Profit Taxed?

[TINTDESIGNZ]

I forgot about all your dependants!

[Guest Boo]

My advise to you is pay quarterly taxes so no worries at year end. Pay an estimated amount.

US Fed takes to my knowledge 17.5% of your earnings. That is before all the exemptions you claim.

[Guest Dr.Window]

Yep, got the same problem that Willie, a lot of waste film, employies loose tools, all that...

Thanks god my account is god!!!!

[tint123]

I would guess take 30% of net sales, put it into a specially designated bank account, and at the end of the year use that money for any taxes owed.

[Guest Mobile1]

It all depends on your income, the more money you make the more taxes you pay. If you payed half of an $800 profit you need an accountant. My first year I got money back, I did not pay any taxes all year, child credit actually payed me a few hundred bucks. I would guess you'll be paying taxes if you are making 20 - 30k net depending on write offs and deductions and tax credits.