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Old 11-23-2013, 06:54 PM
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General Scenario - New LLC in VA

Hi All - I'm a new Virginia LLC start up and have a few questions as I work to understand how I'll be taxed.

Scenario:
Our year end profit is $100,000.

A) As a single member LLC is the total $100,000 taxed as income for the owner? Federal income tax rate schedule tax is $17,891.25 + 28% of amount over 87850. Does this mean that I'm left with $78707 after deducting 21293 (17871+3406)?

B) 15.3% FICA tax includes SS and Medicare Employee and Employer Contributions. Do I deduct another $15,300 for this leaving me with $63,407 in net income?

C)Do I also pay PUTA and SUTA?

D)What about state taxes?

E) Is there anything that can be done to reduce tax liability?

F) What's the difference between start-up expenses and write offs once you're already in business?

ANY help is greatly appreciated!



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