Difference between revisions of "Annual Taxes - Humor In The Drudgery"

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Revision as of 23:29, 21 September 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.

My finances would be $117,589 adjusted gross income, itemized deductions of $19,349 and exemptions of $14,600, making my total taxable income $83,640. My total tax is $13,269, I have credits of $3099 making my total tax for 2010 $10,170. My increase for the 10-year plan would go to $18,357. For the class warfare that the politicians like to use, I compare my finances to your median stats. The median earner pays taxes of a few.9% of their wages for the married example and 9.3% for the single example. I pay 11.7% for my married income, which 5.8% additional the median example. For your 10 year plan those number would change five.2% for the married example, 11.4% for your single example, and 11.6% for me.

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