catholicbiblio
New member
Anyone have a good compare tool? I'm looking for a spreadsheet where I can put my info in so I can get a ballpark on pontential income structures. It's not my first tax rodeo, been 1099 for most of my life and am exploring "loan out" models. I would be the only employee of the business.
I would like to compare what my take home would be in different scenarios.
I know what the gross income is, I know what my expenses are, and I know what my reasonable salary for that is. I'd love to be able to see how that breaks down if there is profit or dividends and what the tax rate for that would be in different corporate structures.
A tool that is stupid basic like (I tried to =sum in here and was bummed it didn't work):
S Corp
C Corp
Sole
Gross Income
X
X
X
Expenses (not taxes)
Y
Y
Y
Reasonable "Salary"
Z
Z
Payroll Tax
A
A
Profit
X-Y-Z-A=B
Dividends
X-Y-Z-A=C
Tax on Profit/Dividends
B*Tax=T
C*Tax=T
AGI
Z+B-T=ZBT
Z+C-T=ZCT
X-Y
Standard Deduction
SD
SD
SD
Taxable Income
ZBT-SD=Ti
ZCT-SD=Ti
X-Y-SD=Ti
Total Fed Income Tax
Ti*BracketTaxRate
Ti*BracketTaxRate
Ti*BracketTaxRate
Total Sate Tax
Ti*StateBracketRate
Ti*StateBracketRate
Ti*StateBracketRate
Take Home
AGI-Taxes
AGI-Taxes
AGI-Taxes
I would like to compare what my take home would be in different scenarios.
I know what the gross income is, I know what my expenses are, and I know what my reasonable salary for that is. I'd love to be able to see how that breaks down if there is profit or dividends and what the tax rate for that would be in different corporate structures.
A tool that is stupid basic like (I tried to =sum in here and was bummed it didn't work):
S Corp
C Corp
Sole
Gross Income
X
X
X
Expenses (not taxes)
Y
Y
Y
Reasonable "Salary"
Z
Z
Payroll Tax
A
A
Profit
X-Y-Z-A=B
Dividends
X-Y-Z-A=C
Tax on Profit/Dividends
B*Tax=T
C*Tax=T
AGI
Z+B-T=ZBT
Z+C-T=ZCT
X-Y
Standard Deduction
SD
SD
SD
Taxable Income
ZBT-SD=Ti
ZCT-SD=Ti
X-Y-SD=Ti
Total Fed Income Tax
Ti*BracketTaxRate
Ti*BracketTaxRate
Ti*BracketTaxRate
Total Sate Tax
Ti*StateBracketRate
Ti*StateBracketRate
Ti*StateBracketRate
Take Home
AGI-Taxes
AGI-Taxes
AGI-Taxes