Tell us your business idea or create one. State which business structure is right for your business
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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 the SBA information.
- 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.
- 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.
- (for Spring 2022) Calculate the net income for this business.
Related Book For
Modern Database Management
ISBN: 978-0133544619
12th edition
Authors: Jeff Hoffer, Ramesh Venkataraman, Heikki Topi
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