2007-02-03 20:07:17 · 11 answers · asked by Anonymous in Politics & Government ➔ Other - Politics & Government
I don't think so.
2007-02-03 20:09:24 · answer #1 · answered by the Boss 7 · 0⤊ 1⤋
The taxes you pay will be based on your income. In the US, a self-employed person pays "self-employment tax", which is equivalent to a traditional employee's social security tax plus the employer's matching amount, so for the same income, the IRS would receive the same amount of money, but you would be paying it all. But being self-employed has its advantages as well. You can deduct half of the self-employment tax on you tax return, you can deduct business related expenses, thereby reducing your overall tax. And you receive all the profit from your hard work, instead of an employee working hard every day to make his boss rich!
2007-02-04 04:19:58 · answer #2 · answered by crazydave 7 · 1⤊ 1⤋
Of course you have to pay taxes if you own a business.
The more profit you make, the more the taxes you pay.
You must have just recently started or you'd know the answer already. You'll soon find out. Then your question will be, "What tax shelters can I come up with?"
2007-02-04 08:06:14 · answer #3 · answered by Anonymous · 1⤊ 1⤋
How much do you pay to yourself? All income is taxed on the Federal Level even if you did not work for it. There are various ways to pay less such as having an operating fund or maintenance expenses, etc.
2007-02-04 04:15:07 · answer #4 · answered by einstein 4 · 0⤊ 1⤋
If you make a profit, you usually have to pay more than a person that works for company. It's called Self Employment tax. You also have to pay State taxes on top of that.
2007-02-04 04:12:13 · answer #5 · answered by (...) ( - . - ) (...) 1 · 0⤊ 2⤋
You own your own business and don't know the answer to this question? Wow..... Perhaps you should do some research before you go on with your "business".
2007-02-04 04:10:56 · answer #6 · answered by joupedamom 1 · 2⤊ 1⤋
Absolutely no one hear has the right info, so don't follow it.
But if you own a business, and know so little about the most basic thing, get a job.
2007-02-04 06:09:10 · answer #7 · answered by bettysdad 5 · 0⤊ 2⤋
According to my knowledge, you should pay less. This is because I believe, the government's perk into getting people to start small business so it can help the economy by supply more jobs.
2007-02-04 04:10:01 · answer #8 · answered by Nergetic 2 · 0⤊ 2⤋
Just make certain that your business LOSES money, then your tax worries will be over!
Good Luck!
Glad I could help!
:o)
2007-02-04 04:10:38 · answer #9 · answered by tahunajcw 5 · 0⤊ 2⤋
No, it does not...
You must pay personal taxes...
Your business must pay business taxes..
2007-02-04 04:09:10 · answer #10 · answered by Anonymous · 1⤊ 2⤋
Only if your business makes money. Lose money and you will get a refund.
2007-02-04 04:30:01 · answer #11 · answered by Anonymous · 0⤊ 2⤋