How Much Tax For Business

i was wondering what % of the money we make on the note business each quarter is taken out ..under 20%, 25% or more

thanks smile

Comments(3)

  • DaveT29th September, 2003

    What is your marginal tax bracket?

    What business entity are you using for your note business?

  • mikevern29th September, 2003

    i have a sole proprietorship. it is just me and no one else. i heard that i should treat it as personal income.

  • DaveT30th September, 2003

    Report your income and expenses on Schedule C and Schedule SE. Your net business income is taxed at your ordinary income tax rate, while your self-employment income tax is 15.3%.

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