What Is The Estimated Income Tax?
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bogey
Apprentice
Joined: 14 Sep 2004
Posts: 14
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 Posted: 09/14/07 - 07:04 Post subject: |
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| Hi. I am interested in setting up my own business. Having looked into the various options, this is most likely going to be an S Corp. Do I have to pay the estimated income tax? And what is that? Aney help and comments would be very much appreciated. I am just setting foot into business and as such I do not know much about these things... |
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rockey
Apprentice
Joined: 12 Oct 2004
Posts: 22
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| Posted: 10/07/07 - 22:23 Post subject: |
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| If you are an S Corp shareholder, you will be liable to pay estimated tax. If you are the sole owner - of course that goes for you too. The amount of estimated tax you will have to pay depends on many factors and therefore I can not help you any further... If you are expected to owe tax of a thousand USD or more though... you generally qualify. The amount also depends on adjusted gross icome, government credits... |
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