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ANNUAL INCOME
$100,000.00
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W2 INCOME
1099 INCOME
CORP. INCOME
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CORP. LEVEL
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GROSS INCOME$0.00$0.00$100,000.00
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-Business Expenses (35% estimate)$0.00$0.00-$35,000.00
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-Payroll (Self Only)$0.00$0.00-$35,000.00
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-Payroll Taxes / "Employer" (7.8%)$0.00$0.00-$2,730.00
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-401K Profit Share$0.00$0.00$0.00
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TOTAL CORP PROFIT$0.00$0.00$27,270.00
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PERSONAL LEVEL
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K1 Income (Business Profit)$0.00$0.00$27,270.00
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1099 Income$0.00$100,000.00$0.00
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-Business Expenses (32% estimate)$0.00-$32,000.00$0.00
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-Self Employement Tax Deduction$0.00-$4,804.05$0.00
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-Max 401K employee contribution$0.00-$18,000.00$0.00
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-401K Profit Share$0.00$0.00$0.00
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W2 Income$100,000.00$0.00$35,000.00
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-Max 401K employee contribution-$18,000.00$0.00-$18,000.00
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AJUSTED GROSS INCOME$82,000.00$45,195.95$44,270.00
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-Standard Decution-$12,200.00-$12,200.00-$12,200.00
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-Pass Through Entity 20% Ded (Maybe)
$0.00-$6,599.19-$6,414.00
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TAXABLE INCOME$69,800.00$26,396.76$25,656.00
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TAXES PAID
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Self Employemnt Tax$0.00-$9,608.09$0.00
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Payroll Taxes / "Employer" (7.8%)$0.00$0.00-$2,730.00
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Payroll Taxes / "Employee" (7.65%)-$7,650.00$0.00-$2,677.50
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Fed Tax 22% Brkt ($40,126 to $85,525)
-$15,356.00-$5,807.29-$5,644.32
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Fed Tax 24% Brkt ($85,526 to $163,300)
$0.00$0.00$0.00
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TOTAL TAX PAID-$23,006.00-$15,415.38-$11,051.82
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MONEY PAID INTO 401K$18,000.00$18,000.00$18,000.00
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EXTRA ANNUAL COSTS$0.00$0 - $500
$250 - $3000
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*Difference mostly due to potential tax prep and state corp tax
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