how much would someone owe on taxes if they made $9000 as a small business, no w-4 or job. how much would i owe for $9000 made?
- StephenWeinsteinLv 71 month ago
If $9000 was their only income, then probably no income tax. If the business is a sole proprietorship or an S corporation, then a self-employment tax of about $1271.66. If the business is a C corporation, then corporate income tax; not sure how much.
- STEVEN FLv 71 month ago
HIRE a CPA and/or a tax attorney. If you think you provided 1% of the information required to make a BALLPARK GUESS, you don't even know how to keep business records accurate enough to reach the $9000.
- Max HooplaLv 71 month ago
About $1,250 in Self-Employment tax. There may be credits to offset that.
- SlickterpLv 71 month ago
No income taxes, but you would owe about 15% in self employment taxes, or $1400
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- JudyLv 71 month ago
If the 9000 was profit, they'd owe self employment tax of 1375, You would have had half that much deducted for social security, your employer would have paid the rest for you. Neither would owe federal income tax
- SlumlordLv 71 month ago
Assuming this was a LLC or sole proprietorship and no other income, the standard deduction is just over 12k, so there would be no taxes. If there were other income then the tax for this would depend on how much other income.
- The TaxpayerLv 71 month ago
you need to fill out a section "C" to reduce your tax burden.
- Coffee DrinkerLv 71 month ago
If that $9000 is their only income, and is all profit, they would owe $0 federal income tax but $1272 for self employment tax.
If they area US citizen, not a dependent under another person, and between 25-65 years old with no children, the earned income credit would cover $529 worth of that self employment tax, leaving them with a net tax bill of $743
If they had any business expenses to subtract from the $9000 of revenue those would reduce the tax bill.
If they don't qualify for the Earned Income Tax Credit due to being a dependent, being too young or too old, or some other factor then they would owe the full $1272 self employment tax (less if they have business expenses)
- NALv 71 month ago
$9000 * .9235 * .153.