I’m writing my business plan, but I have a hard time to understand how taxation works.
I Assume I’m running a LLC in Indiana, and I’m doing $100k net profit
I have to pay self employed tax wich is 15,3% ($15k), corporate state income tax = 6,5%($6,5k), and federal corporate income tax is (-taxable income 75,000 to 100,000) $13,750 + 34% Of the amount over 75,000
= $13750 + $8500(34% on $25k) = $22k
$56,5k in my pocket am I right ?
Thanks for your help
Slyvain,
Find and talk to a good small business accountant. Unless someone here is qualified. We’re contractors, not business accountants.
Hi Sylvain. Welcome to the PWRA. My accountant here is very inexpensive. I have no clue what you’ll be dealing with in France. But definitely consult an accountant if you’re serious about the business.
Sent from my iPhone using Pressure Washing Resource
Ok, thanks to both of you
you have to pay both the employer side and employee side of federal taxes…income tax, social security and medicare. For state it depends on the state so you have to check with the state tax authority. check both the fed and state web sites and you will find lots of help on setting up a small business correctly.
Tony
Mark Waldin · Lynnwood, Washington
you have to pay both the employer side and employee side of federal taxes…income tax, social security and medicare. For state it depends on the state so you have to check with the state tax authority. check both the fed and state web sites and you will find lots of help on setting up a small business correctly.
Mark or Tony,
The original poster is domiciled in France.
The OP claims to be from France, NOT the USA. Maybe Chris or Alex can check IP address to confirm
He is fromFrance, but I think he said in another thread that he’s considering a move to the U.S. (Indiana, I believe)so I think he’s just trying to get some help figuring out how to run his business when he gets here.
Jesse
Atlas Services
Exterior Cleaning Specialists
North Carolina
www.CallAtlas.com
Here’s the link. Sounds like he’s just asking for a little guidance to help him make good decisions about his move.
http://pressurewashingresource.com/vBulletin/showpost.php?p=32393
Jesse
Atlas Services
Exterior Cleaning Specialists
North Carolina
Jesse,
Good catch. And good for the US of A. These are people we must welcome with open arms. Risk takers, and just driven to do the best they can.
And, in the long run, its not about $, but more about freedom and opportunity. Sylvain, come here, our country needs you and your family. This economy does not suffer fools, and can be relentless in striving after a buck, but I would think you are more than up to the change and challenge.
Thanks I appreciate your kind words & encouragements . You exactly expressed my point of view. My dream is to move there for the freedom & oppotunities. Like you said, I hope I’ll be up to it. Can’t wait!
People don’t always realize, but moving to the US (legally) is extremely hard for ordinary people. You have to invest a lot of money at risk in the business in order to get a visa.
With an E-2 visa you can live and work (only in the company you’ve created) in the US. If your business failed or you want to retire and sell your company after 30 or 50 years…You have to leave the US and go back to your native country.
Sylvain,
Yes, emigrating from one’s native country is very difficult in many ways. But if you do so, you are following a long tradition. People like you made, and continue to help make this country unique and wonderful place to live.
“As Ronald Reagan emphasized, America is a shining city upon a hill whose beacon light guides freedom-loving people everywhere.”
And, “As Ronald Reagan said in his farewell address to the nation, 'I’ve spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That’s how I saw it, and see it still.”
A niece married a Scottish national, Alistar, about 8 years ago. He had lived and worked in London, a few areas of France, and legally emigrated to the US about 15 yrs. ago. He was finally able to gain US citizenship 2 years ago. Expensive, time consuming and not easy. But well worth it. They now have three young children that will help keep the US great for the future decades.
We need and want people like you.
