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Latest revision as of 23:40, 21 September 2024
Many small business proprietors start with a sole proprietorship stay away from the costs of forming a corporation or LLC. This is often a wise decision as statistics show that a majority of small businesses lose cash for the first several years.
For his 'payroll' tax as the employee he pays 7.65% of his $80,000 which is $6,120. His employer, though, must cash same 7.65% - another $6,120. So transfer pricing within the employee and his awesome employer, the fed gets 15.3% of his $80,000 which in order to $12,240. Note that an employee costs a boss his income plus 7.65% more.
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Contributing a deductible $1,000 will lower the taxable income with the $30,000 annually person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For that $100,000 1 year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double!
Make sure you understand the exemptions put to use on the bond. For example, municipal bonds are generally exempt from federal taxes, and may be exempt from state and local taxes incase you actually are a resident for the state.
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