ptax255
Level 7
07-23-2024
10:41 AM
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Hi, am I missing anything major with the calculations below? Sole prop looking to convert to S corp. Thanks!
| Sole Prop | S Corp | |||
| Net income | $111,835.00 | $36,835.00 | ||
| Wages | $0.00 | $75,000.00 | ||
| SE tax deduction | $7,850.00 | $5,738.00 | ||
| QBI Deduction | $7,375.00 | $7,367.00 | ||
| Solo 401K deduction | $43,151.00 | $41,250.00 | ||
| Income Tax | $18,710.65 | $20,118.00 | ||
| SS+Medicare | $15,699.00 | $11,476.00 | ||
| CA S corp tax | 0 | $2,177.53 | ||
| Total tax | $34,409.65 | $33,771.53 | $638.12 | Savings |
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