Offshore Business - Pay Low Tax: Difference between revisions

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Revision as of 19:32, 11 November 2024

Many small business proprietors start with a sole proprietorship to avoid the costs of forming a corporation or LLC. This is a wise decision as statistics show that a majority of small businesses lose cash for the first several years.

I was paid $78,064, which I'm taxed on for Social Security and Healthcare. I put $6,645.72 (8.5% of salary) in 401k, making my federal income taxable earnings $64,744.

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