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what is your estimated yearly income before taxes?

What is your Anual income before taxes?

  • 0-$25K

    Votes: 19 4.8%
  • 25-$50k

    Votes: 68 17.2%
  • 50-$75k

    Votes: 81 20.5%
  • 75-$100k

    Votes: 77 19.5%
  • 100-$125k

    Votes: 47 11.9%
  • more than $125k

    Votes: 103 26.1%

  • Total voters
    395

Johnny Smiles

Banned
Joined
Jun 9, 2009
Messages
2,568
I have started a new business venture and it has me crunching numbers to find out what profit will be and it made me curious... what is your salary like before taxes?

POLL IS ANONOMOUS
-JS
 
Last edited:
I have started a new business venture and it has me crunching numbers to find out what my profit will be and it made me curious... what is your salary like before taxes?
-JS

I don't think you will get alot of responses,that's a very personal question,even in real life you don't ask that to a grown man
 
I don't think you will get alot of responses,that's a very personal question,even in real life you don't ask that to a grown man

I am well aware its a private matter. that's why I set the poll to anonomous...
no sweat if no one answers.
-JS
 
What structure are you set up as? Sole proprietor, S-Corp?

As an S-corp you are automatically responsible for 6.2% SS and 1.45% Medicare both employee and employer portion so that's 15.3% off the top, then your state tax, and whatever bracket you fall into.
 
my business plan requires no payroll for employees (1099 labor is all I will use) so hopefully that keeps me out of that!?
currently its a sole proprietorship. will eventually make it a LLC likely so no one can personally sue me and take "my" money....

still in early stages of the biz and figuring things out as I go....
I am a newb with the tax stuff....

guess it makes me curious how my peers are doing. Economy still pretty tough but I think things are looking up...
-JS
 
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I am guessing the guy that recently posted pics of his "Lambo" is in the "above $125k income":eek::)
-JS
 
An LLC requires registration every year and it is more costly than an S-corp which is every 5 years I believe. I do not know if that's a state to state variance, but where i live an LLC is $300 annually as opposed to S-corp $150 every 5 years.
 
I will have to look into it then. same legal protection for S-corp?
I will look into it but is it same as LLC in that they can sue my business but not me personally? (not that I intend on getting sued but ya know what I mean:))
-JS
 
my business plan requires no payroll for employees (1099 labor is all I will use) so hopefully that keeps me out of that!?
currently its a sole proprietorship. will eventually make it a LLC likely so no one can personally sue me and take "my" money....

still in early stages of the biz and figuring things out as I go....
I am a newb with the tax stuff....

guess it makes me curious how my peers are doing. Economy still pretty tough but I think things are looking up...
-JS

You're still responsible for it on your own income/wages. However, you get a credit for 1/2 of that on the front page of your 1040.
 
Last edited:
my business plan requires no payroll for employees (1099 labor is all I will use) so hopefully that keeps me out of that!?
currently its a sole proprietorship. will eventually make it a LLC likely so no one can personally sue me and take "my" money....

still in early stages of the biz and figuring things out as I go....
I am a newb with the tax stuff....

guess it makes me curious how my peers are doing. Economy still pretty tough but I think things are looking up...
-JS

I will pierce the corporate veil like any good plaintiff's attorney and drain those personal accounts dry, obviously joking here.
Your personal assets are protected to an extent when you create an llc or corp, etc.
If you are found liable for fraud or the like a court will allow the plaintiff to 'go after you personally', ie. pierce the corporate veil.
 
Also, couple things to consider when choosing an entity status. In the event something happens to you, some forms are easier to transfer ownership than others.

When comparing an S corp, check the state laws, I know some states require hefty fee's or a percentage of income, whichever is larger. Additionally, you can avoid some SE tax if you are a shareholder-employee of the S corp, but only up to a certain amount before you start triggering IRS audit eyes.
 
It's strange how some people's egos are so attached to finances haha. I am pretty much halfway in the $25-$50k range, but as a 26 year old with no formal education or parents business to ride off, I am happy with that. I am now working in the bodybuilding/supplement industry as well, as of recent. So we all have to start somewhere...my goal is to be in the 50-75k range by 30 and 75-100k by 35, and I have no doubt I will reach there through the same hard work that brought me from being a part time minimum wage sales person to at least making a livable salary.


I must say, feeding your family and paying the bills (even while living a modest lifestyle) is MUCH more rewarding when you can do it in the industry you are passionate about...And that feeling just makes you work harder and thus gets your further. I am a lucky man.
 
I was fortunate enough to do what I loved and pay my bills doing it but not any longer.
have had to go get a "real" job and didn't want to work for anyone but myself so spent @4 years looking for a business to operate. I am hoping it will afford me the ability to spend time with those I love cuz for me that is the trade off. when I was DOING what I loved I didn't get to see my loved ones as much. now I will be able to so I think its still a win win.
and don't mistaken my thread for worshipping the dollar. I most certainly don't. but I am curious how all of us are doing. I have had some ups and downs financially but would like to think they are all behind me. now that I am boss:D


I should add, anyone who can answer this thread (meaning you have an income) should be thankful imo.
I am very thankful.
-JS
 
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I range from 100k to about 115k a year depending on my bonus. Some long hours every once in a while but for the most part its 40 hrs a week.

Sent from my SCH-I535 using Tapatalk
 
im in the same boat as the other guy, between 25-50k. I can barely pay my bills, but they get paid. not too much extra money but enough to get by. I still live a happy life as this is all ive ever really known. I didn't come up with lots of money, but just a normal middle class family. living in vegas I see a lot of people flaunting money around and at times I do wish I was more well off. but at least at the end of the day I look better than almost all of them, and believe it or not women aren't ONLY attracted to money. ripped abs, big arms and delts help me enough with the women, and if god blessed me with lots of money it just wouldn't be very fair to the rest of the guys :D haha jk
 
$48k last year. On track to make $51k this year.

Its not much but it pays the bills. Hope to double that within five years with more education. Only have ny associates now.

Its depressing at times but then I think......it could be worse. As long as my future children are healthy, fed, and clothed well. It'll do.
 
it took me 4 years or more to find a business plan that I believe in and can make happen and you don't need a degree per se to do what I am going to do. so, I like to remind everyone that you can make income above and beyond your degree (or lack there of).
I have a bachelor degree but it is my experience and the relationships I have made along the way that is contributing to my (hopeful) success.
-JS
 
61k last year, that's with a month off so with a good year with OT i can make 70. laborer in the union. I live comfy with that. I don't understand why people take this as such a personal question
 

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