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Tax Question


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Old 11-23-2005, 06:22 PM
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Do you have a tax question? Ask it here.

Here is a question from Muayad:

Q: If I make roughly 40,000 sales and 10,000 is profit,
what kind of payment to the IRS should I expect to pay?


A: If you are a sole proprietor who does not itemize you can expect to pay
anywhere from 15%-25% of your net profits to the IRS. This is obviously the
simple answer as there are other factors that could effect your situation.
Your best best will be to get in touch with a local CPA or tax advisor that
can help you determine your tax situation before year end in order to get a
good idea of where you will be come tax time.

Hope this helps.


D. Matthew Patrick, CPA

Patrick Accounting
& Tax Services

8820 Trinity Road
Suite 202
Cordova, TN 38018
Tel: 901.755.5858
Fax: 901.755.7774
Mobile: 901.848.9490
mpatrick@patricktax.com

visit us at www.patricktax.com
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  #2  
Old 11-23-2005, 09:43 PM
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for me liviing in Michigan, I always figure 35% (that is total state and federal). It's actually something like 35.2% or 35.7%, I just can't remember the exact figure
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