Question: Tell us your business idea or create one. State which business structure is right for your business and explain the pros and cons based on

  1. Tell us your business idea or create one.
  2. State which business structure is right for your business and explain the pros and cons based on the SBA information.
  3. From the IRS reading, select one of the business expenses your business would have. Explain the requirements and how your business can use this expense to lower its taxes.
  4. Calculate the estimated tax for a Schedule C business using the following information:
    • Revenue - $50,000
    • Expenses - $30,000
    • Federal tax rate of 22%, State tax rate of 6%, Self-Employment (SE) tax rate from the IRS reading.
    • To keep it simple, there are no other deductions to consider.
  5. (for Spring 2022) Calculate the net income for this business.

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