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 Form or TM, Tri County Metropolitan Transportation District Self Employment Tax, 150 555 001 2023

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when your business is making a half million bucks things are getting pretty serious let's look at how much tax you're gonna pay your schedule c shows five hundred thousand dollars in net income your self-employment tax is thirty one thousand dollars and half of that's deductible no qbi deduction if you're in certain industries and your income is too high additional medicare tax kicks in and that's going to cost you about 2 300 bucks standard deduction of 12 550 for single helps out a little bit and your total taxable income is 471 000. your total tax bill comes to 173 000 or 34.6 if you're married filing joint you get a standard deduction of 25k and your total taxable income drops down to 460 000. total tax bill comes to 143 000 which is 28.6 in this case being married safety to a good chunk of change and life is starting to look pretty good by now you're already looking into tax planning to reduce your taxes overall follow for mo

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