heres some more not a complets list.

gas guzzler tax of up to 7K federal
Hotel, air travel taxes local, state and federal
state fuel taxes
Federal fuel taxes
Communication taxes state
Communication taxes federal
Electricity taxes..regulatory fees state
Electricity taxes..regulatory fees federal
tax on guns & ammunition State
10% tax on handgun & ammunition federal, NFA transefer tax, manufacturer/ importer taxes
Federal alcohol –cigarette tax
childhood DPT vaccine (diphtheria, pertussis, tetanus) has a 75-cent charge per shot tax
licenses…business, liquor,
Permits. ..building, plumbing, electrical,
Various occupational fee’s state and some federal; doctors, lawyers, plumbers, electricians, contractors, nurses, importers, firearm dealers, alcohol distributes, distillers
Parking meter fees & tickets
Hunting licenses & federal tax stamps for water foul
Fishing licenses
Dot fees state and federal
Hazardous waste fee’s local, state and federal
Sewer & storm water assessment fees local state and federal
Local bonds
Import taxes on most range from 10-20%
State Severance taxes, products logged, drilled or mined such as trees, rocks, dirt, clay, minerals, oil & natural gas are taxed

 

[Crazymcnick]

Lol I'm the only employee on the payroll... So only thing I believe I'll need is a state and fed tax.

 

[Mike Draper]

TOO MUCH!

 

[ruff]

What's Taxes?

 

[-JB-]

TOO MUCH!

AdamnMEN! Bro!

 

[Steve in Omaha]

15-25%?

yer on drugs! Both sides of FICA for openers, Fed rate + State and I would guess 35% minimum! In a couple of years it will be 70-80% if you include all that are on the list Randy posted.

 

[Mountain View Carpet Care]

Lol I'm the only employee on the payroll... So only thing I believe I'll need is a state and fed tax.

Get a Tax Person, They will save you a ton of money.

 

[Jeff Madsen]

Thomas,

I can't stress to you enough to go see a lawyer and a cpa before you get rolling on this business. You should be incorporated and you need a cpa.

Schedule C filers have a higher rate of audit, a generally higher tax rate, and the disadvantage of their personal and business returns effectively being one and the same, leading to that higher audit rate.

As soon as possible you should start paying yourself a small, regular paycheck. Out of that, you will withhold taxes according to the withholding tables. Based on tax planning throughout the year, myriad things like equipment acqusition, whether you choose to depreciate or expense those assets, your marital status, etc, etc, etc will affect your withholding and ultimately your tax bill.

Don't half-ass wing this - I did and it cost me thousands. Many start ups do not survive their ultimate "coming to Jesus" moment with the IRS. Don't be one of those.

Up front, until you get yourself a regular paycheck, hold back 25 percent of gross.