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Revision as of 08:14, 16 October 2024

Many small business proprietors start with a sole proprietorship avoid the costs of forming a corporation or LLC. This is usually a wise decision as statistics show that most small businesses throw money away for the first several years.

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For my wife, she was paid $54,187, which she isn't taxed on for Social Security or Healthcare. This lady has to put 14.82% towards her pension by law, making her federal taxable earnings $46,157.

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