Page 17 - Living Your Life Through Your Business

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A Potential Tax Situation

Let’s say you have a salaried job and earn $60,000 per year.

You are single and rent a apartment and have no other

deductions.

According to an online tax calculator your fed Tax is $6,500

Your Social Security and Medicare Tax is $4,590

And depending on where you live, State tax. As an example we

will use 7% and therefore you would owe $2,905

You would pay a total of approximately $13,995 in taxes.