if u have your own business and u make at least $100,000 a yr what do u pay in taxes at the end of the year?

Answer 1

That depends on the type of business and your setup to compensate yourself.

If incorporated the company pays corporate taxes and depending on how you pay yourself will depend on how much you pay in taxes. Will you be a self employed consultant or an employee or what?

Some places have sole proprietorship type companies and your company income is your income. Neat thing is your business expenses are a write off of your income and therefore you only pay tax on the net left afterwards. This can sometimes mean an income of over $100,000 can be reduced to a measly $7000 (or less or more depending) net and the taxes you pay are really low.

So you have to know the differences and it is best to talk to an accountant to select the best type of company and what your write offs are and how to pay yourself etc.
By the way the accountants fee is a writeoff and if he does your taxes and signs he did and there is a problem, he is at fault (saves you from the taxman later)

Answer 2

Clarification please. Is the 100K gross or net? If that is the gross amount after expenses then you are looking the following amounts; if you are single and do not itemize. FICA is the 100,000 times .9235 equals 92,350; times 15.3% equals 14,130.00. Subttract 1/2 of this ( 7,065) from the 100,000 for a total of 92,935. Now pay attention 007 as we are coming to the fun part; assuming you are speaking of tax year 2007. From the 92,935 subtract your standard deduction of 5,200 and standard exemption of 3,350 for a total taxable income of 84,385. Your Feder Income Tax would be $ 17,957.00; to which you add your FICA of $ 14,130.00; for a total Federal tax bite of $ 32,087.00.

Answer 3

approx. 25%