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Hi All - I'm a new Virginia LLC start up and have a few questions as I work to understand how I'll be taxed.
Scenario:
Our year end profit is $100,000.
A) As a single member LLC is the total $100,000 taxed as income for the owner? Federal income tax rate schedule tax is $17,891.25 + 28% of amount over 87850. Does this mean that I'm left with $78707 after deducting 21293 (17871+3406)?
B) 15.3% FICA tax includes SS and Medicare Employee and Employer Contributions. Do I deduct another $15,300 for this leaving me with $63,407 in net income?
C)Do I also pay PUTA and SUTA?
D)What about state taxes?
E) Is there anything that can be done to reduce tax liability?
F) What's the difference between start-up expenses and write offs once you're already in business?
ANY help is greatly appreciated!
Scenario:
Our year end profit is $100,000.
A) As a single member LLC is the total $100,000 taxed as income for the owner? Federal income tax rate schedule tax is $17,891.25 + 28% of amount over 87850. Does this mean that I'm left with $78707 after deducting 21293 (17871+3406)?
B) 15.3% FICA tax includes SS and Medicare Employee and Employer Contributions. Do I deduct another $15,300 for this leaving me with $63,407 in net income?
C)Do I also pay PUTA and SUTA?
D)What about state taxes?
E) Is there anything that can be done to reduce tax liability?
F) What's the difference between start-up expenses and write offs once you're already in business?
ANY help is greatly appreciated!
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