Tax from online income
2015-07-17, 09:16 PM,
#1
How do you go about paying taxes? Do you hire an accountant or what?
I am talking about 6 figure earners, not just $50 per day with youtube.

Also how many % of your income do you have to pay in the US? I can't really understand Wikipedia, is it 20% or what?

Thank you for answering my question :)
Reply
2015-07-19, 03:43 AM,
#2
Here is a list of 2015 federal tables:

taxfoundation.org/article/2015-tax-brackets

Then you have 12.4% Social Security tax on up to $118,500 of your net earnings and a 2.9% Medicare tax on your entire net earnings.

*** The key is to make as much as you possibly can above the $118,500, because you stop paying the 12.4% above that amount. This will drastically reduce your over all total tax rate that you end up paying.

Then you have your state income tax, which could be 0%-13.3%
13.3% is California which is nuts...Move one state over to Nevada and you pay 0.

*** Move to a state with no state tax...that's what I did!!!
Latest Thanks - View all

Knight(2015-07-19 05:02 AM) 

16+ Years Exp... Email / CPA marketing - Data Monetization - Lead Generation
Fresh / Targeted Daily Email Data - Software - Consulting -> Skype: eMonetize
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2015-07-19, 04:10 AM,
#3
(2015-07-19, 03:43 AM)emonetize Wrote: Here is a list of 2015 federal tables:

taxfoundation.org/article/2015-tax-brackets

Then you have 12.4% Social Security tax on up to $118,500 of your net earnings and a 2.9% Medicare tax on your entire net earnings.

*** The key is to make as much as you possibly can above the $118,500, because you stop paying the 12.4% above that amount. This will drastically reduce your over all total tax rate that you end up paying.

Then you have your state income tax, which could be 0%-13.3%
13.3% is California which is nuts...Move one state over to Nevada and you pay 0.

*** Move to a state with no state tax...that's what I did!!!

Mentor me!
Reply
2015-07-19, 04:56 AM,
#4
Anyone from europe who's can share how they tax?
Reply
2015-07-19, 05:02 AM,
#5
^^ From Europa too, but planning to move soon.
Reply


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