Confused On the Tax Issue
I was doing the math for a sole proprietorship based on the earned revenue in profit was $250 a day for 30 days a month.
The Federal Income Tax (biggest scam ever) Taxes -
25% of earnings a day
$18.71 added onto the 25% daily
Then you have Social Sec (another scam) & Medicare Taxes
Sole Proprietor - 15.3% added onto the fed income tax.
So all of those combined would equal to more than 45%
I know you can deduct things like certain costs to your business but I doubt this would decrease the percentage much.
So I would have to work 1000 times as hard to bring in $4000 a month compared to say $2000 at a regular job.
Perhaps I'm just going about this the wrong way? Is there a better alternative such as setting up a corporation and not acting as a sole proprietor? It just seems absolutely ridiculous that anyone should have to pay 40% + in taxes when we have a million other taxes, such as: sales tax, gas tax, taxes to legally drive your vehicle, and so on.
âThe only thing standing between you and your goal is the bullshit story you keep telling yourself as to why you can't achieve it.â ― Jordan Belfort
âThe only thing standing between you and your goal is the bullshit story you keep telling yourself as to why you can't achieve it.â ― Jordan Belfort
âThe only thing standing between you and your goal is the bullshit story you keep telling yourself as to why you can't achieve it.â ― Jordan Belfort
âThe only thing standing between you and your goal is the bullshit story you keep telling yourself as to why you can't achieve it.â ― Jordan Belfort
âThe only thing standing between you and your goal is the bullshit story you keep telling yourself as to why you can't achieve it.â ― Jordan Belfort
âThe only thing standing between you and your goal is the bullshit story you keep telling yourself as to why you can't achieve it.â ― Jordan Belfort
âThe only thing standing between you and your goal is the bullshit story you keep telling yourself as to why you can't achieve it.â ― Jordan Belfort
âThe only thing standing between you and your goal is the bullshit story you keep telling yourself as to why you can't achieve it.â ― Jordan Belfort
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âThe only thing standing between you and your goal is the bullshit story you keep telling yourself as to why you can't achieve it.â ― Jordan Belfort