ptax255
Level 7
07-26-2024
02:10 PM
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Updated based on everyone's feedback. Thanks! Curious, what amount do you all think it's worth all the extra work of an S corp?
| 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 | $6,681.87 | ||
| Solo 401K deduction | $43,151.00 | $41,250.00 | ||
| CA Tax deduction | $1,625.00 | |||
| PTE | $3,425.66 | |||
| Income Tax | $18,710.65 | $18,590.07 | ||
| SS+Medicare | $15,699.00 | $11,476.00 | ||
| CA S corp tax | 0 | $1,625.00 | ||
| Total tax | $34,409.65 | $31,691.07 | $2,718.58 | Savings |
