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Old 03-28-2010, 12:40 AM   #21
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Originally Posted by reddroptop View Post
35k in Federal tax and estimates of 250-500k income?

**** US taxes are cheap.

Fed tax here is:

15% on the first $40,970 of taxable income, +
22% on the next $40,971 of taxable income (on the portion of taxable income between $40,970 and $81,941), +
26% on the next $45,080 of taxable income (on the portion of taxable income between $81,941 and $127,021), +
29% of taxable income over $127,021.

Provincial:

Ontario 5.05% on the first $37,106 of taxable income, +
9.15% on the next $37,108, +
11.16% on the amount over $74,214


That is JUST income tax.
Yeah, but you get "FREE" healthcare. At least that's how they are selling it here.
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Old 03-28-2010, 12:42 AM   #22
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Joe, is it likely that you are going to get spanked with penalties? They usually frown on that large of an amount owed. They will definitely want better quarterlies next year.
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Old 03-28-2010, 01:24 AM   #23
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Joe, is there a way that you could get 1099'd to a self created llc or s-corp to avoid the self employment tax?
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Old 03-28-2010, 02:23 AM   #24
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It doesn't matter if he is an LLC or not. He will have to pay both parts of the SS tax either way. Either he is self employed and pays both parts, or he works for his own company and he pays half and his company pays half. At the end of the day he's still paying for it. There is no way to magically not have to pay the full SS tax.

Although, as an S-Corp I believe you can pay yourself less of a regular wage and get dividends that you only have to pay income tax on and not SS. But the regular wage has to be "fair". As in if the IRS sees you file only say 30k regular and you got dividends of like 60k. They might send an auditor to visit you.
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Old 03-28-2010, 04:18 AM   #25
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if you are working under LLC - you have an additional $800 to pay (at least in CA)
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Old 03-28-2010, 10:38 AM   #26
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Five years ago, I converted over to S-Corp, and I find that it is easier to juggle the tax burden that way. I pay myself a paycheck, and taxes are paid with no worries if I will be able to cough it up at the end of the year.

Since I am the one writing the checks, it is easy to monitor how much I am paying in withholding. If business is good, and I would like to take in more money, I use the (Circular E), Employer's Tax Guide to make sure that I am sending in the right amount of withholding. I try to pay in just enough that I get a small refund at the end of tax season. That little check puts a smile on my face.
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Old 03-28-2010, 12:17 PM   #27
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Quote:
Originally Posted by rmcelwee View Post
Joe, do you not file quarterly? I thought you got fined if you owed too much at the end of the year.
See post 17.

Quote:
Originally Posted by Stein View Post
Joe, is it likely that you are going to get spanked with penalties? They usually frown on that large of an amount owed. They will definitely want better quarterlies next year.
See post 17.
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Old 03-28-2010, 01:45 PM   #28
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Originally Posted by Joe Perez View Post
Mobius, Y8s & Co. are correct however. Because I don't have a W-4, I have no withholding. So while most of y'all just get the taxes sucked out of your paycheck transparently throughout the year, I don't.
Nothing transparent here either. One look at my pay stub and I can see the 300$+ a pay period which is stolen from me to be wasted on garbage 'special interest programs' these ******* criminals come up with. At the end of a month I seriously felt like someone robbed me at gun point!

By ******* criminals I mean our government, politicians. Republican and Democrats are equally crooked.
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Old 03-28-2010, 01:49 PM   #29
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On the bright side, you paid me to go over to Afghanistan... thanks douche.

(so technically my miata is funded by you guys)
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Old 03-28-2010, 01:56 PM   #30
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Quote:
Originally Posted by FRT_Fun View Post
On the bright side, you paid me to go over to Afghanistan... thanks douche.

(so technically my miata is funded by you guys)
So technically we all own your miata. I will be up to your place in a few hours to take a nice joy ride.
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Old 03-28-2010, 04:26 PM   #31
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Quote:
Originally Posted by Joe Perez View Post
See post 17.
Sorry, I always skip posts with more than 5000 characters <G>...
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Old 03-28-2010, 04:47 PM   #32
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Originally Posted by FRT_Fun View Post
On the bright side, you paid me to go over to Afghanistan... thanks douche.

(so technically my miata is funded by you guys)
Actually I'm okay with that. The paying for you going thing, not really Afghanistan though..

If you were close I'd offer you a few beers and maybe even free hand with your car or other project. I really respect people in the Armed Forces and appreciate their services helping to keep us free. What I don't appreciate is the constant attempts by the Government to legislate away what you fight to protect.
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Old 03-28-2010, 04:54 PM   #33
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Quote:
Originally Posted by FRT_Fun View Post
On the bright side, you paid me to go over to Afghanistan... thanks douche.

(so technically my miata is funded by you guys)
eh, its not all that bad, tax-free deployment money is nice.


About the miata thing... I never really thought of that... same here
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Old 03-28-2010, 05:01 PM   #34
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If you were close I'd offer you a few beers .....
You had me at beers....when am I invited? LOL.
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Old 03-28-2010, 05:08 PM   #35
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You had me at beers....when am I invited? LOL.
When you get back to VA if you are ever around NoVA and are free Ill give you some free beer.
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Old 03-28-2010, 05:10 PM   #36
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Originally Posted by shuiend View Post
When you get back to VA if you are ever around NoVA and are free Ill give you some free beer.
LOL, I was just joking, but I'm down.
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Old 03-28-2010, 05:43 PM   #37
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LOL, I was just joking, but I'm down.
Lemme know if you're ever in KC.
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Old 03-28-2010, 05:51 PM   #38
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Quote:
Originally Posted by elesjuan View Post
Actually I'm okay with that. The paying for you going thing, not really Afghanistan though..

If you were close I'd offer you a few beers and maybe even free hand with your car or other project. I really respect people in the Armed Forces and appreciate their services helping to keep us free. What I don't appreciate is the constant attempts by the Government to legislate away what you fight to protect.
Heheh, I definitely don't mean to drag the whole military thing into this. By 'Other Project'... I hope you are thinking what I am...
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Old 03-28-2010, 05:54 PM   #39
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Originally Posted by FRT_Fun View Post
Heheh, I definitely don't mean to drag the whole military thing into this. By 'Other Project'... I hope you are thinking what I am...
dont ask, dont tell, right? lol
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Old 03-28-2010, 05:55 PM   #40
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Quote:
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dont ask, dont tell, right? lol
Not anymore, ask away.
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