I would like to know what is the percentage that I need to start saving to pay taxes on a internet business?
vginagc asked:
I open an internet business in CA, I got an ien # because the bank requested me to have it to open an account with a business name. I had not make any money yet. but when I do, how much percentage do I have to save to not touch that money so I have it when it is time to pay taxes?
internet business
Tags: Business Internet, Business Name, Internet Business
This entry was posted
on Tuesday, March 24th, 2009 at 2:14 am and is filed under United States.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Internet Business Startup
It’s hard to give a perfect answer…..Some of it can depend on how much income you have from all sources, internet business and anywhere else.
For your self-employment taxes, you will need to set aside up to 15.3%.
For your federal income taxes you will need to set aside an amount based on your estimated tax bracket – anywhere from 10 to 35%.
For your state income taxes you will need to set aside up to 9.3%.
I have talked to self-employed persons who try to keep roughly 30-35% aside for taxes.
I would always recommend reviewing the situation throughout the year, to see how much money you are making and spending and see what is likely to be the taxable amount. So a monthly or quarterly review to “estimate” what your tax situation is looking like, and plan and adjust accordingly.
Shannon C.
Buy:Zithromax.Cialis.Tramadol.Propecia.Cialis Super Active+.Viagra.Viagra Super Active+.Viagra Super Force.Viagra Soft Tabs.Maxaman.Super Active ED Pack.Viagra Professional.Soma.Cialis Soft Tabs.Cialis Professional.VPXL.Levitra….