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Anonymous
Anonymous asked in Business & FinanceTaxesUnited States · 1 month ago

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?

9 Answers

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  • 1 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.

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  • 1 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.

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  • 1 month ago

    About $1,250 in Self-Employment tax. There may be credits to offset that.

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  • 1 month ago

    No income taxes, but you would owe about 15% in self employment taxes, or $1400

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  • Judy
    Lv 7
    1 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

    • NA
      Lv 7
      1 month agoReport

      Your math is wrong.

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  • 1 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.

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  • 1 month ago

    you need to fill out a section "C" to reduce your tax burden.

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  • 1 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)

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  • NA
    Lv 7
    1 month ago

    $9000 * .9235 * .153.

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